Operation research: meaning, origin and nature. OR as a tool for decision – making; OR and
management; features of OR; phases of OR; models in OR; methods of deriving solution;
limitations of OR.
Linear programming: nature and meaning; formulation of LPP; graphic solutions; merits
and demerits; application in business.
Decision theory: Basic concepts: quantitative approach to managerial decision – making;
decision – making under certainty, decision – making under uncertainty – maximax, minimax,
maximin, Laplace, Hurwicz. Decision – making under risk-EMV, EOL, EVPI. Decision-making
under competition: game theory.
Network analysis:CPMand PERT: construction of network diagrams; network calculation;
concept of float; probability consideration in PERT; calculation of float under PERT; distinction
betweenCPMand PERT; limitations of PERT.
Queuing Theory: meaning; basic concepts; application of waiting line models; Monte Carlo
MCom (Masters in Commerce) Subjects