SlideShare una empresa de Scribd logo
1 de 17
Descargar para leer sin conexión
Operational Research
 ROY THOMAS
 SAM SCARIA
 SONU SEBASTIAN
 SHILPA MATHEW
 AMMU VIJAYAN
 SIJU JOSE
 SAJITH P S
 SCARIA JOSEPH
The process of designing a mathematical or
logical model of a real-system and then
conducting computer-based experiments
with the model to describe, explain, and
predict the behavior of the real system.
Operational Research
• Monte carlo method is a substitution for
the mathematical evaluation of a model.
• Darker and Kac define monte carlo
method as combination of probability
methods & sampling techniques providing
solution to complicated partial or integral
differential equation.
• In short, monte carlo technique is
concerned with experiments on random
numbers & it provides solutions to
complicated OR problems.
 Where one is dealing with a problem which has not
yet arisen.
 Where the mathematical and statistical problems
are too complicated and some alternative methods
are needed.
 To estimate parameters to a model.
Steps of Monte Carlo method
 A Flow diagram is drawn.
 Then correct sample observations are taken to
select some suitable model for the system.
 Then the Probability distribution is converted to
cumulative distribution function.
 Sequence of random numbers is selected .
 Sequence of values of the variables of our interest
is determined with the sequence of random
numbers obtained.
 Some standard mathematical functions is applied
to the sequence of values obtained
 Find solution of complicated mathematical
expressions.
 Difficulties of trial and error experimentation
are avoided by these method.
 These are costly way of getting a solution of
any problem.
 These method do not provide optimal answer
to the problems. The answers are good only
when the size of the sample is sufficiently
large.
 It is applied to a wide diversity of problems
such as queuing problems, inventory
problems, risk analysis concerning a major
capital investment.
 It is very useful in budgeting.
 Under this method operating environment is
produced and systems allows for analysing
the response from the environment to
alternative management actions.
 The method is complicated and costly.
 Random numbers
It is a number in a sequence of numbers
whose probability of occurrence is same as
that of any other number in that sequence.
 Pseudo-random Numbers:
Random numbers are called pseudo random
numbers when they are generated by some
deterministic process. But they qualify the pre
determined statistical test for randomness.
 For solving simulation problems, there is the
need of generating a sequence of random
numbers.
 Random numbers may be found by
computer ,by random tables, manually etc.
 Most common method to obtain random numbers is
to generate them by a computer programme.
 These numbers lie between 0 and 1,in conjunction
with the cumulative probability distribution of a
random variable including 0 but not 1.
Operational Research

Más contenido relacionado

La actualidad más candente

Unit 4 simulation and queing theory(m/m/1)
Unit 4  simulation and queing theory(m/m/1)Unit 4  simulation and queing theory(m/m/1)
Unit 4 simulation and queing theory(m/m/1)DevaKumari Vijay
 
Sequencing model
Sequencing modelSequencing model
Sequencing modelDevan P.D
 
Functions of production planning and control
Functions of production planning and controlFunctions of production planning and control
Functions of production planning and controlVignesh Jayakumar
 
Applications of simulation in Business with Example
Applications of simulation in Business with ExampleApplications of simulation in Business with Example
Applications of simulation in Business with ExamplePratima Ray
 
Simulation and its application
Simulation and its applicationSimulation and its application
Simulation and its applicationAlesh Dulal
 
work measurement_operation management
work measurement_operation managementwork measurement_operation management
work measurement_operation managementSaravanan Murugan
 
Taguchi introduction concept 1
Taguchi introduction concept 1Taguchi introduction concept 1
Taguchi introduction concept 1Sliet2017
 
Production planning & control(ppc)
Production planning & control(ppc)Production planning & control(ppc)
Production planning & control(ppc)Abu Bashar
 
Production and Operation Management (Production Management)
Production and Operation Management (Production Management)Production and Operation Management (Production Management)
Production and Operation Management (Production Management)Dr. Mohit Sahu
 
Approaches to strategic hrm - high-commitment management - strategic human r...
Approaches to strategic hrm -  high-commitment management - strategic human r...Approaches to strategic hrm -  high-commitment management - strategic human r...
Approaches to strategic hrm - high-commitment management - strategic human r...manumelwin
 
