Master of Business Administration- MBA Semester 1 MB0048 Operations Research- 4 Credits (Book ID: B1631) Assignment Set - 1 (60

Marks)
ROLL NO.- 1208031128 STUDENT NAME- ARUN KUMAR MISHRA MBA- 2ND SEM.

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Master of Business Administration- MBA Semester 1 MB0048 Operations Research- 4 Credits (Book ID: B1631) Assignment Set - 1 (60 Marks) Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.

Q-1 Explain the scope of Operations Research. What are the features of Operations Research?
Ans- Operations research OR means to apply scientific and mathematical methods for decision making and problem solving. OR does not provide decisions else it provides quantitative data to the managers. The managers use this data for making decisions. OR tries to find better solutions to different problems. Hence, it is used to solve complex management problems. OR helps to take decisions about operations and production. was first used during the Second World War by England to solve their complex war problems. England made OR teams. These teams included expert mathematicians, statisticians, scientists, engineers, etc. These OR teams were very successful in solving England's war problems. Therefore, United States of America (USA) also started using OR to solve their war problems. After the war, soon industries and businesses also started using OR to solve their complex management problems.

Creating a Model : OR first makes a model. A model is a logical representation of a problem. It shows the relationships between the different variables in the problem. It is just like a mathematical formula. For e.g. Assets - Liabilities = Capital + Accumulated Reserves.
Shows Important Variables : OR shows the variables which are important for solving the problem. Many of the variables are uncontrollable. Symbolises the Model : The OR model, its variables and goals are converted into mathematical symbols. These symbols can be easily identified, and they can be used for calculation. Achieving the Goal : The main goal of OR is to select the best solution for solving the problem. Quantifying the Model : All variables in the OR model are quantified. That is, they are converted into numbers. This is because only quantified data can be put into the model to get results. Using Mathematical Devices : Data is supplemented with mathematical devices to narrow down the margin of error. Use of Computer : The main focus is on decision-making and problem solving. For this purpose computers are widely used.

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Highest Efficiency : The main aim of OR is to make decisions and solve problems. This results in the highest possible efficiency.

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