Operations research is about deriving optimal solutions to maximize sales or profits and/or to minimize costs, losses, or risks.Operations research is an analytical method of problem-solving and decision-makingunder uncertainty that is useful in the management of organizations. In operations research, problems are broken down into basic components and then solved in defined steps by mathematical analysis.Operations Research is a science which deals with problem, formulation, solutions and finally appropriate decision making with the goal of improving or optimizing performance.In a business, very few things are certain, and managers must often make decisions based on their instincts instead of being able to use reliable data.The basic tools of operations research are probability theory, Monte Carlo methods, stochastic processes, queuing models, transportation models, network models, game theory, linear and nonlinear programming, dynamic programming, Markov decision processes, input-output analysis, choice modelling, econometric modelling, and other mathematical techniques and algorithms. The ultimate goal is to create a mathematical model that simulates real-world processes and systems so that optimal solutions can be found.

- Provide scientific methods with a quantitative basis of decision making in an organisation.
- Execute various tools and techniques in finding an optimal solution to problems involving limited resources.

5 Lessons40h

52 Courses

4 students