Introduction to Operations Research
24 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary purpose of inventory control models?

  • To ensure constant inventory levels
  • To eliminate the need for ordering inventory
  • To increase the total inventory cost
  • To assist managers in deciding ordering time and quantity (correct)

Simulation is a procedure that directly solves the problem involved in inventory control.

False (B)

What complicates the development of an analytical model in inventory control?

A large number of variables and interrelationships among those variables.

Non-linear programming methods can be applied when the objective function or some constraints are not __________.

<p>linear</p> Signup and view all the answers

Match the following programming methods with their applications:

<p>Linear Programming = Approximate non-linear constraints Simulation = Data generating technique for complex problems Integer Programming = Variables must take integer values Non-Linear Programming = Handling non-linear constraints</p> Signup and view all the answers

Which of the following is a limitation of linear programming?

<p>It can approximate only within a limited range of non-linear constraints. (B)</p> Signup and view all the answers

Integer programming can only be applied to problems where all variables can take any real value.

<p>False (B)</p> Signup and view all the answers

What is one reason why simulation is preferred over real-world experiments in decision-making?

<p>It is risky, cumbersome, or time-consuming to conduct real studies.</p> Signup and view all the answers

Which of the following areas can Operational Research (OR) be applied in the industrial establishment and private sector?

<p>Facility planning (B)</p> Signup and view all the answers

Operational Research can assist in market survey and analysis only in the agricultural sector.

<p>False (B)</p> Signup and view all the answers

What is one primary application of Operational Research in the field of technology forecasting?

<p>Technology evaluation and project management</p> Signup and view all the answers

In agriculture, OR can optimize the allocation of supply and collection points for ______.

<p>fertilizer/seeds</p> Signup and view all the answers

Match the following applications of Operational Research with their respective fields:

<p>Tender management = Research &amp; Development Inventory control = Defense Services Optimum advertisement outlay = Business Management Public transport requirements = Transportation</p> Signup and view all the answers

Which of the following is NOT an application of Operational Research?

<p>Cooking recipes optimization (A)</p> Signup and view all the answers

What is the main goal of linear programming?

<p>To optimize an objective function under given constraints (C)</p> Signup and view all the answers

Operational Research is only applicable in large-scale industries and does not benefit smaller businesses.

<p>False (B)</p> Signup and view all the answers

What can OR optimize in the educational sector?

<p>Number of schools and their locations</p> Signup and view all the answers

In game theory, the success of one player does not affect the others.

<p>False (B)</p> Signup and view all the answers

What does decision theory focus on?

<p>Making decisions under certainty and uncertainty.</p> Signup and view all the answers

The aim of waiting line or queuing theory is to minimize the total cost of __________ and providing service facilities.

<p>waiting</p> Signup and view all the answers

Match the following concepts with their descriptions:

<p>Linear Programming = Optimization of resources under constraints Game Theory = Strategic interactions among rational decision-makers Decision Theory = Analysis of choices under certainty and uncertainty Queuing Theory = Studying systems with waiting lines</p> Signup and view all the answers

Which of the following is NOT a focus of inventory control models?

<p>Maximizing sales revenue (A)</p> Signup and view all the answers

Queuing theory can be applied to situations where no one is waiting.

<p>False (B)</p> Signup and view all the answers

What is the primary goal of inventory models in business management?

<p>To minimize total inventory cost.</p> Signup and view all the answers

Flashcards

Inventory Control Models

Mathematical models used to determine optimal ordering time, level, and quantity, minimizing total inventory costs.

Simulation

A process of creating a model of a problem and conducting trials to find the best solution, often used when real-world experimentation is impractical.

Non-Linear Programming

Used when the objective function or constraints are not linear. (e.g., discounts for bulk orders)

Integer Programming

Used when certain variables can only take whole number values.

Signup and view all the flashcards

Optimal Order Size

The amount of inventory to order that minimizes the total cost.

Signup and view all the flashcards

Reordering Level

The inventory level at which a new order is placed.

Signup and view all the flashcards

Total Inventory Costs

The sum of purchasing, carrying, and out-of-stock costs.

Signup and view all the flashcards

Analytical Models

Models that provide specific solutions to problems, instead of requiring testing of many possibilities.

Signup and view all the flashcards

Linear Programming

A mathematical method used to optimize a function (like profit or loss) under constraints, where both the function and constraints are linear.

Signup and view all the flashcards

Game Theory

A framework for analyzing strategic decisions between multiple players with conflicting goals.

Signup and view all the flashcards

Decision Theory

A framework for making choices under uncertainty, using probabilities to assess future outcomes.

Signup and view all the flashcards

Waiting Line Theory

Analyzes the behavior of queues (waiting lines) to optimize service efficiency and minimize waiting time.

