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Sunday, March 28, 2010

The question is related to Operation Research assignment of MB0032 for SMU MBA. The question is “Describe the broad classification of Operations Research models in details. Name the different steps needed in OR approach of problem solving?” However, we already have solved significance of reviewing ROI.

A model is a representation of the reality. It is an idealized representation or abstraction of a real life system. A model is helpful in decision making as it provides a simplified description of complexities and uncertainties of a problem in logical structure.

A) Physical Model: It includes all form of diagrams, graphs and charts. They are designed to deal with specific problems. They bring out significant factors and inter-relationship in pictorial firm so as to facilitate analysis.

B) Mathematical Model: It is known as symbolic models also. It employs a set of mathematical symbols to represent the decision variable of the system.

C) By Nature of Environment: We have 1) Deterministic model in which every thing is defined and the results are certain. Eg: EOQ model 2) Probabilistic Models in which the input and output variables follow a probability distribution. Eg: Games Theory.

D) By the extent of Generality: The two models belonging to this class are 1) General models can be applied in general and does not pertain to one problem only. Eg: Linear programming 2) Specific model is applicable under specific condition only. Eg: Sales response curve or equation as a function of advertising is applicable in the marketing function alone.

Methodology of Operations Research:

The basic dominate characteristic feature of operations research is that it employs mathematical representations or model to analyze problems. This distinctive approach represents an adaptation of the scientific methodology used by the physical sciences. The scientific method translates a real given problem into a mathematical representation which is solved and transformed into the original context. The OR approach problem solving consists of the following steps:

Definition of the Problem

Construction of the Model

Solution of the Model

Validation of the Model

Implementation of the Final Result

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