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Operations Research

Operations research, or management science, is the application of advanced analytical methods in mathematics to complex business decision-making problems. By using mathematical methods, analysts can model business decisions and solve optimization problems (such as profit maximization or cost minimization problems) using linear and nonlinear programming and statistical analysis. These problems are simplified with the use of computer programs such as Excel Solver.

Linear Programming (LP)

Linear programming is concerned with the optimization (minimization or maximization) of a linear function while satisfying a set of linear equalities and/or inequalities (collectively known as constraints). Linear programming in operations research can be applied to a variety of problems.

Resource allocation: The most typical problems in business are resource allocation problems. For example, a common type of resource allocation problem is the problem of product mix, which looks at the optimal mix of products that will maximize profit subject to resource constraints such as limited machine time or a limited quantity of a necessary input. A solution to this problem will also provide other valuable information that may allow the student to identify bottlenecks, find the range over which the unit profit can change without affecting the product mix, identify the marginal benefit of adding additional units of the limited resource, and find the range of quantity over which the availability of the resource can change without affecting the identity of the bottleneck in the system.

Blending: Blending problems are problems that involve finding the optimal blend or mix of ingredients in order to minimize costs and satisfy some additional requirement. For example, crude oil blending allows refineries to mix different crude oil products to achieve some optimal and consistent product. Similarly, ingredients in animal feed stock may be combined in different amounts to achieve some optimal blend that meets minimum nutritional requirements.

Queuing: Queuing models look at resource decisions such as determining optimal inventory levels to minimize costs in the face of fixed ordering costs (such as delivery costs), carrying costs for units on hand, seasonal price fluctuations, and fluctuations in demand (and costs associated with stock outs).

Scheduling: Scheduling problems include problems such as personnel staffing, project tasks, and determining the optimal coverage of sporting events.

Network flow and network optimization: Network flow problems are a special case in linear programming that look at things like transportation or routing problems, critical path analysis (project management), the assignment problem, and other flow problems.

Facility location: Facility location problems look to minimize things like transportation costs, or address other criteria such as taking advantage of price-differentials in the case of low-cost labour in other jurisdictions.  Facility location problems also include problems such as floor planning.

Investment decisions: Linear programming can also be used to solve investment problems such as designing the optimal portfolio to minimize, or hedge, risk.

Nonlinear Programming

Nonlinear programming problems are similar to linear programming problems in that they involve the optimization of an objective function while satisfying a set of equalities and/or inequalities. However, unlike linear programs, nonlinear programs exist where the objective function or some of the constraints are nonlinear. For example, linear problems may become nonlinear problems if one of the cost functions exhibits economies of scale.

Integer Programming

Integer programming refers to linear or nonlinear optimization problems where some of the variables are required to take on discrete values. They can be modeled with binomial variables that take on values of either zero or one. Many business decision problems require integer programming because their variable units must be whole numbers. For example, it would not make sense for a optimal solution to require a company to build half a factory in one location, to produce only one-third of a widget, to keep 20 and 1/8 units of inventory on hand, to hire less than one person, or to route half a bus one way and the other half another. Thus program designers are faced with a finite set of alternatives and face discrete decision problems.

Dynamic Programming

Dynamic programming involves problems that require a sequence of decisions over time, where one decision must follow logically from the preceding outcome. Many investment decisions are modeled using dynamic programming, because sell, hold, or buy decisions can be programmed in the model based on fluctuations in the prices of securities.

Monte Carlo Simulation

Monte Carlo methods involve repeated random sampling in order to obtain variables or outcomes. Therefore, by running the simulation again and again, a computer program can provide results in the form of statistical probabilities. The name derives from the fact that the simulation can be likened to gambling at a casino, recording your winnings, and determining from this information the probability of winning your next hand. 

Futurist Leadership Assignment

Futurist Leadership Most strategic planning processes include conducting a SWOT analysis to assess the organization's external and internal environments to identify the strengths, weaknesses, opportunities, and threats to the organization in the short term (1-5 years). On the other hand, scenario planning allows leaders to im

Research Quality Criteria

Please Answer. A minimum of 3 citations is required. 1. As an independent scholar, what does the concept of "research quality" mean to you? Explain, and provide supporting examples. 2.In your opinion, what are the most critical components for evaluating the quality of a quantitative or qualitative research study? Explain, and

Cost of Production Effects

Dundas Bike Components Inc. of Wheelville, Illinois, manufactures bicycle wheels in two different sizes for the Big Bike Co. assembly plant located across town. David Dundas, the firm's owner-manager, has just received Big Bike's order for the next six months. Look at attached file

Lean Manufacturing / Six Sigma

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Predict the data required to measure a process

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Procurement & Supply Chain IT integration

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Literature Review Explanations

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Competitiveness and Inventory Management or Safety Stock

Competitiveness and Inventory Management To be competitive, many fast-food chains expanded their menus to include a wider range of foods. Although contributing to competitiveness, this has added to the complexity of operations, including inventory management. In what ways did the expansion of menu offerings create a problem f

Doctoral Study for a Target Population

Analyze ethical considerations that require attention for a target population when conducting the process of doctoral research. The analysis must encompass, a brief description of a target population within the Doctoral Study, as well as any applicable aspects that could be examined by the Institutional Review Board. A brief des

AES Global Sourcing Initiative

1. Consider the AES Global Sourcing Initiative from an overall perspective. How effective has the effort been to-date? Is AES applying a truly strategic approach? 2. How should the electric-meters team proceed? a. What should be the key elements of their strategy? b. Which suppliers hold the greatest promise for AES? c. Shou

Research Thinking

Analyze the relationship amid one's own research thinking and quantitative and qualitative methodologies. The analysis must contain these elements: Identify the important concepts, propositions, precepts, etc., of your own research philosophy, that includes any rationale for your choice. Analyze the relationship between your res

South Korea: Managerial Behavior


Qualitative research designs

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Four Functions of Management

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International Aspect of Business

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Annotation of a Quantitative Research Article

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Coffee: The Legal King of Colombian Exports

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Global Technical Systems versus Department of Navy

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Performance Work Statement

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Steps to forecasting and how they apply to business methods.

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Trader Joe: organizational culture, employee motvation

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Research in Business

Locate a peer-reviewed article that discusses research in an organization. Topic ideas might include the role of research, development of research studies, integration of different types of methods, or the communication of research results within an organization. You are also required to locate a second peer-reviewed to

Identify consequences and value benefits using scaled measurement

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Sampling Design Proposal

Write a two- to three-page report discussing the sampling design for the proposal. Describe the sampling procedures (convenience, quota, simple random) that will yield the best results for your research objective and justify your rationale for choosing the procedure(s). Include the following information: 1. Research the object

Stakeholder Interests & Management

Stakeholder interests in an organization can be quite varied, and there may be many times when these interests do not coincide. What is the best way for a for-profit organization to manage these conflicting needs? Why?