Operation Research concentrates on solving problems for optimization (maximize profit, minimize cost, proper utilization of available resources and allocation) and decision making but it’s purely quantitative interpretation based on data. Research management help us to gives the analysis of data. It doesn’t consider other surrounding factors which are not mentioned in problem like commercial market conditions, Vendor Management, etc.
Operations Management deals with the design and management of products, methods, services and supply chains. It examines the acquisition, development, and utilization of resources that firms need to deliver the goods and services their clients want.”
Operations research is one of the most essential tools in Operations Management but the range of Operations Management is much wider than operations research.
Advantages of Operations Research:
Better Systems: It helps in picking economical means of transportation, jobs sequencing, making scheduling, replacement of old-fashioned machinery, etc.
Better Control: The most usually adopted applications in this section deal with production scheduling and list replenishment.
Good Decisions: O.R. designs help in enhanced decision making and diminish the risk of making mistaken decisions.
Limitations of Operations Research:
Dependence on an Electronic Computer: These factors are immense and representing them that can only be handled by computers.
Non-Quantifiable Factors: Parts that cannot be quantified find any point in O.R. models.
Money and Time Costs: When the basic data are suppressed to frequent changes, joining them into the O.R. models is an expensive business.
Operations is an essential function for any business, alongside marketing, human resources, and economics. Crucial functions of operations supervision, such as vital planning, tracking, and goods management, can be automated to advance quality, decrease costs, and better manage inventory.
Research management software:
- Diligent Boards
- Icertis (ICM)
Operation research Management software :
- Zoho Creator
- eSign Genie
Operations Research Uses (Role):
- Finance, Budgeting, and Expenses
- Purchasing, Acquirement, and Exploration
- Production Management
- Personnel Management
- Research and Development