In “Operations Research in Practice (Part 2): Generic Problems”, we discussed the second step of OR in pratice. Once an operations researcher successfully converts the business problem into an OR generic problem, the next step is to formulate the generic problem into...
In “Operations Research in Practice (Part 1): Identifying Problems”, we discussed the first step of OR in practice. Once the problem is successfully identified and structured, an operations researcher will move forward to the second task: converting the problem into a...
In practice, as we discussed previously in “Better Decision-Making with Operations Research”, the process of solving a problem starts from identifying business problems (the most abstract), converting it into a well-known generic OR problem, formulating its...
Let’s face it, Operations Research can be a confusing field of study. When someone asks what my major is, I often need to explain what Operations Research is about. I always prepare two types of explanations. The first one is the short one, “oh, it is applied...
Let us continue our discussion! Recall the scatterplot in Part I below, now with a fitted regression line that best describes a linear relationship between budget and average rating. This is what is enabled by regression analysis. Typically, regression analysis uses a...
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