Naga Lakshmi_ statistics

  What is the scope of operational research?     Operational Research  can be simply formulated as the science of rational decision-making along with the study of the synthesis of intricate problematic situations. Thus, the nature of operations research is purely scientific as it aims at determining the systematic behavior and hence optimizing the results. The scope and applications of operations research empower decision-making in those business aspects where there is a larger concern of allocation of scarce resources especially like capital, investment, labor, etc. Operation Research centrally focuses on simplifying complicated business problems into well-defined mathematical constructs and works specifying expected behaviour as well as goals. The key application of Operations Research is that it facilitates decision making in those aspects of a business where resource allocation is paramount, i.e. capital, labour, time and other business resources. Given that...