Methods for solving ‘or’ models
Methods for solving ‘or’ modelsMethods for solving ‘or’ models
Methods for solving ‘or’ modelsJishnu Rajan
 
Quality Guru Philip B. Crosby’s Management Principles
Quality Guru Philip B. Crosby’sManagement PrinciplesQuality Guru Philip B. Crosby’sManagement Principles
Quality Guru Philip B. Crosby’s Management PrinciplesHarishankar Sahu
 
Simulation, Modeling, it’s application, advantage & disadvantage
Simulation, Modeling, it’s application, advantage  &  disadvantageSimulation, Modeling, it’s application, advantage  &  disadvantage
Simulation, Modeling, it’s application, advantage & disadvantageKawsar Hamid Sumon
 
BPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & Trends
BPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & TrendsBPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & Trends
BPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & TrendsRajesh Timane, PhD
 
Value Analysis & Value Engineering
Value Analysis & Value EngineeringValue Analysis & Value Engineering
Value Analysis & Value EngineeringHimangi Thattey
 
Queuing model
Queuing model Queuing model
Queuing model goyalrama
 

La actualidad más candente (20)

Unit 4 simulation and queing theory(m/m/1)
Unit 4  simulation and queing theory(m/m/1)Unit 4  simulation and queing theory(m/m/1)
Unit 4 simulation and queing theory(m/m/1)
 
Sequencing model
Sequencing modelSequencing model
Sequencing model
 
Functions of production planning and control
Functions of production planning and controlFunctions of production planning and control
Functions of production planning and control
 
Applications of simulation in Business with Example
Applications of simulation in Business with ExampleApplications of simulation in Business with Example
Applications of simulation in Business with Example
 
Simulation Powerpoint- Lecture Notes
Simulation Powerpoint- Lecture NotesSimulation Powerpoint- Lecture Notes
Simulation Powerpoint- Lecture Notes
 
Simulation and its application
Simulation and its applicationSimulation and its application
Simulation and its application
 
work measurement_operation management
work measurement_operation managementwork measurement_operation management
work measurement_operation management
 
Taguchi introduction concept 1
Taguchi introduction concept 1Taguchi introduction concept 1
Taguchi introduction concept 1
 
Production planning & control(ppc)
Production planning & control(ppc)Production planning & control(ppc)
Production planning & control(ppc)
 
Production and Operation Management (Production Management)
Production and Operation Management (Production Management)Production and Operation Management (Production Management)
Production and Operation Management (Production Management)
 
Approaches to strategic hrm - high-commitment management - strategic human r...
Approaches to strategic hrm -  high-commitment management - strategic human r...Approaches to strategic hrm -  high-commitment management - strategic human r...
Approaches to strategic hrm - high-commitment management - strategic human r...
 
Juan trilogy
Juan trilogyJuan trilogy
Juan trilogy
 
Methods for solving ‘or’ models
Methods for solving ‘or’ modelsMethods for solving ‘or’ models
Methods for solving ‘or’ models
 
Plant Layout
Plant LayoutPlant Layout
Plant Layout
 
Quality Guru Philip B. Crosby’s Management Principles
Quality Guru Philip B. Crosby’sManagement PrinciplesQuality Guru Philip B. Crosby’sManagement Principles
Quality Guru Philip B. Crosby’s Management Principles
 
Simulation, Modeling, it’s application, advantage & disadvantage
Simulation, Modeling, it’s application, advantage  &  disadvantageSimulation, Modeling, it’s application, advantage  &  disadvantage
Simulation, Modeling, it’s application, advantage & disadvantage
 
BPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & Trends
BPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & TrendsBPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & Trends
BPR - Benchmarking, Process Analysis, Incentives, Motivation, Quality & Trends
 
Value Analysis & Value Engineering
Value Analysis & Value EngineeringValue Analysis & Value Engineering
Value Analysis & Value Engineering
 
