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 it is rooted in computer science and analytics, there is an immense scope of operation research in every business enterprise.

Here are the key areas of the scope and application of operations research:

Characteristics of Operations Research

Given below are the 3 main characteristics of Operations Research, i.e. Optimization, Stimulation and Probability & Statistics.

Optimization

The objective of Operations Research is to provide better performance in any given situation. The process of doing this involves a lot of data collection and analysis of possible outcomes. The process of optimization involves a critical analysis of all the available options and selecting the highly relevant ones. 

Simulation

Before you move on with selected options or methods to improve the overall result, you must be sure that the selected method is going to be beneficial. This part is ensured by the process of simulation.

Probability and Statistics

Mathematical algorithms are the best way to evaluate potential risks and predict the possible outcomes beforehand. Thus, Operation Research involves intensive use of statistical and mathematical approach to cover all the circumstances.

Phases of Operation Research

There are three phases in an operation research study –

    1. Judgement phase:
      • Determining the operation and objectives
      • It also includes determining the effectiveness of different steps, the type of problem, its origin and the causes behind it.
  1. Research phase:
    • Formulating the hypothesis and models
    • Next step is analyzing the information collected and verifying the hypothesis.
    • The last step in this phase is the production and generation of results and considering all the other alternatives.
  2. Action phase:
    • Giving recommendations for the solution to the problem including the assumptions, scope, limitations and other alternatives.
    • Lastly, the solution has to be put to work.

Where is Operation Research Used?

Here are the most common problems that can be solved by Operation Research:

StreamProblems
Research and Developmenti. Areas of concentration for R&D
ii. Reliability and alternate decisions
iii. Determination of time-cost trade-off and control of development projects
Personnel Managementi. Mixes of age and skills
ii. Recruiting policies
iii. Job assignments
Production Managementi. Physical distribution: Location and size of warehouses, distribution centres and retail outlets, distribution policies.
ii. Facilities Planning: Number and location of factories, warehouses etc. Loading and unloading facilities.
iii. Manufacturing: Production scheduling and sequencing stabilisation of produc­tion, employment, layoffs, and optimum product mix
iv. Maintenance policies, crew size
v. Project scheduling and allocation of resources
Purchasingi. Buying policies, varying prices,
ii. Determination of quantities and timing of purchases,
iii. Bidding policies
iv. Replacement policies
v. Exploitation of new material resources
Finance and Bankingi. Product selection, competitive actions,
ii. Number of salesmen, frequencies of calling on
iii. Advertising strategies with respect to cost and time

 

Career Scope of Operation Research: Employment Areas

With a degree in Operation Research or its related field, candidates can enter many employment areas. These leading job destinations can carve your career and provide you with a high-end growth ahead. To help you understand the scope of operation research, let’s elaborate some of the top-notch job-sectors that you can explore.

Defence Services

There are several departments in the defence services like administrations, training, supply etc. which involves in-depth knowledge of operations. To perform warfare tasks in the Army, Navy, Air Force with promptness, there is always a constant demand for candidates with a degree in operation research. Thus, in the defence services, there is a wide scope of operation research as candidates get the opportunity to work in a dynamic environment and under higher roles facilitating the formulation of policies and strategies.

Agriculture

Being brought up in a country like India where agriculture is a colossal part of the economy, we often think that this domain is only for farmers or rather scientists. But, with the dire need to ensure optimum utilization of resources, there is a greater scope of operation research in this field. With sky-rocketing population, operation research can ensure optimization in agriculture and potential graduates in this field can avail the opportunities to work as research assistants under this domain.

Industrial Sector

In the advent of globalization, the industrial sector is experiencing an upheaval across the globe. To frame and handle the ever-rising demands of the organizations, candidates with brainstorming abilities are selected for various profiles in operation research. You can also opt for a specialised role like an Operational Research Analyst, who is expected to tackle the upcoming discrepancies in a business.

 

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