952 results for "operations research"

Operations research is the use of statistical analysis and mathematical optimization techniques to help organizations solve problems and improve decision-making. The ability to harness vast amounts of data on day-to-day operations has created opportunities to rigorously optimize processes for cost, quality control, inventory management, and other goals, making operations research an important part of many businesses.

The tools of operations research are similar to those of other fields relying heavily on quantitative analysis and statistics. Operational data is input into programs such as Microsoft Excel and Solver, R, and Python, where mathematical optimization techniques such as linear programming (LP) are applied to find the best solution for business problems. Monte Carlo simulations and other probabilistic analyses may also be used to discover areas of sensitivity and risk.

These data-driven insights are typically applied according to process management and process improvement frameworks such as Six Sigma and Lean, which strive to reduce variation and eliminate waste in operations.‎

Operations research is a core competency of careers in operations management, supply chain management, and logistics. This skill is particularly highly valued by businesses in manufacturing, transportation, healthcare, and other industries where companies must compete to deliver goods and services with complex supply chains in cost-sensitive markets.

According to the Bureau of Labor Statistics, operations research analysts earned a median annual salary of $84,810 in 2019. These jobs are also expected to grow much faster than jobs in the rest of the economy, due to the explosive growth in the availability of operations data along with the increasing importance of adopting these data-driven approaches to remain competitive in many industries. Operations research analysts typically have at least a bachelor’s degree in technical and quantitative fields such as engineering, computer science, analytics, or mathematics, as few schools offer degrees in operations research specifically.‎

Certainly. Coursera offers courses and Specializations on operations research and related topics such as supply chain and operations management, operational analytics, and statistical research. Offered by excellent schools such as the University of Pennsylvania, the University of Melbourne, and Rutgers the State University of New Jersey, these courses give you the opportunity to learn remotely on a flexible schedule and a lower tuition than on-campus students. Whether you’re a student or mid-career professional looking to add new skills to your repertoire, Coursera gives you the opportunity to optimize your operations research education to fit your specific needs.‎

The skills and experience that you might need to already have before starting to learn operations research may include knowledge of mathematical and engineering methods, understanding of the fundamentals of business, and some background in linear programming, a math technique to solve systems of linear constraints. All of these can help you fully grasp the basics of operations research. Furthermore, having a background that includes computer algorithms and optimization techniques can help you to better analyze optimization problems in computer science, civil engineering, economics, and management. This multifaceted field is also linked with machine learning, as some operations researchers are sampling machine learning methods to test various metrics in a particular optimization process.‎

The kind of people who are best suited for operations research work are often quantitative thinkers who are detailed and analytical. These people use mathematics formulas to help companies study labor needs, cost scenarios, product distribution, and other factors. In doing this work, they need to be curious, methodical, rational, and logical. Because operations researchers understand how algorithms, math, and statistics may impact workflows, budgets, employee staffing, and profitability, they also tend to be the kind of people who are investigative in nature, using their intellect and curiosity in the work.‎

You might know if learning operations research is right for you if you enjoy learning applications for mathematics, algebra, calculus, statistical modeling, and more. You may also have an inclination to create math models or other simulations of numerical problems, with a variety of constants and variables. Learning operations research is deeply intellectual work, and can involve large amounts of thinking about problems, and working through procedures and processes to solve them in a focused manner. If you are the kind of person who is passionate about these activities, then learning operations research may be a great fit for you.‎