Queuing model
Queuing model Queuing model
Queuing model
 
Jurans triology ppt
Jurans triology pptJurans triology ppt
Jurans triology ppt
 

Destacado

June - Simulation for Health Economics Analysis
June - Simulation for Health Economics Analysis June - Simulation for Health Economics Analysis
June - Simulation for Health Economics Analysis SIMUL8 Corporation
 
Operational research
Operational researchOperational research
Operational researchDr Ramniwas
 
The gantt Chart
The gantt Chart The gantt Chart
The gantt Chart Nicola2903
 
Lecture5---Gantt Chart
Lecture5---Gantt ChartLecture5---Gantt Chart
Lecture5---Gantt Chartdanishrafiq
 
Queuing Theory - Operation Research
Queuing Theory - Operation ResearchQueuing Theory - Operation Research
Queuing Theory - Operation ResearchManmohan Anand
 
Operation research and its application
Operation research and its applicationOperation research and its application
Operation research and its applicationpriya sinha
 
Simulation Techniques
Simulation TechniquesSimulation Techniques
Simulation Techniquesmailrenuka
 
QUEUING THEORY
QUEUING THEORYQUEUING THEORY
QUEUING THEORYavtarsingh
 

Destacado (12)

Gantt
GanttGantt
Gantt
 
Gantt Charts
Gantt ChartsGantt Charts
Gantt Charts
 
June - Simulation for Health Economics Analysis
June - Simulation for Health Economics Analysis June - Simulation for Health Economics Analysis
June - Simulation for Health Economics Analysis
 
Operational research
Operational researchOperational research
Operational research
 
Gantt chart
Gantt chartGantt chart
Gantt chart
 
The gantt Chart
The gantt Chart The gantt Chart
The gantt Chart
 
Lecture5---Gantt Chart
Lecture5---Gantt ChartLecture5---Gantt Chart
Lecture5---Gantt Chart
 
Queuing Theory - Operation Research
Queuing Theory - Operation ResearchQueuing Theory - Operation Research
Queuing Theory - Operation Research
 
Operation research and its application
Operation research and its applicationOperation research and its application
Operation research and its application
 
Simulation Techniques
Simulation TechniquesSimulation Techniques
Simulation Techniques
 
SIMULATION
SIMULATIONSIMULATION
SIMULATION
 
QUEUING THEORY
QUEUING THEORYQUEUING THEORY
QUEUING THEORY
 

Similar a Operational Research

Numerical Analysis And Linear Algebra
Numerical Analysis And Linear AlgebraNumerical Analysis And Linear Algebra
Numerical Analysis And Linear AlgebraGhulam Murtaza
 
introduction to Numerical Analysis
introduction to Numerical Analysisintroduction to Numerical Analysis
introduction to Numerical AnalysisGhulam Mehdi Sahito
 
AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...
AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...
AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...cscpconf
 
Cs854 lecturenotes01
Cs854 lecturenotes01Cs854 lecturenotes01
Cs854 lecturenotes01Mehmet Çelik
 
Using Linear And Non Linear Derivatives
Using Linear And Non Linear DerivativesUsing Linear And Non Linear Derivatives
Using Linear And Non Linear DerivativesWinstina Kennedy
 
Online Assignment- SIMULATION
 Online Assignment- SIMULATION Online Assignment- SIMULATION
Online Assignment- SIMULATIONsupriyamahesh
 
Online Assignment - SIMULATION
Online Assignment - SIMULATIONOnline Assignment - SIMULATION
Online Assignment - SIMULATIONsupriyamahesh
 
Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...
Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...
Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...e2wi67sy4816pahn
 
Computer simulation technique the definitive introduction - harry perros
Computer simulation technique   the definitive introduction - harry perrosComputer simulation technique   the definitive introduction - harry perros
Computer simulation technique the definitive introduction - harry perrosJesmin Rahaman
 
Md simulation and stochastic simulation
Md simulation and stochastic simulationMd simulation and stochastic simulation
Md simulation and stochastic simulationAbdulAhad358
 
Simulation and Modelling Reading Notes.pptx
Simulation and Modelling  Reading Notes.pptxSimulation and Modelling  Reading Notes.pptx
Simulation and Modelling Reading Notes.pptxDanMuendo1
 
COMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEM
COMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEMCOMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEM
COMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEMijfcstjournal
 
Assignment oprations research luv
Assignment oprations research luvAssignment oprations research luv
Assignment oprations research luvAshok Sharma
 

Similar a Operational Research (20)

Or ppt,new
Or ppt,newOr ppt,new
Or ppt,new
 
numerical analysis
numerical analysisnumerical analysis
numerical analysis
 
Or senting
Or sentingOr senting
Or senting
 
Week08.pdf
Week08.pdfWeek08.pdf
Week08.pdf
 
Numerical Analysis And Linear Algebra
Numerical Analysis And Linear AlgebraNumerical Analysis And Linear Algebra
Numerical Analysis And Linear Algebra
 
introduction to Numerical Analysis
introduction to Numerical Analysisintroduction to Numerical Analysis
introduction to Numerical Analysis
 
AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...
AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...
AN ALTERNATIVE APPROACH FOR SELECTION OF PSEUDO RANDOM NUMBERS FOR ONLINE EXA...
 
Chapter one
Chapter oneChapter one
Chapter one
 
Cs854 lecturenotes01
Cs854 lecturenotes01Cs854 lecturenotes01
Cs854 lecturenotes01
 
Using Linear And Non Linear Derivatives
Using Linear And Non Linear DerivativesUsing Linear And Non Linear Derivatives
Using Linear And Non Linear Derivatives
 
Simulation.pps.pdf
Simulation.pps.pdfSimulation.pps.pdf
Simulation.pps.pdf
 
Online Assignment- SIMULATION
 Online Assignment- SIMULATION Online Assignment- SIMULATION
Online Assignment- SIMULATION
 
Online Assignment - SIMULATION
Online Assignment - SIMULATIONOnline Assignment - SIMULATION
Online Assignment - SIMULATION
 
Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...
Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...
Applied Stochastic Processes, Chaos Modeling, and Probabilistic Properties of...
 
Computer simulation technique the definitive introduction - harry perros
Computer simulation technique   the definitive introduction - harry perrosComputer simulation technique   the definitive introduction - harry perros
Computer simulation technique the definitive introduction - harry perros
 
Simulation
SimulationSimulation
Simulation
 
Md simulation and stochastic simulation
Md simulation and stochastic simulationMd simulation and stochastic simulation
Md simulation and stochastic simulation
 
Simulation and Modelling Reading Notes.pptx
Simulation and Modelling  Reading Notes.pptxSimulation and Modelling  Reading Notes.pptx
Simulation and Modelling Reading Notes.pptx
 
COMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEM
COMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEMCOMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEM
COMPARATIVE STUDY OF DIFFERENT ALGORITHMS TO SOLVE N QUEENS PROBLEM
 
Assignment oprations research luv
Assignment oprations research luvAssignment oprations research luv
Assignment oprations research luv
 

Más de Roy Thomas

Rural marketing module 4
Rural marketing module 4Rural marketing module 4
Rural marketing module 4Roy Thomas
 
Rural marketing module 3
Rural marketing module 3Rural marketing module 3
Rural marketing module 3Roy Thomas
 
Rural marketing module 2
Rural marketing module 2Rural marketing module 2
Rural marketing module 2Roy Thomas
 
Rural marketing module 1
Rural marketing module 1Rural marketing module 1
Rural marketing module 1Roy Thomas
 
Rural marketing module 5
Rural marketing module 5Rural marketing module 5
Rural marketing module 5Roy Thomas
 
Product strategy and distribution strategy of financial services
Product strategy and distribution strategy of financial servicesProduct strategy and distribution strategy of financial services
Product strategy and distribution strategy of financial servicesRoy Thomas
 
Insurance & Banks
Insurance & BanksInsurance & Banks
Insurance & BanksRoy Thomas
 
Core banking and electronic clearance settlement system
Core banking and electronic clearance settlement systemCore banking and electronic clearance settlement system
Core banking and electronic clearance settlement systemRoy Thomas
 
Information technology
Information technologyInformation technology
Information technologyRoy Thomas
 
Inventory management
Inventory managementInventory management
Inventory managementRoy Thomas
 
