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Effectiveness of OR in Real-Life Applications for Better Returns

Kumar, Santosh and Kapur, P. K and Jha, P. C (2008) Effectiveness of OR in Real-Life Applications for Better Returns. Asia Pacific Business Review, 4 (2). pp. 14-19. ISSN 1360-2381

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Abstract

The paper attempts to delineate a relationship between Operations Research, a study that deals with improving utilization of limited resources; and revenue maximization, a field that has its roots in commerce and industry. These are two independent fields that can be enriched by adopting each other's strategies, since they both share a common goal of improving returns. It is also true that no real life system can operate in isolation; all systems experience interactions with other systems, and consequently changes in such systems are inevitable. These changing systems have been defined as protean systems. In analysing the real life systems, which are protean in character, the approach through information recycling might be a better way. These ideas give rise to new mathematical challenges and these ideas are being explored in the paper.

Item Type: Article
Uncontrolled Keywords: ResPubID15046, Operations Research, Real-Life Applications, Protean systems
Subjects: Faculty/School/Research Centre/Department > School of Engineering and Science
FOR Classification > 0199 Other Mathematical Sciences Information Systems
SEO Classification > 9001 Financial Services
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Depositing User: VUIR
Date Deposited: 02 Sep 2011 00:47
Last Modified: 02 Sep 2011 00:47
URI: http://vuir.vu.edu.au/id/eprint/3770
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