UDPS1043/UDPL1043/UGPS1043: Introduction to Operations Research - Management Assignment Help

Assignment Task:

1.1 Introduction to Operations Research 

The first formal activities of operations research were initiated in England during World War II, a team of British scientists set out to make decisions regarding the best utilization of limited war materials in an effective manner. The result was called Military Operations Research, later Operations Research (OR). 

The scientific approach to decision making requires the use of one or more mathematical models. A mathematical model is a mathematical representation of the actual situation that may be used to make better decisions or clarify the situation. Though the solution of the mathematical model provides a basis for making a decision, intangible factors must be accounted for before a final decision can be reached. 

Optimization can be achieved when

a) firms want to maximize value to shareholders

b) people want to make the best choices

c) we want the highest quality at the lowest price

d) playing games, we want the best strategy

e) we have too much to do, we want to optimize the use of our time 

Mathematical optimization is everywhere, it can be found in

a) Finance

b) Marketing

c) E-business

d) Telecommunications

e) Games

f) Operations Management

g) Production Planning

h) Transportation Planning 

Some successful real-life examples that applying OR

a) American Airlines optimal crew scheduling saves $20 million/year, optimal yield management contributes $500 million per year.

b) Revenue management saves National Car rental $56 million in one year.

c) Better truck dispatching at Reynolds Metals improves on-time delivery and reduces annual freight costs by $7 million

d) Improved shipment routing saves Yellow freight over $17.3 million/year

e) GTE local access capacity expansion saves $30 million per year

f) Optimizing its global supply chains saves Digital Equipment over $300 million

g) Restructuring North America operations, Proctor and Gamble reduces plants by 20%, saving $200 million/year.

h) Taha Steel (India) maximizes production in response to power shortages contributing $73 million.

i) Improved production planning at Sadia (Brazil) saves $50 million over three years

j) Production optimization at Harris Corporation improves on-time deliveries from 75% to 90%.

k) Optimal traffic control of the Hanshin Expressway in Osaka saves 17 million driver hours with benefits of $320 million.

l) Better scheduling of hydro and thermal generating units saves Southern Company $140 million. 

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