What is Operations Research?
Operations research has generated and continues to generate powerful benefits for organizations and leaders who know how to apply it effectively. Executives today are making bolder decisions with less risks and better outcomes. Their secret – Operation Research (O.R.). Assessing the risk of a new project or contract can be tricky. O.R. can help you quantify risk, which is key to controlling it. O.R. can also assist you in planning how best to balance risk against the gains you expect. O.R. professionals can analyze complex situations and build intelligence into key systems, revealing the best options.
A major example who found the value of OR is the Ford company who optimized the way it designs and tests vehicle prototypes, saving $250 million.
Operations research and management science are terms that are used interchangeably to describe the discipline of applying advanced analytical techniques to help make better decisions and to solve problems. The procedures of operations research were applied effectively during wartime missions, such as deploying radar, searching for enemy submarines, and getting supplies where they were most needed. New analytical methods have been developed and numerous peacetime applications have emerged, leading to the use of operations research in many industries and occupations...