Operations research or Quantitative management(OR), as termed in the USA, Canada, South Africa and Australia, and operational research, as termed in Europe, is an interdisciplinary branch of applied mathematics that uses methods such as mathematical modeling, statistics, and algorithms to arrive at optimal or near optimal solutions to complex problems. It is typically concerned with determining the maxima (of profit, assembly line performance, cr...
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Operations research or Quantitative management(OR), as termed in the USA, Canada, South Africa and Australia, and operational research, as termed in Europe, is an interdisciplinary branch of applied mathematics that uses methods such as mathematical modeling, statistics, and algorithms to arrive at optimal or near optimal solutions to complex problems. It is typically concerned with determining the maxima (of profit, assembly line performance, crop yield, bandwidth, etc) or minima (of loss, risk, etc.) of some objective function. Operations research helps management achieve its goals using scientific methods.
The terms operations research and management science are often used synonymously. When a distinction is drawn, management science generally implies a closer relationship to the problems of business management. The field of operations research is closely related to Industrial engineering. Industrial engineers typically consider Operations Research (OR) techniques to be a major...
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