Operations ResearchOperations Research (OR) studies the application of advanced analytical techniques to make better decisions in various domains. It employs methods like mathematical modeling, statistical analysis, and mathematical optimization to develop solutions to complex decision-making problems. OR often focuses on determining a maximum (profit, yield, performance) or a minimum (loss, risk, expenses)
- A mathematical model is a description of a system using mathematical concepts and language. These models are used in natural sciences, engineering, and social science.
- Mathematical optimization finds the best solution within some constraints and with regards to some criteria from a set of available solution sets.
- There are numerous applications for OR in government, airlines, manufacturing, military and service organizations. Examples of problems in which OR contributes insights and solutions:
- Scheduling airlines
- Power grid resiliency
- Forecasting wind energy
- Sensor placement