Operation Research in Agricultural Economics (1)

What is Operations Research (OR)?

Operations Research is a science that deals with problem identification, formulation, solutions, and appropriate decision-making using mathematical models, statistics, and algorithms.

What are the key aims of Operations Research?

The three key aims of Operations Research are Optimization, Statistics and Algorithms, and Simulation.

What was the origin of Operations Research?

The term Operations Research began during World War II when military services required effective allocation of scarce resources for military operations.

What are the primary components of Operations Research?

The primary components of Operations Research include problem identification, formulation, solutions, decision-making, and implementation of optimal strategies.

What is the significance of Optimization in Operations Research?

Optimization in Operations Research is the process of finding the ideal solution to a problem based on constraints, typically maximizing or minimizing an objective function.

What does the term 'dual problem' refer to in linear programming?

The dual problem in linear programming is an associated problem that provides a different perspective on the same data, where the primal problem's maximization becomes minimization in the dual.

What is the Simplex method?

The Simplex method is an algebraic approach used to solve linear programming problems iteratively to reach an optimal solution.

What is meant by a 'balanced transportation problem'?

A balanced transportation problem is one where the total supply equals total demand.

What is a degenerate basic feasible solution?

A degenerate basic feasible solution occurs when the number of basic variables is less than m + n - 1 in a transportation problem.

What are the main assumptions in linear programming?

Assumptions include Proportionality, Optimization, Finiteness, Determinism, Continuity, Homogeneity, and Additivity.