The Value Created by Operations Research
Operations Research (
- Business insight: Providing quantitative and business insight into complex problems.
- Business performance: Improving business performance through analysis and recommendations about business processes.
- Cost reduction: Decreasing cost or investment.
- Decision making: Assessing the likely outcomes of decision alternatives and uncovering better alternatives.
- Forecasting: Providing a better basis for forecasting and planning.
- Improved scheduling: Efficiently scheduling staff, vehicles, and machinery.
- Planning: Applying quantitative techniques in support of operations, tactical planning, and strategic planning.
- Pricing: Dynamically pricing products and services.
- Productivity: Helping companies and organizations become more productive.
- Profits: Increasing revenue or return on investment, increasing market share.
- Project development: Demonstrating feasibility and workability and assisting with training.
- Quality: Improving quality, and quantifying and balancing qualitative considerations.
- Recovery: Gaining greater control, achieving turn-around.
- Resources: Gaining greater utilization from limited equipment, facilities, money, and personnel.
- Risk: Managing and reducing risk.
- Throughput: Increasing speed or throughput, decreasing delays.