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Business Applications of Operations Research by Bodhibrata Nag

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CHAPTER 1

Introduction to Operations Research and Guide to LINGO Software

1. Introduction to Operations Research

Operations Research (or Management Science or Decision Sciences) is a scientific manner of decision making, mostly under the pressure of scarce resources. The objective of decision making is often the maximization of profit, minimization of cost, better efficiency, better operational or tactical or strategic planning or scheduling, better pricing, better productivity, better recovery, better throughput, better location, better risk management, or better customer service. The scientific manner involves extensive use of mathematical representations or models of real life situations. These representations allow employment of mathematical ...

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