Application of Math in Operation Research
To enhance decision-making and resource management, operations research makes use of a broad range of mathematical ideas, including probability, statistics, game theory, and linear and nonlinear optimisation. Key domains in which OR is utilised are as follows:
- Supply chain management: Cutting down on transportation expenses, improving warehouse operations, and maximising inventory levels.
- Scheduling: The effective use of time and resources in project management, labour distribution, or production scheduling.
- Queueing Theory: Examining and enhancing consumer flow in service-oriented companies like contact centers, banks, and hospitals.
- Transportation and Logistics: Creating effective networks and routes for the delivery of goods and services.
- Healthcare management: Optimising staff scheduling, enhancing resource allocation, and streamlining patient flow.
Real Life Application of Math in Operation Research
The field of operations research (OR) employs statistical analysis, mathematical models, and optimisation strategies to address challenging decision-making issues in a range of sectors. It first appeared in World War II, when resource allocation and strategic planning were necessary for military operations. It has now spread into a wide range of industries, including manufacturing, banking, logistics, healthcare, and more. OR aids businesses in streamlining operations, cutting expenses, and increasing efficiency by offering data-driven insights and solutions.
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