Operations Research - M1.pptx
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Operations research was developed during World War I when British scientists were tasked with allocating limited military resources like food, weapons and troops as effectively as possible. It became a formal academic discipline in the 1940s focused on using optimization methods and data analysis to determine the best ways to conduct operations given real-world constraints. Operations research aims to maximize or minimize objective functions related to factors like profit, performance, risk and cost.
Operations Research - M1.pptx
- 2. Operations Research what, when and how Operations Research was coined during World War I. The British military brought together a group of scientists to allocate insufficient resources for example, food, medicines, weapons, troops, etc. in the most effective way possible to different military operations. So the term operations is from military operations. Successfully conducting military operations was a huge deal and Operations Research (OR) became its own academic discipline in universities in the 40s
- 3. Operations Research in one word: Optimization Example: Design master routing plan for Uber/Ola It has to decide which driver should be sent where, when, and how much they should charge the customers. And those decisions must be made while optimally using available resources. Function - To Maximise Revenue Constrains Driving hours per day, no of vehicles, differing road, speed limit, maximum no of passengers, etc Maximize F(X1, X2, , Xn) Such that it meets the constraints C1, C2, , Cm. Operations Research in one sentence: Do things best under constraints.
- 4. Generally, OR is concerned with obtaining extreme values of some real-world objective functions to either Maximize or Minimize Maximum Profit Performance Utility or yield Minimum Loss Risk Distance or cost