Operations Research & Management (OR&M) is a field that applies mathematical and quantitative methods to help businesses make better decisions. The goal of OR&M is to optimize business processes, reduce costs, and improve overall efficiency. By using mathematical and statistical models, OR&M provides organizations with a scientific and systematic approach to decision-making.
Keywords: Operations Research & Management, mathematical models, quantitative methods, business decisions, business processes, cost reduction, efficiency, mathematical optimization, statistical analysis, operations management
Latest Research Areas:
- Supply Chain Management: This area of research focuses on optimizing the flow of goods, services, and information from the source to the customer in a supply chain.
- Predictive Analytics: This area of research focuses on using mathematical and statistical methods to forecast future events and make predictions about business outcomes.
- Decision Science: This area of research focuses on the use of mathematical models and quantitative methods to support decision-making and problem-solving in business.
OR&M plays a crucial role in improving the performance and competitiveness of businesses in a rapidly changing and increasingly complex global marketplace. By providing organizations with the tools and resources needed to make informed decisions and optimize business processes, OR&M empowers businesses to achieve their goals and drive success.
References:
- Hillier, F. S., & Lieberman, G. J. (2010). Introduction to Operations Research (9th ed.). McGraw-Hill Education.
- Hamdy, A., & Litschel, M. (Eds.). (2020). Predictive Analytics in Operations Management. Springer.
- Raman, A. (2017). Supply Chain Analytics: A Structured Framework for Making Better Decisions. Springer.
- Dantzig, G. B. (1963). Linear Programming and Extensions. Princeton University Press.
- Bertsimas, D., & Sim, M. (2004). The Price of Robustness. Operations Research, 52(1), 35-53.