8316 – 608 Managing Operations Research

The importance of 8316 – 608 Managing Operations Research in business management is being recognised by a growing body of literature. Businesses of all sizes and sectors are increasingly relying on mathematical equations to solve some of their most pressing issues. In particular, operation research enables us to apply mathematical principles to answer critical business questions. This branch of applied mathematics can also be used in conjunction with machine learning and data science to solve complex business problems. In business management, operation research has emerged as a more sophisticated tool for solving problems that frequently confront people, professionals, and business owners. It enables managers, in particular, to use advanced tools to make more informed and effective decisions for their businesses. Operation research was critical during World War II, assisting British soldiers in achieving a variety of objectives. The framework has evolved to include business applications, particularly in problem-solving using data mining, statistical analysis, and mathematical modelling. Currently, managers rely on operation research because it generates workable solutions to complex business problems. In particular, the framework uses data to generate information that can be used to improve results and make better decisions.

Unit Description

This highly interactive unit is taught using blended learning methodologies, which include work-based assignments as well as unit-guided learning hours. Business managers deal with a large number of complex issues daily. They must make a slew of decisions on everything from financing to the location of a new plant, how much product to produce, how many employees to hire, and so on. Most of the time, the factors surrounding key business issues are complex and thus difficult to comprehend. Managing operation research provides managers with advanced knowledge and skills for dealing with such issues. This unit also provides managers with operational techniques that can be critical for controlling subordinate staff. This is possible because operation research lays the groundwork for establishing performance standards as well as metrics for measuring productivity. Furthermore, the unit trains managers to conduct research in their areas of responsibility and makes recommendations for possible improvements to improve organisational efficiency.

Who is the target audience for this unit?

The Unit is designed for senior leaders, middle managers, and aspiring leaders and managers who currently provide supervision or wish to progress into such a role.

Why should you study this unit?

The first reason is that the skills learned in this unit can be used to maintain better control over subordinate employees. Reporting deviations from standards are also critical for managers to identify problem areas and take corrective action. Furthermore, the mathematical models provide managers with a plethora of options. This is because it is easier to analyse various alternatives when using operation research. Operational research solutions also combine the goals of various departments, resulting in a more integrated community. Furthermore, mathematical formulas used in operation research boost productivity by providing the best inventory mix, company size, and implementation of new technologies.

Learning Objectives

This unit is intended to improve understanding and practical experience in conducting operation research using various techniques as required by a practising or potential middle manager. The students will learn a variety of skills for identifying and defining a problem in their area of responsibility that arises from a specific need. Learners also learn how to establish objectives for various resolutions within the organisation, as well as any specific requirements that must be met when proposing a solution. Furthermore, the students will learn how to choose and justify specific operation research methodologies to solve specific problems. This is combined with the ability to identify the advantages and disadvantages of any available method. Furthermore, learners will learn various strategies for collecting, validating, and analysing data collected by the organisation to use an effective operation research methodology to identify the best possible solution. Furthermore, the students will gain a thorough understanding of how to justify and support their findings using various mathematical solutions. Finally, the learners will be equipped with the knowledge and skills to recommend effective improvements to organisational efficiency based on the findings of operations research.

Requirements for Entry

ILM Level 6 is divided into two groups: A and B. These groups are further subdivided into smaller “units,” each of which contains a significant amount of information. A learner must earn at least 12 credits from Group A and 30 credits from Group B. According to the ILM combination rules, units completed in Group A cannot be taken from Group B. Group B is responsible for managing operation research. Students must earn significant credits across multiple ILM level 5 units to qualify for Level 6. For example, to qualify for the award, the student must complete 6 of the 12 required credits. One hour of orientation and seven hours of tutorial assistance are also required. ILM Level 5 credits can be transferred to level 6.

Outcomes of learning

The following are the outcomes that learners are expected to achieve once they complete the course: o Use scientific research to solve key problems and make effective decisions.

• Assign scarce resources, such as production planning.
• Use the results of operation research to optimise the available options.
• Recognize and define problems in your area of responsibility.
• Gather, validate, and analyse data from various areas of the organisation.
• Make recommendations for the most effective improvements based on the company’s efficiency and the results of operation research.

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Some ILM concepts may be difficult to understand without assistance. However, there is no need to worry or panic because we have a team of experienced experts ready to help you ace even the most difficult ILM subject. We understand that operation research is made up of mathematical concepts like modelling, formulation analysis, queuing theory, simulation, mathematical programming, and optimisation. We also understand that most students dislike math and aren’t as enthusiastic about numbers and formulas as they are about other subjects. We encourage these students not to be concerned because we have a team of experts who have specialised in that area and can deliver high-quality work within tight deadlines. In short, “math concepts” are as simple to use as any other subject.

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Reference

1. Laguna, M. and Marklund, J., 2018. Business process modeling, simulation and design. Chapman and Hall/CRC.
2. Lyeme, H. and Seleman, M., 2012. Introduction to Operations Research: Theory and Applications. LAP LAMBERT Academic Publishing.
3. Masys, A.J., 2015. Applications of systems thinking and soft operations research in managing complexity. USA, 321.
4. Monks, T., 2015. Operational research as implementation science: definitions, challenges and research priorities. Implementation Science, 11(1), pp.1-10.
5. Nag, B., 2013. Business Applications of Operations Research. Business Expert Press.
6. Pike, S. and Roos, G., 2004. Mathematics and modern business management. Journal of Intellectual Capital.
7. Srinivasan, G., 2017. Operations Research: principles and applications. PHI Learning Pvt. Ltd.
8. Taha, H.A., 2011. Operations research: an introduction(Vol. 790). Upper Saddle River, NJ, USA: Pearson/Prentice Hall.

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