Operations Research and Management: A Comprehensive Review of Current Trends and Techniques

Abstract

Organizations can boost their efficacy and efficiency by deploying methodologies and operations research (OR). The industry is continually altering, and new approaches and tactics are being devised to tackle the hard situations that organizations must cope with. OR and management techniques can be applied in several areas, including predictive maintenance, inventory management, supply chain optimization, transportation and logistics, and financial management. The benefits of OR and management techniques include reduced costs, improved decision-making processes, and enhanced overall performance. Organizational management can gain from the analytical problem- solving and decision-making process termed as “operations research.” In OR, issues are deconstructed into their simplest types before being mathematically analyzed and then addressed in a sequence of actions. Despite the numerous advantages, there are a variety of obstacles and constraints that must be eradicated to fully exploit the potential of OR and development practices. These challenges include data quality and availability, model complexity, implementation challenges, and model validation. This article offers a thorough overview of the OR and management fields, accentuating the benefits of employing OR experts to assist businesses create more complete data sets, take into account all available options, foresee all potential outcomes, and calculate risk. Additionally, OR can be tailored to certain company procedures or use cases to ascertain the most effective strategies for problem solving. This article also highlights its challenges and outlines the key areas of application.