International fm,b
International fm,bInternational fm,b
International fm,bRoy Thomas
 
International financial management
International financial managementInternational financial management
International financial managementRoy Thomas
 
New trends in indian banking system
New trends in indian banking systemNew trends in indian banking system
New trends in indian banking systemRoy Thomas
 
Dynamic programming 2
Dynamic programming 2Dynamic programming 2
Dynamic programming 2Roy Thomas
 
Email and groupware
Email and groupwareEmail and groupware
Email and groupwareRoy Thomas
 

Más de Roy Thomas (20)

Rural marketing module 4
Rural marketing module 4Rural marketing module 4
Rural marketing module 4
 
Rural marketing module 3
Rural marketing module 3Rural marketing module 3
Rural marketing module 3
 
Rural marketing module 2
Rural marketing module 2Rural marketing module 2
Rural marketing module 2
 
Rural marketing module 1
Rural marketing module 1Rural marketing module 1
Rural marketing module 1
 
Rural marketing module 5
Rural marketing module 5Rural marketing module 5
Rural marketing module 5
 
Product strategy and distribution strategy of financial services
Product strategy and distribution strategy of financial servicesProduct strategy and distribution strategy of financial services
Product strategy and distribution strategy of financial services
 
Insurance & Banks
Insurance & BanksInsurance & Banks
Insurance & Banks
 
Core banking and electronic clearance settlement system
Core banking and electronic clearance settlement systemCore banking and electronic clearance settlement system
Core banking and electronic clearance settlement system
 
Core Banking
Core BankingCore Banking
Core Banking
 
Information technology
Information technologyInformation technology
Information technology
 
Inventory management
Inventory managementInventory management
Inventory management
 
Derivatives
DerivativesDerivatives
Derivatives
 
International fm,b
International fm,bInternational fm,b
International fm,b
 
Group 4(iii)
Group 4(iii)Group 4(iii)
Group 4(iii)
 
Group 4(ii)
Group 4(ii)Group 4(ii)
Group 4(ii)
 
International financial management
International financial managementInternational financial management
International financial management
 
New trends in indian banking system
New trends in indian banking systemNew trends in indian banking system
New trends in indian banking system
 
Ob 01
Ob 01Ob 01
Ob 01
 
Dynamic programming 2
Dynamic programming 2Dynamic programming 2
Dynamic programming 2
 
Email and groupware
Email and groupwareEmail and groupware
Email and groupware
 

Último

ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESKumarJayaraman3
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023SkillCircle
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.Arifa Saeed
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoCoinGecko
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxsonamyadav7097
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptxFinTech Belgium
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxOffice for National Statistics
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismBrian Lin
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?Stephen Perrenod
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdfAdnet Communications
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxPrecize Formely Leadoff
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent PreferencesGRAPE
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfAdnet Communications
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneurabcisahunter
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Commonwealth
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...mwangimwangi222
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...Antonis Zairis
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklosbeduinpower135
 

Último (20)

ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTESACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
ACCOUNTING FOR BUSINESS.II BRANCH ACCOUNTS NOTES
 
India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023India Economic Survey Complete for the year of 2022 to 2023
India Economic Survey Complete for the year of 2022 to 2023
 
MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.MARKET FAILURE SITUATION IN THE ECONOMY.
MARKET FAILURE SITUATION IN THE ECONOMY.
 
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGeckoRWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
RWA Report 2024: Rise of Real-World Assets in Crypto | CoinGecko
 
LIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptxLIC PRIVATISATION its a bane or boon.pptx
LIC PRIVATISATION its a bane or boon.pptx
 
20240315 _E-Invoicing Digiteal. .pptx
20240315 _E-Invoicing Digiteal.    .pptx20240315 _E-Invoicing Digiteal.    .pptx
20240315 _E-Invoicing Digiteal. .pptx
 
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptxSlideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
Slideshare - ONS Economic Forum Slidepack - 18 March 2024.pptx
 
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for TourismTaipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
Taipei, A Hidden Jewel in East Asia - PR Strategy for Tourism
 
Effects & Policies Of Bank Consolidation
Effects & Policies Of Bank ConsolidationEffects & Policies Of Bank Consolidation
Effects & Policies Of Bank Consolidation
 
The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?The Power Laws of Bitcoin: How can an S-curve be a power law?
The Power Laws of Bitcoin: How can an S-curve be a power law?
 
