Operations Research is a vital part of management. Operations Research uses analytical techniques to solve problems and make decisions. Problems are deconstructed to more simpler components. These components are then solved through mathematical analysis.
Decision making is made more reliable and effective with the use of operations research. The use of operations research enables organizations to develop more comprehensive datasets and predict outcomes more accurately and predict risk.
Duration: 3 days
Mode: Classroom / Online
Deliverables: CourseWare Hard/ Soft Copies
Course Contents
Overview of Operations Research
Origin,,Nature, Scope & Characteristics of OR
Models in OR
Application of operations research in functional areas of management
Linear programming problem model
Formulation
Maximization & Minimization problem
Graphical method
Exercises/Case Studies
Simplex method
Artificial variables
Transportation problem: North / West corner Solution
Stepping stone method
Vogel’s approximation method
Modi method
Degeneracy
Imbalance matrix
Exercises/Case Studies
Assignment model
Hungarian method
Traveling salesmen problem.
Deterministic Inventory models
Purchasing & Manufacturing models
Probabilistic inventory models
Replacement model
Sequencing
Exercises/Case Studies
Brief Introduction to Queuing models.
Networking
Programme Evaluation and Review Technique (PERT) and
Critical Path Method (CPM) for Project Scheduling.
Game Theory and Strategies
Mixed Strategies for games without saddle points
Two person zero sum games
Graphical and L.P Solutions.
Exercises/Case Studies
Conclusion and Feedback