Significance of operation research in modern management
Answers
In general, business owners face a number of issues everyday related to finance, plant building, manufacturing products or even HR related issues. These are also the types of issues that make things more complicated and so operation research in one of the techniques implemented by them.
• The techniques of OR help in regulating business and subordinates at the work place. it helps in using better standards of performance to help measure productivity.
• It also proves helpful in taking some important decisions, rather than depending on intuitions. You can analyze more than one available alternatives to help gain more confidence.
• It helps in integrating the working of all departments for scheduling.
• It also proves helpful in increasing the overall productivity within the organization in various fields like man power selection, technology distribution, factory size, machine utilization etc.
Operation research in modern management is necessary since it is a useful analytical method of problem-solving and decision-making that is used in the management of various organizations
Explanation:
- Operations research is an important method that is used by modern management for solving complex problems under uncertain conditions.
- Operation research is used in business where the managers need to take risk since there are very few things are certain. They must learn to manage and often make decisions based on their instincts instead of being able to use reliable data.
- The managers need to do things best under the given circumstances to take care of business issues while also defining expected behavior and goals
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