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Lecture 1-2 or Introduction

This document provides an introduction to the course "Operation Research". It will include 3 lectures per week and be assessed through quizzes, assignments, exams, and a group project. Operation Research uses scientific methods and mathematical models to help organizations make optimal decisions. It has applications in many fields including transportation, inventory management, project management, healthcare, and marketing. The key steps in an Operation Research study are to formulate the problem, create a model, collect data, find a solution methodology, validate the model, and implement the recommended solution. Common techniques include linear programming, integer programming, network analysis, nonlinear programming, simulation, and heuristics. Computers play an important role by enabling complex models to be solved efficiently. The benefits

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15 views

Lecture 1-2 or Introduction

This document provides an introduction to the course "Operation Research". It will include 3 lectures per week and be assessed through quizzes, assignments, exams, and a group project. Operation Research uses scientific methods and mathematical models to help organizations make optimal decisions. It has applications in many fields including transportation, inventory management, project management, healthcare, and marketing. The key steps in an Operation Research study are to formulate the problem, create a model, collect data, find a solution methodology, validate the model, and implement the recommended solution. Common techniques include linear programming, integer programming, network analysis, nonlinear programming, simulation, and heuristics. Computers play an important role by enabling complex models to be solved efficiently. The benefits

Uploaded by

hafsa032173
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Operation Research

Introduction
Syed Atta ur Rehman
[email protected]
0312-7437606 (only what’s app OR SMS )
Course Introduction
• 3 lectures per week (3 cr)

Course Assesment
• Quizzes and Homework Assignments (Throughout the Semester)
• Midterm Exam
• Final Exam
• Group Project (Weeks 11-14, focusing on an OR application OR Research Article)
What is Operation Research (OR)?
• Operation Research (OR) a scientific approach to decision-making.
• OR uses mathematical models, analytical methods, and data to solve
complex decision-making problems.
• Historical context of OR, mentioning its origin during World War II and
its role in military operations.
Objectives of Operation Research
• To optimize decision-making processes.
• To find optimal solutions to complex problems.
• To identify the best possible solutions within given constraints.
• To help organizations make informed and efficient decisions.
Scope of Operation Research
• Management science: Optimization of business processes.
• Logistics and supply chain management: Efficient distribution and
inventory management.
• Engineering: Design and process optimization.
• Finance: Portfolio optimization and risk assessment.
• Healthcare: Resource allocation and patient scheduling.
• Marketing: Market analysis and campaign optimization.
• Emphasize that OR's principles are applicable in diverse industries and
sectors
Application Areas of OR
Real-world application areas where OR is used extensively, such as:
• Transportation and logistics: Route optimization, vehicle scheduling.
• Inventory management: Efficient stock control and order quantities.
• Project management: Time and resource allocation in large projects.
• Finance and investments: Portfolio optimization, risk assessment.
• Healthcare optimization: Resource allocation in hospitals, patient
scheduling.
• Marketing strategies: Pricing, advertising, and market segmentation.
OR enhances decision-making in these areas by providing data-driven
insights!
Operation Research Process
Fundamental steps in the Operations Research process:
1. Problem formulation: Identifying and defining the problem to be solved.
2. Model building: Creating a mathematical representation of the problem.
3. Data collection: Gathering relevant data for analysis.
4. Solution methodology: Applying mathematical and computational
techniques to find solutions.
5. Model validation: Checking the accuracy and reliability of the model.
6. Implementation: Putting the recommended solution into practice.
These steps are iterative and may require revisions!
Operation Research Techniques
An overview of common OR techniques, including:
• Linear Programming (LP): Optimization of linear objective functions.
• Integer Programming (IP): Handling problems with integer constraints.
• Network Analysis: CPM and PERT for project scheduling.
• Nonlinear Programming (NLP): Optimizing nonlinear functions.
• Simulation: Modeling complex systems through simulation.
• Heuristic methods: Approximate solutions for complex problems.
The choice of technique depends on the problem's characteristics!
Key Components of Operation Research
• Mathematical modeling: Defining objective functions, decision
variables, and constraints.
• Optimization: Maximizing or minimizing the objective function.
• Decision analysis: Considering risk, uncertainty, and sensitivity
analysis in decision-making.
Role of Computers
• Emphasize on the crucial role of computers in OR.
• Computers enable complex mathematical models and algorithms to
be solved efficiently.
• OR software and tools, such as Excel Solver and specialized OR
packages.
Benefits of OR
- Improved decision quality.
- Cost savings and resource optimization.
- Competitive advantage in business.
Challenges and Limitations
• Data availability and quality.
• Assumptions and simplifications made in models.
• Resistance to change within organizations.
Emphasize that these challenges should be considered in real-world
applications!
Future Trends
Some emerging trends in OR:
• Big data analytics: Leveraging large datasets for better decision-
making.
• Artificial intelligence and machine learning: Integrating AI algorithms
into OR models.
• Sustainability and green OR: Optimizing processes for environmental
impact reduction.
Case Study (Assignment-1)

• Analyze the case study and discuss the application of OR techniques.


• Explain the problem, the approach taken, and the results achieved.
• Present a 5-7 Minutes OR case study relevant to the lecture's topics.
Q&A
Thank You!

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