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What is the scope and limitation of operation research?
Costly : Operations Research (OR) is very costly. This is because OR makes mathematical models for taking decisions and solving problems. The company has to make various models for solving different problems. All this increments the cost.Not Realistic : OR experts make very complex models for solving problems. These models may not be realistic. Hence, they may not be useful for real-life situations.Complex : OR is very complex concept. It is very difficult for an average manager to understand it. Therefore, most managers do not use OR techniques.
What is the key terms such as problem solving decision making and area of freedom. Provide examples of each.?
Problem solving involves identifying a challenge and developing effective strategies to overcome it; for example, a team brainstorming solutions to reduce production costs. Decision making refers to the process of choosing the best course of action from available options, such as a manager selecting a marketing strategy based on market research data. Area of freedom pertains to the space or scope within which individuals or organizations can operate autonomously, like a company's ability to innovate new products without regulatory constraints.
Nature and scope of quantitative technique?
QT are mathematical & statistical methods used to analyze and interpret large amount of data in a systematical & objective manner. They play a crucial role in modern business decision making. The nature of Q.T in business tools that allow managers to optimize outcomes with limited resources.
Instrument to visually examine?
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What is the scope of statistics in accounting?
The scope of statistics in accounting is very broad and the two of them are correlated. Most of the accounting procedures will depend on statistics.
