Introduction

R. Srinivasan ()
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R. Srinivasan: Indian Institute of Science

Chapter Chapter 1 in Strategic Business Decisions, 2014, pp 3-7 from Springer

Abstract: Abstract This chapter introduces Operations Research (OR) and its usefulness in Business Decisions. We discuss the importance of Models and lay out the steps of modeling a business situation. We briefly look at the various techniques available to solve these models and summarize the phases of OR study by describing briefly each phase. The key takeaways for the reader from this chapter are the following: How OR evolved and the origins of the subject. What OR means? The implication of an OR model, and Solving the OR model and simulations.

Keywords: Operations Research Society Of America (ORSA); Lot Tolerance Percent Defective (LTPD); Simple Economic Order Quantity; Similar Input Conditions; Routine Quality Checks (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-81-322-1901-9_1

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DOI: 10.1007/978-81-322-1901-9_1

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