Scope and nature of operation research?

[sana86]

What is Scope and nature of operation research?

[Jaraseyo]

Employing techniques from other mathematical sciences, such as mathematical modeling, statistical analysis, and mathematical optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems. Because of its emphasis on human-technology interaction and because of its focus on practical applications, operations research has overlap with other disciplines, notably industrial engineering and operations management, and draws on psychology and organization science. Operations Research is often concerned with determining the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost) of some real-world objective. Originating in military efforts before World War II, its techniques have grown to concern problems in a variety of industries.

[Estella]

At the commencement of the 20 th century ,the one element that was missing was a management – the ability to develop and use the existing facilities to produce on a large scale to meet massive markets of today.

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