Operations research (OR) is the discipline of applying advanced analytical methods to help make better decisions. It uses mathematical modeling, statistics, analysis, and optimization in a holistic approach to improving our knowledge of systems and designing useful, efficient systems. It provides the tools and theories to solve real-world problems by finding the optimal solutions to the models subject to constraints of time, labor, resource, material, and business rules. With Operations Research, people make intelligent decisions to develop and manage their processes and businesses.
Student Learning Outcomes
On successful completion of the course, students will be able to
- Utilize the techniques of linear programming in finding optimal solutions under the given constraints that can lead to informed decision making.
- Apply Operation Research Techniques in solving Scheduling problems
- Formulate the models from real business situations and use optimization techniques to solve problems like resource allocation and Inventory Control
- Demonstrate proficiency with tools for optimization, probability, statistics, simulation, and engineering economic analysis, in contexts involving uncertainty and scarcity of expensive resources
- Choose the appropriate mathematical software to solve proposed models
- Conduct sensitivity analysis with parametric changes in the cost coefficients or resources availabilities
- Develop a report that describes the model, solution, analysis of the results and propose recommendations based on results