Introduction to Operations Research

Description

Operations research (OR) is an analytical method of problem-solving and decision-making that is useful in the management of organizations. In operations research, problems are broken down into basic components and then solved in defined steps by mathematical analysis. The field of operations research provides a more powerful approach to decision making than ordinary software and data analytics tools. Employing operations research professionals can help companies achieve more complete datasets, consider all available options, predict all possible outcomes and estimate risk. Additionally, operations research can be tailored to specific business processes or use cases to determine which techniques are most appropriate to solve the problem. Operations research encompasses a wide range of problem-solving techniques and methods applied in the pursuit of improved decision-making and efficiency. Some of the primary tools used by operations researchers are statistics, optimization, probability theory, queuing theory, game theory, graph theory, decision analysis, mathematical modeling and simulation. Because of the computational nature of these fields, OR also has ties to computer science, and operations researchers use both custom-written and off-the-shelf software. Operations research is distinguished by its frequent use to examine an entire management information system, rather than concentrating only on specific elements (though this is often done as well). This book is an interdisciplinary branch of applied mathematics and formal science that uses advanced analytical methods such as mathematical modeling, statistical analysis, and mathematical optimization to arrive at optimal or near-optimal solutions to complex decision-making problems. It is often concerned with determining the maximum or minimum of some real-world objective.