Operations Research:

Every organization need not have the same resources. Regardless of the varying 4M (man, material, machine, method), goal remains the same for competitors. Business apart, in a wider sense, in any activity the quest for the most optimistic approach to complete the activity persists. In short the search for the best decision for that situation is what every seeker is after. In military there is a method called resource management technique. In it, a thorough research on the existing process or requirement for an operation should be done so that an optimistic technique can be arrived at managing the operation with minimal resources in minimal time. This is an example of Optimization technique. The study of this optimization technique is called Operations Research. Operations research is a calculated approach to solve problems using mathematical, economical & statistical formulas. It uses various model techniques to ease the task of decision making. Thus it can also be called applied decision theory. In fact, decision and control problems in any organization are more often related to certain daily operations such as inventory control, production scheduling, manpower planning and distribution, and maintenance.

According to Operations Research Society of America (ORSA), Operations Research is a tool which is concerned with the design and operation of man-machine system scientifically, usually under conditions requiring the optimum allocation of limited resources.

As per the Operations Research Society of Great Britain, Operations Research is the application of the scientific methods to complex problems arising in the direction and management of large systems of men, machines, materials and money in industry, business and government.

Operations Research uses a model setup for representing the real-life system. It uses a number such models to obtain solutions of various realistic problems.

But it should be bore in mind that Operations Research does not take into account, qualitative or emotional or human factors which determine or influence decision making. Thus Operations Research is limited in that it can be used as an aid for decision making.