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, Char...