# Operations Research

Operations Research (OR), also known as the science of better, can be described as a scientific approach leading to effective solutions of problems in the management of complex systems. OR is used to produce powerful results in business, industry and government to decrease cost, increase revenue or return on investment, manage and reduce risk, improve quality, increase throughput while decreasing delays, and improve utilization of limited resources. Analytical methods include mathematical programming, simulation, game theory, queuing theory, network analysis, decision analysis, and multi-criteria analysis, all of which have powerful application to practical problems. OR in practice is a team effort, requiring close collaboration between decision-makers, OR analysts and other stakeholders.

**Methods:**

- Optimization through linear, non-linear programming, and integer programming
- Network scheduling
- Dynamic programming
- Waiting line or queuing theory
- Game theory
- Inventory control models
- Simulation
- Sequencing theory
- Markov and stochastic processes
- Decision analysis and utility/value theory
- Definition of key performance and effectiveness measures
- Lifecycle cost estimation and return on investment
- Development of asset maintenance and enhancement strategies
- Creation of resource allocation, operations plans, and budgets