OPERATION RESEARCH FUNDAMENTALS FOR BUSINESS

 


OPERATION RESEARCH FUNDAMENTALS FOR BUSINESS

OPERATION RESEARCH

Operation Research 
  • Operation Research is a discipline that helps to make better decisions in complex scenarios by the application of a set of advanced analytical methods. 
  • It couples theories, results and theorems of mathematics , statistics and probability with its own theories and algorithms for problem solving
Operation Research is also known as
 • Decision Science • Management Science • Operation management • Quantitative Techniques
















Comments

Post a Comment

Popular posts from this blog

Image
  Procedure testing of hypothesis 1.       Setting up of hypothesis – Null hypothesis and Alternative hypothesis. 2.       Defining the level of significance (α) 3.       Computation of test statistic  The test statistics is a statistic based on appropriate probability distribution. It is used to test                     whether the null hypothesis set up should be accepted or rejected. Z – Distribution: Use z- distribution under normal curve for large sample (i.e., if the sample size n≥    30). The Z – statistic is defined as 4.       Critical region or critical value. The rejection region or critical region is the region of the standard normal curve corresponding to a predetermined level of significance (α). The value of the sample statistics defines the region of acceptance and rejection is call...
Read more