The aim is to explain the concepts and simultaneously to develop in readers an understanding of problem-solving methods based upon a careful discussion of model formulation, solution procedures and analysis. To this end, numerous solved business￾oriented examples have been presented throughout the text. Unsolved Self Practice Problems with Hints and Answers, and Review Questions have been added in each chapter to strengthen the conceptual as well as practical knowledge of the reader.The book is designed to be self-contained and comprises of 29 chapters divided into four parts and Appendices A and B. Topics providing theoretical support to certain results used for solving business problems in Part II are discussed in Part IV. The book is intend to serve as a core text primarily for students of MBA/PGDBM, MCom, CA, ICWA who need to understand basic concepts of operations research and apply results directly to real-life business problems. The book also suits the requirements of students appearing for MA/MSc (Maths, Statistics, Operations Research), MCA, BE/BTech (Computer Science) and AMIE, who need both theoretical and practical knowledge of operations research techniques, as well as for those preparing for IAS, NET, ISI and other competitive examinations.
Additional Info
  • Publisher: Laxmi Publications
  • Language: English
  • Chapter 1

    Operations Research: An Introduction Price 2.99  |  2.99 Rewards Points

    This chapter presents a framework of a possible structural analysis of problems pertaining to an organization in order to arrive at an optimal solution using operations research approach.

  • Chapter 2

    Linear Programming: Applications and Model Formulation Price 2.99  |  2.99 Rewards Points

    Linear programming (LP) is a widely used mathematical modelling technique developed to help decision makers in planning and decision-making regarding optimal use of scarce resources. This chapter is
    devoted to illustrate the applications of LP programming in different functional areas of management and how LP models are formulated.

  • Chapter 3

    Linear Programming: The Graphical Method Price 2.99  |  2.99 Rewards Points

    This chapter presents graphical solution method for solving any LP problem with only two decision
    variables. This method provides a conceptual basis for solving large and complex LP problems.

  • Chapter 4

    Linear Programming: The Simplex Method Price 2.99  |  2.99 Rewards Points

    The purpose of this chapter is to help you gain an understanding of how the simplex method works.
    Understanding the underlying principles help to interpret and analyze solution of any LP problem.

  • Chapter 5

    Duality in Linear Programming Price 2.99  |  2.99 Rewards Points

    The chapter deals with how to find the marginal value (also known as shadow price) of each resource.
    This value reflects an additional cost to be paid to obtain one additional unit of the resource to get the
    optimal value of objective function under resource constraints.

  • Chapter 6

    Sensitivity Analysis in Linear Programming Price 2.99  |  2.99 Rewards Points

    The purpose of sensitivity analysis is to evaluate the effect on the optimal solution of an LP problem due
    to variations in the input coefficients (also called parameters), one at a time.

  • Chapter 7

    Integer Linear Programming Price 2.99  |  2.99 Rewards Points

    In this chapter, Gomory’s cutting plane method, and Branch and Bound method have been discussed for
    solving an extension of LP model called linear integer LP model. In a linear integer LP model one or more
    of the variables must be integer due to certain managerial considerations.

  • Chapter 8

    Goal Programming Price 2.99  |  2.99 Rewards Points

    Goal programming is an approach used for solving any multi-objective optimization problem that balances
    trade-off in multiple and often conflicting incommensurable goals at different priority levels.

  • Chapter 9

    Transportation Problem Price 2.99  |  2.99 Rewards Points

    The structure of transportation problem involves a large number of shipping routes from several supply
    centres to several demand centres. The objective is to determine the number of units of an item (commodity
    or product) that should be shipped from an origin to a destination in order to satisfy the required quantity
    of goods or services at each destination centre.

  • Chapter 10

    Assignment Problem Price 2.99  |  2.99 Rewards Points

    An assignment problem is a particular case of a transportation problem where the given resources are
    allocated to an equal number of activities with an aim of either minimizing total cost, distance, time or
    maximizing profit. Travelling salesman is a specific application of assignment model.

  • Chapter 11

    Decision Theory and Decision Trees Price 2.99  |  2.99 Rewards Points

    In decision theory a set of techniques are used for making decisions in the decision-environment of
    uncertainty and risk.Decision tree graphically displays the progression of decision and random events, in those cases where a problem involves a sequence of decisions (including a decision on whether to obtain additional information).
    Utilities theory helps to incorporate decision-makers’ attitude towards risk into the analysis of those
    problems where there is possibility of large losses.

  • Chapter 12

    Theory of Games Price 2.99  |  2.99 Rewards Points

    A game is a contest involving two or more competitors each of whom wants to win. A theory of games
    provides a series of mathematical models that may be useful in explaining interactive decision-making
    concepts, where two or more competitors are involved under conditions of conflict and competition.

  • Chapter 13

    Project Management: PERT and CPM Price 2.99  |  2.99 Rewards Points

    The objective of project management study is to schedule activities associated with any project in an
    efficient manner so as to complete the project on or before a specified time limit and at the minimum cost
    with specified quality standard.
    Two project management techniques – PERT and CPM are commonly used to show the logical
    sequence of activities to be performed in any project in order to achieve project objectives.

  • Chapter 14

    Deterministic Inventory Control Models Price 2.99  |  2.99 Rewards Points

    The word inventory refers to any kind of resource that has economic value and is maintained to fulfil the
    present and future needs of an organization.
    Inventory of resources is held to provide desirable service to customers (users) and to achieve sales
    turnover target. Investment in large inventories adversely affect an organization’s cash flow. Working
    capital as investment in inventory represents substantial portion of the total capital investment in any
    business. It is, therefore, essential to balance the advantage of having inventory of resources and the cost
    of maintaining it so as to determine an optimal level of inventory of each resource. This would ensure that
    the total inventory cost is minimum.

  • Chapter 15

    Probabilistic Inventory Control Models Price 2.99  |  2.99 Rewards Points

    In case of uncertainty of demand, it is necessary to forecast the expected demand of an item and its
    variability during reorder lead time. The consequence of uncertain demand is the risk of incurring shortages
    unless the inventory is managed carefully. The models in this chapter assume that an estimate has been
    made of the probability distribution of what the demand will be over a given period.

  • Chapter 16

    Queuing Theory Price 2.99  |  2.99 Rewards Points

    A queue, in general, is formed at any place when a customer (human beings or physical entities) that
    requires service is made to wait due to the fact that the number of customers exceeds the number of
    service facilities or when service facilities do not work efficiently and take more time than prescribed to
    serve a customer.

  • Chapter 17

    Replacement and Maintenance Models Price 2.99  |  2.99 Rewards Points

    A policy is required in order to determine an age (or period) at which the replacement of job performing
    units such as men, machines, equipments, etc., is economical. Usually such units are replaced with new
    ones when these becomes less effective or useless due to either sudden or gradual deterioration in their
    efficiency, failure or breakdown.

  • Chapter 18

    Markov Chains Price 2.99  |  2.99 Rewards Points

    Markov chain models (also known as stochastic processes) are useful to study a system in which the
    system’s current state depends on all of its previous states.
    Markov chains are classified by their order. The case in which probability occurrence of each state
    depends only upon the immediate preceding state, is said to be first order Markov chain. In second order
    Markov chains, it is assumed that the probability of occurrence in the forthcoming period depends upon
    the state in its last two periods. Similarly, in the third order Markov chains, it is assumed that the probability of a state in the forthcoming period depends upon the states in its last three periods.

  • Chapter 19

    Simulation Price 2.99  |  2.99 Rewards Points

    Simulation is one of the widely used technique by corporate managers as an aid for decision-making.
    This technique uses a computer to simulate (imitate) the operation of any system or process. It is also
    used to analyse systems that operate indefinitely. In such a case, the computer randomly generates and
    records the occurrence of the events that drive the system as if it was physically operating. Recording the
    performance of the simulated operation of the system for a number of alternative options of operating
    procedures enables us to evaluate and compare these alternatives to choose the most desired one.

  • Chapter 20

    Sequencing Problems Price 2.99  |  2.99 Rewards Points

    The sequencing techniques deals with the problem of preparing optimal timetable for jobs, equipment,
    people, materials, facilities and all other resources that are needed to support the production schedule.
    The objective is the minimization of the total elapsed time between the completion of first and last job in
    a particular order.

  • Chapter 21

    Information Theory Price 2.99  |  2.99 Rewards Points

    Information transmission usually occurs through human voice (as in telephone, radio, television, etc.),
    books, newspapers, letters, etc. In all these cases a piece of information is transmitted from one place to
    another. However, one might like to quantitatively assess the quality of information contained in a piece of
    information.

  • Chapter 22

    Dynamic Programming Price 2.99  |  2.99 Rewards Points

    Decision-making process often involves several decisions that need to be taken at different times. The
    mathematical technique to optimize such a sequence of interrelated decisions over a period of time is
    called dynamic programming. It uses the idea of recursion to solve a complex problem, broken into a
    series of sub-problems.

  • Chapter 23

    Classical Optimization Methods Price 2.99  |  2.99 Rewards Points

    The classical optimization methods, that are analytical in nature, make use of differential calculus in order
    to find optimal value for both unconstrained and constrained objective functions.

  • Chapter 24

    Non-Linear Programming Methods Price 2.99  |  2.99 Rewards Points

    The linear programming model requires the use of constant values of parameters like cj, bi and aij’s. The
    usual simplex method can not be used to solve an LP model when there is any non-linear change in the
    value of objective function and/or other parameters. In such circumstances non-linear programming
    methods are used.

  • Chapter 25

    Theory of Simplex Method Price 2.99  |  2.99 Rewards Points

    An iterative procedure called simplex method was developed by GB Dantzig in 1947 to overcome the
    limitation of the graphical method to solve an LP model with two variables. The simplex method helps to
    evaluate each corner point of a solution space and identify a corner point where optimal solution to the
    given LP model exists. It also indicates whether a solution is an unbounded solution or not.

  • Chapter 26

    Revised Simplex Method Price 2.99  |  2.99 Rewards Points

    The revised simplex method, also developed by G.B. Dantzig is an efficient method to solve an LP model.
    This method updates the simplex table quickly while moving from one iteration to the next.

  • Chapter 27

    Dual-Simplex Method Price 2.99  |  2.99 Rewards Points

    In optimal simplex table, if one or more solution values are negative, then the current solution is not
    feasible, however, it may be optimal. In such a case the usual simplex method is of no use. We therefore,
    use the dual simplex method to retain optimality while bringing the primal LP model back to feasibility.

  • Chapter 28

    Bounded Variables LP Problem Price 2.99  |  2.99 Rewards Points

    Sometimes imposing an upper bound on the value of decision variables in an LP model does not ensure
    a non-negative value to these variables. The bounded variables simplex method was developed in order
    to overcome this difficulty.

  • Chapter 29

    Parametric Linear Programming Price 2.99  |  2.99 Rewards Points

    The method of parametric analysis is performed to find various basic feasible solutions of an LP problem
    that become optimal one after the other, due to continuous variations in its parameters.

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