Operational Research: Models and Methods

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Operational research is a field of study that involves mathematical analysis of problems in order to provide a quantitative basis for managerial decision-making in an organization. It encompasses the application of various mathematical models comprising mathematical relationships corresponding to real world relationships. Some of the commonly utilized methods in operational research include linear programming problems (LPP), sequencing, dynamic programming and integer programming. Linear programming is one of the major mathematical techniques used in management science to determine the most efficient use of available resources, such as time, money, equipment and labor. Dynamic programming is a mathematical technique utilized for solving different types of sequential decision problems. These techniques are applied in different areas of management, including allocation and distribution in projects, marketing, organizational behavior, finance, and research and development. This book provides a detailed explanation of operational research and mathematical models used in management. It presents researches and studies performed by experts across the globe. This book, with its detailed analyses and data, will prove immensely beneficial to professionals and students involved in the area of management science at various levels.