MS-51 Operations Research

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Management Programme

ASSIGNMENT

FIRST SEMESTER

2016

PROGRAM	MANAGEMENT PROGRAM
Course Title	Operations Research
Assignment Code	MS-51/TMA/SEM - I /2016
Coverage	All Blocks

Note : Attempt all the questions and submit this assignment on or before 30th April, 2016 to the coordinator of your study centre.

Question1. Define Operations Research. Also, give a brief historical background of Operations Research.

Answer - Operations Research (O.R.), or operational is a discipline that deals with the application of advanced analytical methods to help make better decisions. The terms management science and analytics are sometimes used as synonyms for operations research.

Employing techniques from other mathematical sciences, such as mathematical modelling, statistical analysis, and mathematical optimization, operations research arrives at optimal or near-optimal solutions to complex decision-making problems. Operations research overlaps with other disciplines, notably industrial engineering and operations

Question 2. ABC Company is engaged in manufacturing five brands of packed snacks. It is having five manufacturing set ups, each capable of manufacturing any of its brands one at a time. The cost to make a brand on these set ups vary according to the following table:   

          S1  S2   S3  S4   S5

B1       4   6     7    5   11

B2       7   3      6    9   5

B3       8   5     4    6   9

B4       9   12   7    11 10

B5       7   5     9    8  11

Assuming five set ups are S1 ,S2, S3, S4, and S5 and five brands are B1, B2, B3, B4 and B5, find the optimum assignment of products on these set ups resulting in the minimum cost.

Answer- According to the given data,

              

Question 3. What is goal programming? State clearly its assumptions. Identify the major differences between linear programming & goal programming. 

Answer- Goal programming is a branch of multiobjective optimization, which in turn is a branch of multi-criteria decision analysis (MCDA). This is an optimization programme. It can be thought of as an extension or generalisation of linear programming to handle multiple, normally conflicting objective measures. Each of these measures is given a goal or target value to be achieved. Unwanted deviations from this set of target values are

Question 4. A company has determined from its analysis of production and accounting data that, for a part number KC-438, the annual demand is equal to 10,000 units, the cost to purchase the item is Rs 36 per order, and the holding cost is Rs 2/unit/year.  (a) What should the economic order quantity be? (b) What is the number of days’ supply per optimum order? (Assume 300 working days in a year) 

Answer-

(a)Material Control

Question 5. “Game theory provides a systematic quantitative approach for analysing competitive situations in which the competitors make use of logical process and techniques in order to determine an optimal strategy for winning”. Comment. 

Answer- Game theory provides a systematic quantitative approach for analysing competitive situations in which the competitors make use of logical process and techniques in order to determine an optimal strategy for winning. Game theory, the study of strategic decision-making, brings together disparate disciplines such as mathematics, psychology and philosophy. Game theory was invented by John von Neumann and Oskar Morgenstern in 1944 and has come a long way since then. The importance of game theory to modern analysis and decision-making can be gauged by the fact that since 1970, as many as 12 leading economists and scientists have been awarded the Nobel Prize in Economic Sciences for their contributions to

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