Operational Research Training Course
Operational Research (O.R.) is a discipline to utilize advanced analytical methods for making better decisions in industries and corporate organizations. The process involves employing different techniques from other mathematic sciences like mathematical models, mathematical optimization and statistical analysis. The operational research coincides with the other disciplines like operational management, industrial engineering etc and is aimed at analyzing and finding out expected profit, cost or risk.
Some of the methods involve in Operational research are the queuing theory, Markov decision process, data analysis, statistics, neural networks, expert systems, decision analysis and economic methods. Nearly all these techniques employ the construction of mathematical models that describe the system. An Operational research analyst finds out the best technique/s that can be applied to a particular operational system as per the company’s goals for improvement or limitations or constraints if any.
Why is O.R. important
In today’s globalized environment and instant communication means consumers expectations for the quick and quality products and services have doubled. And, companies have to reciprocate accordingly by providing the services quickly, effectively and efficiently. This requires careful analysis and planning, which only a good O.R. can do. His task is based on process modeling, business analytics, and analysis of options.
Some of the best O.R. methods and techniques are:
- Computer Simulation: This is a process by O.R. for trying out new methods and testing new ideas for improving.
- Optimization: Selecting the best available method when many feasible options are available.
- Probability and statistics: This method helps in measuring the risk and mine data to get useful insights and develop better connections during business analysis, test conclusions and making forecasts.
- Problem structuring: It is required by the managers to make complex decisions in conflicting situations or cases where many different stakeholders are involved.
Some of the examples of the Operational Research
- O.R. process is used as the computer simulation in airports for the quick and safe processing of the travelers.
- For improvements in the appointment system with doctors or other medical practitioners.
- Making decisions and finding out future developments or innovations in telecommunications.
- Helping in deciding which customers provide the best prospects for credit payments.
- O.R. helps in making an evaluation of the sales promotions, creating the profiles of the customers and computing the value of the customers.
- It helps in finding ways to deploy troops instantly.
How O.R. evolved itself?
As a discipline, operations research was originated by the military planners during World War 11 and even decades later these techniques were used to solve problems in business planning, operational activity, and society. And, now these techniques are being very popularly used by every business and government organization all over the world.
What are roles and responsibilities of O.R?
The main task of the operation manager is the planning, directing operations and making improvement in productivity and efficiency. Though the strategies and methods being used to achieve this depend on the respective company but there are certain standardized duties and responsibilities that ensure smooth operations of the company.
- Operational researcher plays multiple roles. He manages, monitor and coordinates the operational activities of the different departments in the organization.
- He formulates the strategies for the profit of the company through preparing, monitoring and controlling the operational budgets.
- Prepares policies for improving the processes for an increase in the organizational goals, formulate organizational policies and procedures to increase output and check whether the organization is following companies rules, regulations, and procedures.
- He also performs the role of Human resource by organizing and managing recruitments and placements and setting up the organizational structures.
- Ensure the quality of the products and suggests improvement in the different departments. He is also involved in managing and maintenance of equipment and machinery.
- He manages the customer support by planning the support sales and marketing activities.
- He provides strategic inputs through liaison with the top management and help in the development of the strategic plans for increasing the operational activities.
Education and Experience required to be an Operational Researcher
The education and experience of the operational manager depend on the nature of the job and the responsibilities he is playing. However following are required in the operational manager’s role:
- A degree in Business administration, commerce, industrial technology, management or industrial engineering.
- Experience in production.
- Experience and knowledge in organizational efficiency and operational management.
- Knowledge of principles and practices of business and management.
- Knowledge of accounting principles and practices.
- Knowledge of project management practices and principles.
- Informational technology skills.
The course of Educba in Operational Research allows students to understand the different methodologies and techniques that are being used by management in an organization to reduce the expenditure.
Who can do the course:
- Management Students
- Anybody who are interested in learning Operational Research.
Detail Overview of the Operational Research:
Students will be acquainted with the term Operational research, his roles, responsibilities and function of an Operational researcher. They will understand how strategically important is a role of an Operational Manager and how they function within the precincts of an organization,
Everything an Operational Manager should know about Assignment problem.
Students are introduced to the Assignment problem which is one of the cases that occur during transportation. The main purpose of the assignment problem is to reduce the cost or time in completing the jobs by a number of persons. Students will get acquainted with the methods to be solved in Assignment problem, and what is a practical problem of minimization and maximization.
In this section, students are introduced to the different concepts of the transportation problem, what are the different methods to solve the problem, understand the initial basic solution method, practical problem of the different methods like Least Cost Method, Vogel’s Approximation Method, understanding MODI’s method and to know about Optimality test.
Project Network Analysis
It is a basic technique available with the project managers for making plans and controlling the projects. It is also known as Network Analysis or Critical Path Analysis or the American Program. Effective planning of the project needs careful thought process and the application of the logic. Students are provided lessons on the meaning of project network analysis, its importance, what are its different components and how it is applied in the projects. Students will be also be instructed on how to use critical path analysis or critical path method that helps the O.R.s to plan and schedule the different parts of the complex projects so that each activity is completed as scheduled.
