Operational Research

Operational Research (O.R.) is a discipline to utilize advanced analytical methods for making better decisions in industries and corporate organizations. The process involves employing different techniques from other mathematic sciences like mathematical models, mathematical optimization and statistical analysis. The operational research coincides with the other disciplines like operational management, industrial engineering etc and is aimed at analyzing and finding out expected profit, cost or risk.

Some of the  methods involve in Operational research are the queuing theory, Markov decision process, data analysis, statistics, neural networks, expert systems, decision analysis and economic methods. Nearly all these techniques employ the construction of mathematical models that describe the system. An Operational research analyst finds out the best technique/s that can be applied to a particular operational system as per the company’s goals for improvement or limitations or constraints if any.

• Computer Simulation: This is a process by O.R. for trying out new methods and testing new ideas for improving.
• Optimization: Selecting the best available method when many feasible options are available.
• Probability and statistics: This method helps in measuring the risk and mine data to get useful insights and develop better connections during business analysis, test conclusions and making forecasts.
• Problem structuring: It is required by the managers to make complex decisions in conflicting situations or cases where many different stakeholders are involved.