· Non-Quantifiable Factors: O.R. techniques provide a solution only when all the elements related to a problem can be quantified. All relevant variables do not lend themselves to quantification. Factors that cannot be quantified find no place in O.R. models.
· Distance between Manager and Operations Researcher:O.R. being specialist's job requires a mathematician or a statistician, who might not be aware of the business problems. Similarly, a manager fails to understand the complex working of O.R. Thus, there is a gap between the two.
· Money and Time Costs: When the basic data are subjected to frequent changes, incorporating them into the O.R. models is a costly affair. Moreover, a fairly good solution at present may be more desirable than a perfect O.R. solution available after sometime.
· Implementation: Implementation of decisions is a delicate task. It must take into account the complexities of human relations and behaviour.
"What is the role of operations research in banks?"
Operational research will help managers determine best practices within their industry. Many businesses use operations research to change their position in their industry.
A line organization a business structure with self-contained departments. Some advantages are its simplicity, unified control and flexibility. Some disadvantages are overloading and lack of specialization.
Advantages of international diversification for a corporation include access to new markets, which can lead to increased revenue and growth opportunities, as well as the potential to reduce risk by spreading operations across different economies. However, disadvantages include exposure to foreign market volatility, cultural differences that can complicate operations, and increased complexity in management and regulatory compliance. Additionally, initial investment costs can be high, and the potential for failure in unfamiliar markets can pose significant risks.
The major functions of an organization are: · Human Resources · Sales and Marketing · Research and Development · Production/Operations · Customer Service · Finance and Accounts · Administration and IT
better control, cost effective procedures
principles of modelling in Operations Research principles of modelling in Operations Research principles of modelling in Operations Research
Explain the scope of Operations Research. What are the features of Operations Research?
"What is the role of operations research in banks?"
define the scope of operations research
Mathematics of Operations Research was created in 1976.
operations research means research on topics related to operations while operational research means research in on operating mode. The former is a term representing a subject of research, the later is showing the status of research.
Read the books 1."Operations Research" by R. Paneerselvam 2."Operations Research" by Kanti Swarup
International Abstracts in Operations Research was created in 1961.
Operations Research Society of South Africa was created in 1969.
Journal of the Military Operations Research Society of Korea was created in 1975.
Patrick Rivett has written: 'An introduction to operations research' -- subject(s): Operations research 'Model building for decision analysis' -- subject(s): Decision making, Mathematical models 'Concepts of operational research' -- subject(s): Operations research