What is Operation Research?
Operations research (OR) is a field of study that uses mathematical modeling and analytical techniques to solve complex problems and make better decisions in various areas such as business, engineering, healthcare, and logistics.
In simpler terms, it’s like having a set of tools and methods to figure out the best way to do things efficiently and effectively. In a business context, OR might help a company decide how to allocate resources like manpower, equipment, and finances to maximize profits or minimize costs. It’s essentially about using math and data to make smarter decisions and improve outcomes.
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.
Contact Us