Optimization algorithms and simulations can inform complex business choices to maximize profitability. This is known as operations research (OR), also sometimes called management science or quantitative management.
OR solutions use mathematical modeling, statistics, and specialized software to determine optimal or near-optimal solutions to complex or intricate large-scale decision-making problems. Closely related is Monte Carlo simulation (or simply “simulation”), which models business problems when one or more key inputs is uncertain.
By applying OR, decision-making can be driven by data, instead of emotion or gut feel. Future success can be more assured because it will be based on metrics instead of guesses.
Decisions supported by data can be made much more quickly than decisions made by human judgement or consensus-building alone. Faster decision-making allows organizations to reach business targets more rapidly, positively impacting profitability.
OR solutions are often applied to existing business processes and systems, but also to developing new ones. Organizations always want to maximize their value from current operational assets and capabilities, but value can also be increased by investing in greater capacity or systems reconfiguration. Operations research enables both kinds of decision-making.
By implementing OR solutions, your organization will save time, energy, and stress because you’ll know that decision-making is based on valid data and analysis, rather than emotion or impulse. Decision-making processes will be streamlined with consistent logic, rather than being burdensome and improvised, reducing stress on you and your organization.
As the experts in operations research, Keller Schroeder can help your organization drive business decisions with data, modeling, and simulation to automate recurring decision-making.
For a Fortune 1000 utility company, our experts simulated multi-regional vehicle dispatch and optimized the routing algorithm to achieve high excellence in field operations at minimum costs. For a power generation company, our experts simulated emissions trading scenarios to achieve optimal cost savings for customers while complying with clean air rules.
Since its founding in 1978, Keller Schroeder has helped clients find solutions to achieve greater business success. With countless satisfied customers to our name, we can help your organization use data effectively to reach your business goals. Contact us today to get started or for more information about operations research services.
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