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
20240314 Calibre March 2024 Investor Presentation (FINAL).pdf
 
Buy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptxBuy and Sell Urban Tots unlisted shares.pptx
Buy and Sell Urban Tots unlisted shares.pptx
 
Contracts with Interdependent Preferences
Contracts with Interdependent PreferencesContracts with Interdependent Preferences
Contracts with Interdependent Preferences
 
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdfLundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
Lundin Gold March 2024 Corporate Presentation - PDAC v1.pdf
 
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an EntrepreneurIntroduction to Entrepreneurship and Characteristics of an Entrepreneur
Introduction to Entrepreneurship and Characteristics of an Entrepreneur
 
Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]Monthly Market Risk Update: March 2024 [SlideShare]
Monthly Market Risk Update: March 2024 [SlideShare]
 
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...Solution manual for  Intermediate Accounting, 11th Edition by David Spiceland...
Solution manual for Intermediate Accounting, 11th Edition by David Spiceland...
 
The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...The unequal battle of inflation and the appropriate sustainable solution | Eu...
The unequal battle of inflation and the appropriate sustainable solution | Eu...
 
Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024Commercial Bank Economic Capsule - March 2024
Commercial Bank Economic Capsule - March 2024
 
Hungarys economy made by Robert Miklos
Hungarys economy   made by Robert MiklosHungarys economy   made by Robert Miklos
Hungarys economy made by Robert Miklos
 

Operational Research

  • 2.  ROY THOMAS  SAM SCARIA  SONU SEBASTIAN  SHILPA MATHEW  AMMU VIJAYAN  SIJU JOSE  SAJITH P S  SCARIA JOSEPH
  • 3. The process of designing a mathematical or logical model of a real-system and then conducting computer-based experiments with the model to describe, explain, and predict the behavior of the real system.
  • 5. • Monte carlo method is a substitution for the mathematical evaluation of a model. • Darker and Kac define monte carlo method as combination of probability methods & sampling techniques providing solution to complicated partial or integral differential equation. • In short, monte carlo technique is concerned with experiments on random numbers & it provides solutions to complicated OR problems.
  • 6.  Where one is dealing with a problem which has not yet arisen.  Where the mathematical and statistical problems are too complicated and some alternative methods are needed.  To estimate parameters to a model.
  • 7. Steps of Monte Carlo method  A Flow diagram is drawn.  Then correct sample observations are taken to select some suitable model for the system.  Then the Probability distribution is converted to cumulative distribution function.
  • 8.  Sequence of random numbers is selected .  Sequence of values of the variables of our interest is determined with the sequence of random numbers obtained.  Some standard mathematical functions is applied to the sequence of values obtained
  • 9.  Find solution of complicated mathematical expressions.  Difficulties of trial and error experimentation are avoided by these method.
  • 10.  These are costly way of getting a solution of any problem.  These method do not provide optimal answer to the problems. The answers are good only when the size of the sample is sufficiently large.
  • 11.  It is applied to a wide diversity of problems such as queuing problems, inventory problems, risk analysis concerning a major capital investment.  It is very useful in budgeting.
  • 12.  Under this method operating environment is produced and systems allows for analysing the response from the environment to alternative management actions.  The method is complicated and costly.
  • 13.  Random numbers It is a number in a sequence of numbers whose probability of occurrence is same as that of any other number in that sequence.
  • 14.  Pseudo-random Numbers: Random numbers are called pseudo random numbers when they are generated by some deterministic process. But they qualify the pre determined statistical test for randomness.
  • 15.  For solving simulation problems, there is the need of generating a sequence of random numbers.  Random numbers may be found by computer ,by random tables, manually etc.
  • 16.  Most common method to obtain random numbers is to generate them by a computer programme.  These numbers lie between 0 and 1,in conjunction with the cumulative probability distribution of a random variable including 0 but not 1.