Operations Research - Application and Scope in Business Areas

This ppt contains Operations Research - Application and Scope in Business Areas

1. PRESENTATION by, CHANADANA.D.N II MCOM G.F.G.C . W. HOLENARSIPURA WELCOME Under the guidance of Sundar B. N. Asst. Prof. & Course Co-ordinator GFGCW, PG Studies in Commerce Holenarasipura

2. OPERATION RESEARCH APPLICATION AND SCOPE IN BUSINESS AREAS

3. Meaning of operation research Operation research 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 the solved in defined steps by mathematical analysis.

4. WHAT IS OPERATION RESEARCH? Operations The activities carried out in an organization Research . The process of observation and testing characterized by the scientific method, situation, problem statement, model construction, validation, experimentation, candidate solutions.

5. Objective of OR The main objective of operation research is to find out the optimum or best solution for decision making kept in mind there is limited resources.

6. SCOPE OF OPERATION RESEARCH The scope of OR is not only confined to any specifice agency like defence service but today it is widely used in all industrial organizations It can be used to fined the best solution to any problem be it simple or complex. It is usefull in every field of human activities. Thus it attempts to reslove the conficts of intrest among the components of organizations in a way that is best for the organizations as a whole.

7. APPLICATIONS OF OPERATIONS RESEARCH IN BUSINESS ACCOUNTING Assigning audit teams effectively. Credit policy analysis. Cash flow planning. Developing standard costs. Establishing costs for by products. Planning of account strategy.

8. CONSTRUCTION Project scheduling , monitoring and control. Determination of proper work force. Development of work force. Allocation of resources to projects.

9. FINANCE Building cash management models. Allocating capital among various alternatives. Building financial planning models. Investment analysis. Portfolio analysis. Dividend policy making.

10. MANUFACURING Inventory control. Marketing balance projection. Production scheduling. Production something.

11. ORGANISATION BEHAVIOR / HUMAN RESOURCES Personnel planning. Recruitment of employees. Skill balancing. Training program scheduling. Designing organizational structure more effectively.

12. EXAMPLES OF OR APPLICATION Airline industry Telecommunications Manufacturing industry Healthcare Transportation

13. Conclusion It tell how decision-making problems are characterized. What a model in and how to assess its value. How to go from a conceptual problem to a quantitative solution. Operation research needs to be integrated as an essential part of monitoring.

14. Reference www.google.com . http://www.slideshare.net/sundar shetty2 / application-of-operations-research? from-m-app=android.