Operations research

What is Initial Basic Feasible Solution IBFS

By |2018-03-14T01:05:15+00:00September 19th, 2017|Categories: Articles, Free Resources, Readable Blog, Resource Optimization|Tags: , , , , , , , , , , , , , , , , , , , , , , |

What is Initial Basic Feasible Solution IBFS? The solution of Minimization in operations research (also known as optimization) for our advantage in any scenario let it be transportation, resources, cost. This involves Initial solution to the given balanced Transportation Problems or Resource Allocation or Cost Allocation problem. This is known as Initial Basic Feasible Solution (IBFS). It is required to derive an initial feasible solution; the only requirement is that the destination needs be met within the constraints of source supply. What are the different methods to find Initial Basic Feasible Solution IBFS 1. North-West Corner Rule (NWCR) 2. South-East Corner Rule (SECR) 3. Row Minima Method (RMM) 4. Column Minima Method (CMM) 5. Matrix Minima Method (MMM) or Least cost Method (LCM) or Inspection Method. 6. Vogel’s Approximation Method (VAM) or Vogel’s Method of Penalty The most commonly used being NWCR. A sample diagram depicts the same here:  

Operations research for Management Excellence

By |2018-03-14T01:05:28+00:00September 19th, 2017|Categories: Articles, Free Resources, Management, Readable Blog|Tags: , , , , , , , |

Operations research is an application of scientific & mathematical methods by management to study & analyse real time problems to make better decision making which involves situations, scenarios, systems based on analytical methods in Business, Industry, Sectors, Government Functions and Enterprises. So, what exactly is operations research? Let us understand with a simple example, what operations research strategy can be. Imagine a situation where you are booking airline ticket and you have board it onto the aero plane. Just to realize that your neighbor on the flight very same flight, has booked at least $200 less than the original price what you paid for the same very ticket. How did the system come up with such a different price for two different seeds right next to each other? The answer to this is Operations Research maximizing the profitability. If your still not convinced with the previous dialogue let's take another scenario. Operations Research applied in Airline Ticketing Industry [...]