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Operations Research Assignment

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43 views6 pages

Operations Research Assignment

Uploaded by

Raunak Singh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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OPERATIONS RESEARCH ASSIGNMENT

NAME – RAUNAK SINGH


ROLL NUMBER – 2314520076
PROGRAM – MASTERS OF BUSINESS ADMINISTRATION (MBA)
SEMESTER – II
COURSE NAME – OPERATIONS RESEARCH
COURSE CODE – DMBA205
SET – I
Q.No.
1. Operations Research is a field that combines mathematical modeling, statistical analysis,
and optimization techniques to support decision-making in complex systems. It involves
applying quantitative methods to analyze and solve problems in areas such as logistics,
supply chain management, resource allocation, production planning, and decision-making
under uncertainty.
The methodology used to solve Operations Research problems can be divided into several
steps:
1. Problem Formulation: The first step involves clearly defining the problem and its
objectives. This requires identifying the decision variables, constraints, and objectives that
need to be considered in the model. The problem formulation stage is crucial as it lays the
foundation for the subsequent steps.
2. Mathematical Modeling: In this step, a mathematical model is constructed to represent the
problem. The model usually consists of mathematical equations, inequalities, or other
relationships that describe the system being analyzed. Various types of models can be used,
such as linear programming, integer programming, network flows, queuing theory, and
simulation. The choice of model depends on the problem's characteristics and complexity.
3. Data Collection and Analysis: To solve an Operations Research problem, relevant data
needs to be collected and analyzed. This includes historical data, market trends, customer
preferences, production capacities, transportation costs, and any other relevant information.
Data analysis techniques such as regression analysis, hypothesis testing, and correlation
analysis may be applied to gain insights and ensure the accuracy of the model.
4. Model Solution: Once the mathematical model is constructed and the data is collected, the
next step is to find an optimal or near-optimal solution to the problem. This is achieved by
employing optimization techniques and algorithms. These algorithms may involve linear
programming solvers, heuristic methods, or metaheuristic approaches like genetic algorithms
or simulated annealing. The selected approach will depend on the problem's complexity and
the desired level of accuracy.
5. Solution Interpretation and Sensitivity Analysis: After obtaining a solution, it is essential to
interpret the results and evaluate their robustness. Sensitivity analysis is performed to assess
how changes in the input data or model parameters affect the optimal solution. This analysis
helps identify critical variables and allows decision-makers to understand the system's
behavior under different scenarios.
6. Implementation and Monitoring: The final step is to implement the solution in practice.
This may involve changes in processes, resource allocation, or decision-making procedures.
Monitoring the implemented solution is crucial to evaluate its performance over time and
make adjustments if necessary. Overall, the methodology used in Operations Research aims
to improve decision-making by providing quantitative analysis and optimized solutions based
on mathematical modelling and analysis. It allows decision-makers to evaluate different
scenarios, optimize resource allocation, and improve processes, ultimately leading to more
effective and efficient operations.
2. To solve the given linear programming problem using its dual form, let's start by
identifying the primal problem and then formulating its dual.

Primal Problem:

Minimize \ (Z = 3x_1 + 4x_2 \)

subject to:

\[ 4x_1 + x_2 \geq 30 \]

\[ -x_1 - x_2 \leq -18 \]

\[ x_1 + 3x_2 \geq 28 \]

where \( x_1, x_2 \geq 0 \).

Formulating the Dual:

The primal constraints are:

\[ 4x_1 + x_2 \geq 30 \]

\[ -x_1 - x_2 \leq -18 \]

\[ x_1 + 3x_2 \geq 28 \]

The dual variables corresponding to these constraints are \( y_1, y_2, y_3 \) respectively.

The primal objective function is to minimize \( Z = 3x_1 + 4x_2 \).

The dual problem is:

Maximize \( W = 30y_1 - 18y_2 + 28y_3 \)

subject to:

\[ 4y_1 - y_2 + y_3 \leq 3 \]

\[ y_1 + y_2 + 3y_3 \leq 4 \]

where \( y_1, y_2, y_3 \geq 0 \).


3.
4. Monte Carlo simulation is a computational technique used to understand and analyse
uncertain systems or processes by generating random samples and estimating their outcomes.
It is named after the city of Monte Carlo in Monaco, known for its casinos and games of
chance.

The Monte Carlo simulation procedure involves the following steps:

1. Defining the problem: Identify the system or process that needs to be analysed and
determine the key variables or parameters that exhibit uncertainty.

2. Specifying probability distributions: Assign probability distributions to the uncertain


variables to reflect their possible values and likelihoods. These distributions can be based on
historical data, expert opinions, or assumptions.

3. Generating random samples: Randomly generate values for each uncertain variable
according to the specified probability distributions. This can be done through random number
generators or by sampling from the distribution functions.

4. Running simulations: For each random sample, run the system or process model to obtain
an outcome or result. This could involve performing calculations, simulations, or evaluating
performance measures.

5. Analyzing results: Record and analyze the outcomes obtained from the simulations. This
may include calculating summary statistics, constructing probability distributions of key
results, or identifying patterns or trends.

6. Assessing risk and uncertainty: Use the results from the simulations to evaluate the risk
and uncertainty associated with the system or process being analyzed. This can involve
calculating probabilities, confidence intervals, or sensitivity analysis.

7. Iterating and refining: Depending on the level of accuracy and insights desired, the
simulation process may need to be iterated several times. This can involve refining the
probability distributions, adjusting model parameters, or increasing the number of simulation
runs.

8. Communicating findings: Present the results and findings of the Monte Carlo simulation in
a clear and concise manner. This can involve visualizations such as charts, graphs, or tables,
as well as narratives and interpretations.

Monte Carlo simulation is widely used in various fields, including finance, engineering,
healthcare, and project management, to assess risks, optimize decision-making, and improve
understanding of complex systems. It provides a powerful tool for dealing with uncertainty
and making informed decisions in situations where analytical solutions are not feasible or
inadequate.

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