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Operations Research

Discussed in this paper are the origin and development of operations research including the tools used in operations research like the various mathematical models used by companies or industries in their operations, statistical approach and the internal labor markets.

language english
wordcount 8841 (cca 25 pages)
contextual quality N/A
language level N/A
price free
sources 4
Table of contents

Introduction 1
Background 1
Types of Mathematical Models 3
Choice of Objectives in Operation Research 5
The Statistical Approach 7
Decisions Under Certainty 8
The Internal Labor Market as a Stochastic Process 11
Internal Labor Markets 11
References 17

Preview of the essay: Operations Research



The fulcrum of discussion of this paper is on operations research. Operations Research or O.R. plays a central role in central management. As such, a discussion of the various approaches in operations research is indispensable to guide managers and decision-makers in crafting policies, formulating plans, implementing guidelines and the like. Also included in the discussion of this paper are background materials on the development of operations research and case studies applying the principles of operations research.


During World War II, military management called on scientists in large numbers to assist in solving strategic and tactical problems. Many of these problems were executive type problems. Scientists from different disciplines were organized into teams which were addressed initially to optimizing the use of resources. These were the first Operations Research or “O.R. teams.”

An objective of O.R., as it emerged is to provide managers of the organization with a scientific basis for solving problems involving the interaction of components of the organization in the best interest of the organization as a whole. A decision which is best for the organization as a whole is called an optimum decision; one which is best relative to the functions of one or more parts of ...

... operations on a week-to-week basis. This particular project was being handled by Charles Handerson, a economic analysis using linear programming.

Several of the members of the operating management group were quite eager for the Lp model to be completed quickly, since they believed that other refineries had for several years gained some advantage through the adoption of linear programming and other mathematical techniques. Little effort had been devoted to this type of project at Tascosa in the past Duro Oil Company, a small integrated oil company which operated in several southwestern and Rocky Mountain states. In 1955, which was about time that the use of linear programming in refinery operations was becoming widespread, Palo Duro was purchased by the Caprock Gas Company and made an operating subsidiary. Almost immediately afterward began a period of great change and expansion at the Tascosa Refinery. By 1961, when the name of the subsidiary was changed to the Caprock Oil Company, the Tascosa Refinery had nearly tripled its crude refining capacity, and had added a unit for producing high purity aromatic petrochemicals. During this period, the engineering staff had been so concerned with the multitude of problems brought about by rapid expansion that very little effort was directed toward the topic of economic optimization. By late 1962, however, the refinery had become one of the most modern in the industry and had proved itself capable of producing an output that was often greater than its demand for product at existing prices. At this time the Process Economics Department was created as a subgroup of the process engineering section and began to emphasize economic optimization of operations.
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Financial Econometrics
Princess R.

The paper is so intricate that it needs a good mathematical sense before one could figure it out. A reader-friendly presentation could have made this essay lighter to read.

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