Operational Research (OR) is the use of
advanced analytical techniques to improve decision making. It is sometimes
known as Operations Research, Management Science or Industrial Engineering.
People with skills in OR hold jobs in decision support, business analytics,
marketing analysis and logistics planning – as well as jobs with OR in the
title.
Why is OR needed?
Because it makes sense to
make the best use of available resources. Today’s global markets and
instant communications mean that customers expect high-quality products and
services when they need them, where they need them. Organisations, whether
public or private, need to provide these products and services as effectively
and efficiently as possible. This requires careful planning and analysis – the
hallmarks of good OR. This is usually based on process modelling, analysis of
options or business analytics.
Examples of OR in action
§ Scheduling: of
aircrews and the fleet for airlines, of vehicles in supply chains, of orders in
a factory and of operating theatres in a hospital.
§ Facility
planning: computer simulations of airports for the rapid and safe
processing of travellers, improving appointments systems for medical
practice.
§ Planning
and forecasting: identifying possible future developments in
telecommunications, deciding how much capacity is needed in a holiday business.
§ Yield
management: setting the prices of airline seats and hotel rooms to
reflect changing demand and the risk of no shows.
§ Credit
scoring: deciding which customers offer the best prospects for
credit companies.
§ Marketing: evaluating
the value of sale promotions, developing customer profiles and computing the
life-time value of a customer.
§ Defence
and peace keeping: finding ways to deploy troops rapidly.
Some OR methods and
techniques
§ Computer
simulation: allowing you to try out approaches and test ideas for
improvement.
§ Optimisation: narrowing
your choices to the very best when there are so many feasible options that
comparing them one by one is difficult.
§ Probability
and statistics: helping you measure risk, mine data to find valuable
connections and insights in business analytics, test conclusions, and make
reliable forecasts.
§ Problem
structuring: helpful when complex decisions are needed in situations
with many stakeholders and competing interests.
Operational Research at
Lancaster
The Department
of Management Science has one of the largest groups of
Operational Research and Systems teaching staff in Europe. Most of our faculty
have previous industrial or public sector experience. We have a strong
commitment to produce research of practical importance, capitalising on a
tradition of collaborative research with industrial partners. Our taught
courses reflect this orientation with a high proportion of lecture material
based on studies carried out by the staff.
Our Department, as part
of Lancaster University Management School, has received the highest rankings
for its research and a rating of Excellent (the highest possible) for our
teaching in the most recent assessments.
The MSc in Operational Research and Management Science is
an intensive one-year postgraduate degree for people with first degrees that
include some mathematics and statistics. The BSc degrees in Management Science and Operations Management,
provide a good basic education in the fundamentals of Operational Research. The
MSc and BSc degrees have excellent employment records and an active alumni
network.
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