Signup and view all the flashcards

Objective Function

The function that represents the goal you want to maximize or minimize in a linear programming problem.

Signup and view all the flashcards

Boundary Conditions

Constraints or limitations in a linear programming problem that restrict the use of resources.

Signup and view all the flashcards

Players in Game Theory

The decision-makers involved in a strategic interaction, each with their own goals and strategies.

Signup and view all the flashcards

OR in Defense

Operations Research (OR) is widely used in the military, from developing new technology to optimizing logistics and planning battle strategies.

Signup and view all the flashcards

OR in Industries

Operations Research (OR) helps businesses improve efficiency in areas like plant location, finance planning, production, and personnel management.

Signup and view all the flashcards

OR in R&D

Operations Research (OR) is crucial in research and development, aiding in technology forecasting, project management, and value engineering.

Signup and view all the flashcards

OR in Business

Operations Research (OR) helps businesses make informed decisions under uncertainty, optimize advertising, and analyze markets.

Signup and view all the flashcards

OR in Agriculture

Operations Research (OR) can optimize agricultural practices by helping with irrigation, fertilizer allocation, and yield maximization.

Signup and view all the flashcards

OR in Education

Operations Research (OR) helps optimize school layouts, student-teacher ratios, and financial allocation to better meet educational needs.

Signup and view all the flashcards

OR in Transportation

Operations Research (OR) helps optimize transportation systems, such as public transport, routing, and railway networks.

Signup and view all the flashcards

OR in Communication

Operations Research (OR) can be applied to communication systems to improve efficiency and optimize network layouts.

Signup and view all the flashcards

Study Notes

Operations Research Introduction

  • Operations Research (OR) is a relatively new field, its content and boundaries are not fixed.
  • OR applies mathematical and quantitative techniques to support decision-making.
  • Decisions in daily life, often made intuitively, differ from complex, critical decisions needing models.
  • Examples of OR applications include transportation network planning, product mix optimization, and resource allocation.

History of Operations Research

  • OR's roots lie in the UK during the 1930s to assist in military operations.
  • Early OR work focused on radar system effectiveness and integration.
  • 1936 marked the establishment of Bawdsey Research Station.
  • 1937 saw the first major air defense exercise incorporating radar data.
  • 1938, additional radar stations were installed and air defense exercises proved complex integration issues.
  • 1939 The final pre-war air defense exercise displayed successful improvements in warning and control.
  • The OR team was incorporated into Fighter Command at Stanmore during the beginning of World War II.

Meaning of Operations Research

  • OR is the application of a scientific method for decision making, encompassing several mathematical and quantitative tools.
  • It considers risk and change, creating a model of a system with factors identified.
  • OR uses tools from multiple disciplines (math, stats, engineering, economics, etc)

Features of Operations Research

  • OR uses a decision-making approach to support executives in finding optimal solutions to problems.
  • OR takes a scientific approach to complex issues.
  • OR utilizes interdisciplinary teams.
  • OR uses mathematical/ analytical models.
  • OR commonly uses computers to handle complicated calculations.

Steps in Operations Research Modeling

  • The steps involved in a study include observing, analyzing, model development, data selection, solution and testing, and implementation.

Limitations of Operations Research

  • OR relies upon models, so there's a disconnect or resistance on the part of the management to accept the model or results.
  • OR models may be inaccurate due to unquantifiable factors.
  • OR requires substantial time and resources.

Linear Programming Introduction

  • Linear programming is an optimization technique used to find the best solution in a mathematical model that has a linear objective function and linear constraints.
  • It effectively handles resource allocation and optimization problems.

Linear Programming Formulation

  • Define decision variables.
  • Define the objective function (what you want to maximize or minimize).
  • Define constraints (resources, limitations).
  • Establish non-negativity constraints (all variables must be greater than or equal to zero).

Graphical Method for Linear Programming

  • This method is common for two-variable problems.
  • The feasible region is the shaded area satisfying all constraints.
  • Determining the extreme points (or corners) of the feasible region.
  • Evaluating the objective function at each corner point to find the optimal solution.

Multiple Optimal Solutions

  • When the objective function is parallel to one side of the boundary of the feasible region, multiple optimal solutions exist for the objective function.

Infeasible Solutions

  • A problem could be infeasible if the constraints provided for the model are in conflict with one another.
  • This means that no values of the variables would satisfy the constraints simultaneously.

Unbounded Solutions

  • Unbounded solutions occur in a maximization problem when an optimal solution doesn't exist because the maximum value of the objective function is unbounded, which leads to infinite solutions.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Operations Research PDF

Description

Explore the fundamentals of Operations Research, a field that applies mathematical and quantitative techniques for decision-making. Delve into its historical context, originating in the 1930s to support military operations and its evolution into various applications like transportation and resource allocation.

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser