Undoubtedly, decisions hold immense significance in an organisation. For enhanced decision-making and problem-solving, operation research is pivotal. A decision can be made after analysing all the relevant information, facts and data. This is where operation research proves utilitarian. Operation Research is considered to be the most supportive means in management because it can help in resolving any uncertain or complex problem easily.
Different methods such as stimulation, queuing theory, game theory, mathematical & network analysis which are part of operation research are considered as major helpers in the decision-making process.
There are various reasons for which operation research can be significant in decision making and in management. For an organisation’s growth, decisions, controlling, productivity as well as coordination rule over other components. In this sense, operation research is also imperative as it leads to well-informed decisions. This, in turn, garners different benefits for the organisation.
Operation Research helps the managers to make well-informed and effective decisions. It is Operations Research that brings various alternatives at the disposal of managers. So, they can then assess the alternatives, the risks pertaining to each and the results of implementing each alternative. Furthermore, it also allows managers to analyse the effect of each alternative on the management. In this way, Operation Research helps to make better decisions in less amount of time. Better Coordination
Every department of an organisation has different decisions to be made according to their personal goals and objectives. Effective operation research coordinates every department’s decisions in the best way.
- Enhanced Control
In management, operation research helps to distinguish the most important work from the list of work allotted. In this way, it facilitates the managers to prioritise tasks. So, the manager can perform the most significant work by himself and allot the remaining work to the subordinates to be completed in the given time. The manager can then set standards for the work so as to assess the subordinate’s ability and presentation. After the completion of work, any divergence found can easily be corrected by the manager. Hence, operation research in management helps to facilitate control of the subordinates by the manager.
- Improves Productivity
In terms of productivity, operation research aides the organisations in taking proper decisions regarding the selection of warehouses, factories, manpower and their planning. It facilitates planning and control of inventory and production capabilities. Different techniques such as mathematical as well as statistical techniques can be taken into consideration to enhance the overall productivity of an organisation. Furthermore, simulation can also be used as a powerful productivity improvement method.
Clearly, these points show the importance of operation research in the decision-making process. Every manager must carry out operation research in order to find solutions to uncertain issues and make well-informed decisions. So, along with subjective knowledge, management aspirants must be trained to employ operation research strategies in order to make well-informed decisions.
At MIT School of Distance Education (MIT-SDE), we train our students in such a way that they become sound decision-makers. We familiarise them with the industry and its trends; train them of the fundamentals of management; sharpen their managerial as well as entrepreneurial skills and mould them as effective decision-makers. Our students are immediately absorbed in the industry. So, apply for our management courses and gain a competitive edge.