Game Theory is the concept of Operation Research used in decision making for analyzing competitors’ strategies and planning to gain competitive advantage in the market Competitors play a vital role in the decision-making of an organization. Each strategy by an organisation is formulated after keeping its competitors’ actions in mind. In the same way, the […]
Decisions are made in all areas of human endeavor. A glance at the newspaper headlines reveals the breadth of the range. The decision-making process involves economic, political, social, and technical considerations. However, the same decision-making process that may be observed for events worthy of inclusion on the front page of ‘Business Standards’ underpins even the
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In today’s complex business world, operations research is gaining traction. Today, well-defined Operations Research tools provide support for every complex industry problem. Making decisions in today’s social and business environment is becoming increasingly difficult. Well-structured problems are routinely optimized at the operational level of organizations, and increased attention is now focused on broader tactical and
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