Page 13 - DCOM303_DMGT504_OPERATION_RESEARCH

Operations Research

Notes Project Planning and Control: How long will a project take? What activities are most important?
How should resources be used?
Queuing and Congestion: How long are queues? How many servers should we use? What
service level are we giving?
This broad range of potential applications and a wide variety of OR techniques, which can be
selected and combined for a multi-disciplinary approach, work together to make this course a
dynamic and exciting one.
Some of the application areas of management where OR is applied is presented below:

 Finance, Budgeting and investments
 Cash flow analysis,
 Capital requirement,

 Investment analysis,
 Dividend policies,
 Credit policies,
 Portfolio analysis, etc.
 Purchasing & procurement

 Quantity and timing of purchase,
 Bidding policies,
 Replacement policies, etc.

 Production Management
 Production scheduling,
 Physical distribution,
 Inventory control,
 Manufacturing and facilities planning,

 Maintenance policies,
 Product-mix planning, etc.
 Marketing Management

 Product selection and competitive actions,
 Advertising strategy,
 Market research, etc.
 Personnel Management
 Recruitment policies,

 Selection procedure,
 Salary structure,
 Bonus schemes,

 Scheduling of training programmes, etc.

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