Exploring Operations Research Concepts

What is Operations Research?

• Operations Research is a discipline that uses analytical methods to improve decision-making.

• Operations Research is a branch of psychology.

• Operations Research is a type of software development.

• Operations Research focuses solely on financial analysis.

Riyaan is a graduate student studying Operations Research. As part of his coursework, he needs to identify and list the main concepts of Operations Research that he has learned throughout the semester.

• Statistical Analysis

• Linear Programming

• Supply Chain Management

• Optimization, Simulation, Queuing Theory, Decision Analysis, Game Theory

What are the phases of Operations Research?

• problem identification, data analysis, implementation, feedback

• data collection, analysis, reporting, decision making

• The phases of Operations Research are: problem definition, model formulation, solution derivation, model validation, and implementation.

• model creation, testing, evaluation, conclusion

Explain the scope of Operations Research.

• The scope of Operations Research includes optimization, simulation, decision analysis, and applications in various industries.

• Operations Research is only applicable in the field of computer science.

• The scope of Operations Research is limited to theoretical mathematics.

• Operations Research focuses solely on financial analysis.

What are some limitations of Operations Research?

• Operations Research is always simple to implement

• Limitations of Operations Research include reliance on accurate data, complexity in model formulation, potential oversimplification, need for specialized knowledge, and sensitivity to input changes.

• Operations Research guarantees accurate results

• Operations Research eliminates the need for data analysis

How does Operations Research aid in decision making?

• Operations Research eliminates the need for data analysis.

• Operations Research focuses solely on qualitative assessments.

• Operations Research is primarily used for financial forecasting.

• Operations Research aids in decision making by providing analytical tools to optimize choices and evaluate outcomes.

Define a Linear Programming Problem (L.P.P.).

• A Linear Programming Problem focuses solely on integer solutions.

• A Linear Programming Problem is a method for solving non-linear equations.

• A Linear Programming Problem (L.P.P.) is a mathematical method for determining a way to achieve the best outcome in a given mathematical model whose requirements are represented by linear relationships.

• An L.P.P. is a graphical representation of data trends.

What are the components of a Linear Programming model?

• Decision-making process, cost-benefit analysis, risk assessment

• Data collection, statistical analysis, forecasting

• Objective function, decision variables, constraints, non-negativity restrictions

• Profit maximization, resource allocation, market analysis

Describe the graphical method in Linear Programming.

• The graphical method is a technique used to solve linear programming problems by graphing the constraints and identifying the feasible region.

• The graphical method requires the use of complex algorithms to solve constraints.

• The graphical method is only applicable to non-linear programming problems.

• The graphical method involves using calculus to find optimal solutions.

What is the objective function in L.P.P.?

• The objective function is a graphical representation of data.

• The objective function is a constraint in L.P.P.

• The objective function in L.P.P. is a mathematical expression that defines the goal of optimization.

• The objective function is a fixed value in L.P.P.