Operations Research

Operations Research (OR) came into existence as a subject or a new field of study during World War II. The war involved some complicated problems to be solved to make optimum decision with limited resources. However, the better solution for those complicated problems cannot be provided by a person with an educational background from a single discipline. It is also termed as Management Science or Decision Science and mostly considered as a sub-field of mathematics. Since the scenario of each decision making problem will differ from one discipline to another, various models were developed from which a decision-maker can identify a model suitable for that particular scenario.

Generally, the OR models are solved by the following three methods:

1. Analytical (or deductive) method - It is based on classical optimization technique using some mathematical calculations and graphs to solve an Operations Research problem. 

2. Numerical (or iterative) method - It is used when analytical method fails to provide better solution for a problem due to its difficulty in terms of various factors such as numerical calculations and complicated restrictions/constraints to be applied to get the solution.

3. Monte Carlo Method - This method involves examining a mathematical model by putting particular values to the decision variables at different time points and under different conditions and then finding their impact on the criterion chosen for variables.

The main advantage of these OR models is to save sufficient amount of time and effort by developing a suitable models and solving the same using logical and consistent approach. In particular, the decision maker should understand various components of the problem before selecting a mathematical model, which would help them to solve the problem easily and to get a valid solution for the same.

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