How To Apply Decision theory
Here students are taught how to apply the decision theory for making most crucial decisions. These are particular logical and mathematical concepts that help the managers to frame rules for making decisions that can lead to profitable conclusions. Students are also made to acquaint with how the limitations and pathologies of different decision theories can be analyzed by taking into consideration the decisions being made in certain situations.
Practicability of the Queuing Theory
It is a mathematical analysis with application in manufacturing, call centers, service industries, and transportation. In this theory, a model is formulated to make it easy for managers so that queue length and waiting time can be predicted. Here the students are taught with the complete concept of queue theory and how it is applied. Students are acquainted with the final solution of the model and practicality of the same.
Frequently Asked Questions
- Is career in Operations Research best fit for me?
In Operations Research, you are assured of financial security, future advancement, career growth and attractive future. If you have an interest in math, enthusiastic about finding the secrets of data, determined to cut through the problems to come up the effective solutions, then this career is for you.
Operation Research is applied in every area of government or business establishment-transportation, city planning, manufacturing, finance, marketing and the entertainment industry. Currently, thousands of operations researchers all over the world are working on different problems that impact all of us like the lessening of time to cash a paycheck at the local bank, assuring regular and free blood supply in nation’s hospitals, assuring a smooth flow of project in a production unit etc.
As an O.R., you will find yourself trying to make this world better, and if you feel good about doing it then O.R.is a right career for you.
What are the skills required to be a good Operational Researcher?
To be a good operational researcher you need not be an expert in Mathematics but have an expertise in calculus, linear algebra, economics, and probability. Besides, knowledge of computers including familiarity with statistics, optimization, and database management software is an added advantage. While planning the course work, it is very important to realize that O.R. is an interdisciplinary field that comes up with solutions from engineering, psychology, logic, political and social sciences. So a bit of knowledge in science can be very beneficial though being a science student is not compulsory.
A successful operational manager should have the drive for innovation, a motivation for taking initiative, energy and maturity. They are self-starters who have the capability to perform well both at an individual as well as the team level.
- What are the different career trends in the Operations research and analytics?
The majority of the emerging economic and social trends require operational researchers. Increase in globalization, competition, is building the need for an increase in productivity and quality to compete. This necessitates for the faster manufacturing and distribution process and products and people should be available on time. Also, accuracy too must be achieved to satisfy narrow tolerance. Advancements in technologies since last decades have also given operational researcher highly efficient tools to meet these challenges. To add to its advancement in communication and information system has also increased the possibility to store, collect and evaluate data at reasonable costs. These changes have subsequently resulted in an increase in the demand of an Operational researcher.
- What are the employment prospects for Operational Researcher?
Many people who started their career as Operational Research have been promoted into the management position with much bigger responsibilities. Others trained as an operational researcher has entered into the occupational arena as a statistician, computer specialist, marketing strategist, city planner etc. Well established Operational Researcher and academic often can double their salary by doing consultation work. Careers in Operational Research are many and once entered may place a person into the exciting and challenging tasks with tech savvy people having unlimited potentialities of growth prospects.
- What are educational requirements for Operational Research?
Many colleges or universities in the United States and abroad offer degree programs in Operational research and related fields. Professionals began their career as bachelor degree holders in Mathematics, business or industrial engineering with emphasis on O.R. After graduation, candidates go in for master degrees. But holding a degree is not a prerequisite for getting a career started. You should have a natural aptitude for problem solving and good quantitative skills.
- How it is like to be working as an Operational Researcher?
Working as an Operational researcher means solving the problems and making critical decisions that meet the company’s profitable goals. Basically, they analyze the information and data, spend maximum time with sophistical math software, make critical decisions and solve complex issues and problems, collect the data and use it to generate different plans for the projects, and make full use of the creative thinking abilities.
The complete training material is very informative and effective. I gained a better understanding of the different techniques and methods that are employed by the good Operational researcher. Each lesson provides in-depth knowledge about the subject so that our concepts are clear. I will sure be doing other courses as well.
I just finished my operational research course. It has been an amazing experience for me. All the videos and study materials are very easy to follow and each and every module provides in-depth knowledge of the concept. Educba has really helped me get the knowledge I required the most in my current vocation. I sure would recommend Educba to others as well.
I found Educba Operational research program as one of the most practical oriented and best as all my concepts regarding the methods and theory have been clear. Thanks to Educba to make the learning a wonderful experience for me.
This tutorial has been very informative and instructional for me. It showed me how to use common methodologies and theories in a simple and effective way. I would recommend Educba to those who would like to upgrade their skills and know minor tit bits of the Operational research. It is really a great program.
It is a great program for those who would like to gain more skills in operational research. Lessons are very well structured and very easy to follow. I have gained intensive knowledge about many concepts which were not clear to me early. I would sure to recommend the course to others too.