For management of the organization, they require various problem-solving and decision-making methods and operation research work as an analytical method for solving the problem and making a decision. In the method of operation research, first of all, the problems are broken down into basic components then through mathematical analysis they are solved in defined steps. Many similar methods overlap with the method of operation research that includes, including statistical analysis, management science, game theory, etc. in this article we going to define various techniques of operation research and also the techniques of statistical analysis.
During World War II the operation research concept was aroused by the military planner. The concepts of operation research which were used by them during the war were then after the war applied to the problems related to business, the government, and society. As a student of management, you must have good knowledge of these two methods. If you need help with your assignment writing then you can take our MBA Assignment Help, then it will be helpful for you to complete your study along with your assignments.
What is statistical analysis?
Statistical analysis is a powerful tool that is used by business organizations and companies to understand data and take help in their decision-making. To identify different trends and patterns of the latest market through the process of statistical analysis or statistics the data based on established principles is collected, organized, and then analyzed. This method is very broad and can apply in the field of academics, business, social science, engineering, and several other fields of study. There is various function of statistical analysis. The method can be used in performing stimulation, making a prediction, creating models, reducing risks, and identifying the latest trends.
Organizations nowadays have a vast number of data for their different operations and markets and that is possible due to improved technology. Then business organizes its data using statistical analysis techniques and turns it into a tool from information so that they make a precise decision and long-term forecast. Various types of techniques of statistical analysis can be applied to a wide range of data, industries, and applications. We are going to discuss those techniques in our article. The different techniques of operation research and statistical analysis will be helpful for business management students. We have the best Business Management writing service our subjects’ experts are skilled and have good management knowledge.
Different tools and techniques of Operation Research
The following are the important tools and techniques of operation research:
For finding solutions for optimizing any objective or problem Linear Programming is taken into use. The main aim is to maximize or minimize any problem. It is important to express both the objective function and constraints in linear expressions.
When it is found out that either the objective functions or some of the constraints are not linear then the method of non-linear programming is used.
If the decision variable in any LLP is restricted to a value that is an integer then it is called an integer programming problem. When one or more values can only take integral values the method of integer programming is used.
During solving any problem if it takes several stages in sequence to take any decision at that situation dynamic programming is used. In this method, the given problems are divided into stages or substages and then those sub-problems are solved in sequence till the solution to the original problem is obtained. The areas like planning, advertisement, expenditures, scheduling production, etc., this method is used.
There are two network analysis techniques PERT-CPM which are used to plan, schedule, and control projects which are complex and can be characterized as a network.
In OR there is a very powerful technique for solving models which are complex and that cannot be solved in any other way is the technique of simulation and this is applied to solve various types of problems.
Queuing theory works out the number of people that are expected to be in the queue, their expected waiting time in the queue, expected idle time for the server, etc. Deciding on the idle number of service facilities under the given constraints these calculations can be helpful.
Major statistical analysis
There are following three major types of statistical analysis:
Descriptive statistical analysis
The simplest type of statistical analysis is descriptive statistical, using several qualities of a set of data that can be described. For easy interpretation large set of data can be reduced into simple and compact forms with the help of this technique. You can summarize data from the sample or you can also represent the whole sample of data in a research population using descriptive statistics. The central tendency can be measured using descriptive statistics using a single value to describe a group. To get the central value of the given data set method of mean, median, and mode is used.
Inferential statistical analysis
To make an inference or to come to a conclusion about the population-based larger findings from a group of samples inferential statistical analysis is used. Using this method, helps the researcher to find the difference among groups that are present within a sample. To validate generalizations to be made about a population from a sample by using inferential statistics because it can account for errors within conclusions that are made on a segment of a larger group.
Associational statistical analysis
A tool used by researchers to make predictions and find causation is called associational statistics. To find the relationships among the multiple variables this tool is used. This tool is also used to able to determine if researchers are making inferences and predictions about a set of data from the characteristics of different sets of data.
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What are operational research techniques?
An analytical method by which problems can be solved and help in making a decision that will be helpful for the management of the organization is called operational research or (OR). In this method, the problems are broken down into basic components so that they can be solved in defined steps through mathematical analysis.
What are the three techniques of operation research?
Various techniques are used in operations research to solve problems three of them are:
What is the most prominent technique in operations research?
Linear programming is an optimization technique to solve systems of linear constraints with a linear objective function. It is the most known method of Operation Research (OR).