Operations Research (OR), also known as Management Science, is a systematic approach to decision-making that utilizes mathematical and statistical methods. OR focuses on providing effective solutions to real-world problems in industries such as engineering and business management. By utilizing tools like modeling, probability, statistics, and optimization, OR practitioners can determine the optimal or near-optimal outcomes for complex decision-making challenges, such as maximizing profits or minimizing costs.
For reference material on the subject, I strongly recommend reading:
- Introduction to Management Science, 13th Edition, by Bernard Taylor, ISBN-13: 978-0134730660 (the main source of the content written here)
- Optimization in Operation Research, 2nd Edition, by Ronald Rardin, ISBN-13: 978-0134384559
- Data, Models, and Decisions: The Fundamentals of Management Science, by Dimitris Bertsimas, Robert Freund, ISBN-13: 978-0975914601
Lastly, Ling-Chieh Kung, Associate Professor at the National Taiwan University, created a set of three online Coursera courses on Operations Research. These are 100% recommended: