Question

discuss the significance and scope of operation research in modern management

Answer 1

Answer:

vi) O.R. is the application of modern methods of mathematical science to complex problems involving management of large systems of men, machines, materials, and money in industry, business, government and defence. ... Thus, Operation Research offers alternative plans for a problem to the management for decisions.

Answer 2

The significance and scope of operation research in modern management is that offers "alternative plans" for a problem to the "management" for "decisions".

Explanation:

• Operations research aims to reduce complex  business problems into well-defined "mathematical constructs", while  defining expected behavior & goals.
• Nowadays, with the help of Operation Research, people can optimize their capacity or ability as they have performed activity or action under given circumstances.
• In Operational Research, there are three efforts applied - Optimization, Simulation, and Probability.
• Simulations can help any company to build models or replications before its application.
• Probability effort delivers solutions or outcomes or expected predictions for any test conducted.
• Inventory Management, Risk Management, Supply Chain Management, etc. are some of the divisions of the company where Operational Research is applied.
• Some of the problems which can be analysed by operations research are Finance, Budgeting and Investment, marketing, purchases, production management, R&D

To Know More

Definition of operational research

brainly.in/question/4468035