Operations research deals with various methods which includes statistical and mathematical modeling, simulation and optimization that are used in the process of finding solutions for business problems. It is about finding out optimal solutions in order to maximize sales or profit and to minimize cost, losses and risk.

Tools that operations research uses

Operations research uses various tools such as transportation model, queuing theory, game theory, LPP and non linear programming etc to find out optimal solutions to problems in business.

Applications of operations research

It finds application in:

Distributions system optimization which involves determining the optimal number of warehouses, their location, routes, the lot size each truck should carry etc.

Retail site selection optimization which deals with the determination of location of retail stores which will generate more sales, which will reduce supply chain costs etc for optimal sales and revenue.

Store design optimization which involves the selection of store design which increases the customer visit and the time customer spends in the store, selection of proper arrangement of store which attracts customers etc.

Store merchandise optimization which determines the optimal mix of merchandise which maximize the sale in any store, how it should be changed with change in demand etc.

Retail category optimization which involves the optimal mix of different category of products that are required to maximize the sales and revenue.

Supply chain optimization which determines the optimal supply chain strategy.

Manufacturing/Production optimization which determines the composition of machines, equipments, processes that will maximize the output.

Transportation optimization which involves the determination of transportation

Structure, including the route to be chosen which minimizes the number of trucks to be used, the most efficient carrier etc.

Network optimization which involves the determination of designing of network of airports and sea ports which handles the luggage and cargo, the design of communication network etc.

How will the students benefit?

The course will give students a deeper understanding of tools that will aid in growth and working of a business. Various constraints that a business faces are considered and then     optimal solution is arrived by using the tools. The students pursuing the course are made aware of these constraints and strategies.

The course will equip the students to work in any area of the business, which increases the opportunities for the students. The career in operations is promising as well as challenging which enhances the quality of business as well as life.