· 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.
Advantages: Clear chain of command Efficient communication Streamlined operations Disadvantages: Limited specialization Slow response to change Overreliance on leadership
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
Operational research would provide information regarding the day to day operations of the business, with the goal of highlighting or preventing problems in that area. It is more of an internal search for the answers, as opposed to looking at the Marketing (Sales), or production areas.
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?"
Mathematics of Operations Research was created in 1976.
define the scope of operations research
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.
it is useful in research
Journal of the Military Operations Research Society of Korea was created in 1975.