Operations Research (O.R.) creates value all around us - in business, the military, health care, and the public sector. Organizations ranging in size from small businesses to large are using O.R. to do more with less. The availability of faster computers and our collaboration with IT departments gives us more and more opportunities to create value using O.R.
O.R. improves effectiveness. And there are many, many other benefits.
1. Business insight: Providing quantitative and business insight into complex problems.
2. Business performance: Improving business performance through analysis and recommendations about business processes.
3. Cost reduction: Decreasing cost or investment.
4. Decision making: Assessing the likely outcomes of decision alternatives and uncovering better alternatives.
5. Forecasting: Providing a better basis for forecasting and planning.
6. Improved scheduling: Efficiently scheduling staff, vehicles, and machinery.
7. Planning: Applying quantitative techniques in support of operations, tactical planning, and strategic planning.
8. Pricing: Dynamically pricing products and services.
9. Productivity: Helping companies and organizations become more productive.
10. Profits: Increasing revenue or return on investment, increasing market share.
11. Project development: Demonstrating feasibility and workability and assisting with training.
12. Quality: Improving quality, and quantifying and balancing qualitative considerations.
13. Recovery: Gaining greater control, achieving turn-around.
14. Resources: Gaining greater utilization from limited equipment, facilities, money, and personnel.
15. Risk: Managing and reducing risk.
16. Throughput: Increasing speed or throughput, decreasing delays.
Source: INFORMS