Operational Research Problem Solving Techniques

The following covers the various techniques that are employed in Operations research:

Linear programming: It is a mathematical programming technique to optimize performance under a set of resource constraints as specified by an organization.

Integer programming: The drawback in linear programming is the approximation of values. In big budget projects these approximation will cost heavy on the investors. Integer programming is an extension of linear programming which gives accurate values.

Distance related network techniques: Organizations having a wide spread network needs to formulate a cheaper and much efficient path for transportation for incoming and outgoing goods. Depending on the type of commodity and type of venture the organization is dealing with the problems can range from transportation, shortest path to minimum spanning tree till traveling salesman issues. Distance related network techniques helps to solve these problems.

Project management: Project management involves various techniques which guides an organization in planning and executing a project in the most effective way. It provides a path and also indicates the errors that need to be corrected for meeting deadline.

Inventory control: It involves the technique deployed to bring down the cost in inventory by optimal planning of its storage and transport.

Dynamic programming: It is a unique technique of problem solving where a complex problem is subdivided into many smaller units. Each unit is then solved individually and then all the individual solutions are integrated to obtain the solution of the original problem.

Queuing theory: It deals with the study of behavioural pattern of queues under various circumstances.

Replacement analysis: It is an analysis which studies the cost and time involved in the maintenance of a system and the effectiveness in replacing it with a new one. Basically it is a study to determine the worthiness of an equipment to stay in the project.

Game theory: It is a theory which tries to formulate and explain unclear situations like the chances of getting a tender or matters relating to shares.

Review questions:

• Which technique can be used for problems relating to transport of good and commodities?
• How is integer programming different from linear programming?