Operations Research - Contemporary Role in Managerial Decision Making

Abstract

As the global environment turns out to be furiously focused, Operations Research has picked up criticalness in applications like world-class Manufacturing systems (WCM), Lean generation, and Six-sigma quality administration, Bench marking, Just-in-time (JIT) inventory techniques. The development of worldwide markets and the subsequent increment in rivalry have highlighted the requirement for Operation Research. To survive and lead the todays very focused and request driven market, weight is on administration to settle on conservative choices. One of the key administrative aptitudes is capacity to distribute and use assets fittingly in the endeavors of accomplishing the ideal execution productively. Now and again, for example, little scale low many-sided quality environment; choice in light of instinct with insignificant quantitative premise might be sensibly satisfactory and viable in accomplishing the objective of the association. Be that as it may, for a substantial scale framework, both quantitative and subjective (i.e. instinct, experience, sound judgment) investigations are required to settle on the most practical choices. Utilizing Operations Research techniques including Linear Programming, Discrete Event Simulation and Queuing Theory, association pioneers can settle on top notch choices. Present paper is an endeavor to study the importance of Operation research and different techniques used to improve the operational efficiency of the association