Operations Research - Optimizing Decision-Making for Success

Assignment Task

Objectives of the Assignment:

• To be able to select appropriate mathematical model for optimization of the objective function
• To analyze business problems using the power of well- known operational research tools and techniques

Assignment Details& Evaluation Weightage

Consider any company for the study.

Study different websites, research papers to understand the need of optimization in the given industry/ sector/ specific company and answer the following questions.

Student may visit the company and interact with the personnel to answer the following questions.

1. Where is the need of optimization in the given sector/ specific company?

2. Justify which OR tool (listed below) can be used to optimize the objective function for the company? 

• Transportation problem Assignment problem PERT CPM
• Forecasting methods Simulation
• LPP
• Decision theory

3. Discuss its application through a mathematical problem. 

Evaluation Parameters:

• Need of optimization
• Justification on the use of a specific OR tool
• Solving a problem

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