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What is Importance of Operations Research in Business about?

Operations research (OR) is an analytical approach that uses algorithms, statistics, and modeling techniques from mathematics to find optimal solutions to complex problems. OR aims to maximize desirable outcomes like yield, performance, and profit, while minimizing undesirable ones such as losses and risks. OR can be applied to issues like inventory planning, scheduling, production, transportation, finance, and risk management to improve business productivity and efficiency.

Author

Jennifer Saldanha

Language

EN