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01) Introduction to Operational Research

Video Lecture   PDF Notes

Definition

 Operational Research is a scientific approach for decision making to analyzing a problem, developing the mathematical models to represent it and using various techniques to find the best solution. 

Purpose

To solve complex problems
Improve decision making
Optimize resources (maximize efficiency using limited resources)

Applications

Business Management
Transportation
Health Care
Government and Publice Services 
Finance

Sub-disciplines

Linear Programming 
Non-Linear Programming
Quadradic Programming
Integer Programming
Dynamic Programming
Transportation Theory
Game Theory
Queuing Theory
Information Theory
Revenue Management
Financial Engineering

History

In 17th century, Mathematicians Blaise Pascal and Chritiaan Hygens solve the complex decision problems using game theory concepts and expected values. Others, Pierre de Fermet and Jacob Bernoulli solved these types of problems using combinatorial Reasoning. In 1840, Charles Babbag's research into the cost of transportation. Beginning in the 20th century, study of inventory management could be considered the origin of modern operations research with economic order quantity developed by Ford W. Harris in 1913. Operational Research may have originated in the efforts of Millitary Planners during World War-I.

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