By Saul I. Gass, Arjang A. Assad
AN ANNOTATED TIMELINE OF OPERATIONS learn: a casual heritage recounts the evolution of Operations examine (OR) as a brand new technology - the technological know-how of determination making. coming up from the pressing operational problems with international struggle II, the philosophy and method of OR has permeated the answer of selection difficulties in company, undefined, and executive. The Timeline chronicles the heritage of OR within the type of self-contained, expository entries. each one access offers a concise clarification of the occasions and folks below dialogue, and offers key assets the place extra suitable details may be acquired. moreover, books and papers that experience inspired the advance of OR or helped to coach the 1st generations of OR lecturers and practitioners are brought up during the booklet. beginning in 1564 with seminal rules that shape the precursors of OR, the Timeline lines the main principles and occasions of OR via 2004. The Timeline may still curiosity somebody focused on OR - researchers, practitioners, teachers, and, specifically, scholars - who desire to learn the way OR got here into being. extra, the scope and expository variety of the Timeline should still make it of price to the overall reader drawn to the advance of technology and know-how within the final 1/2 the 20 th century. have you learnt:
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Extra resources for Academic an annotated timeline of operations research, 1st Edition
This work contains the first treatment of Brownian motion to stock markets, providing three different characterizations. The results, although essentially correct, were unjustly regarded as imprecise or vague and did not receive due recognition. Bachelier also considered what is now termed the drift of a stochastic differential equation. The full recognition of his work had to wait till the 1970s, when the theory of options trading gained currency. [Statisticians of the Centuries, G. C. Heyde, E.
C. Koopmans, editor, John Wiley & Sons, New York, 1951; “On the development of optimization theory,” A. Prékopa, American Mathematical Monthly, 1980, 527–542] 1906 Pareto optimal solution The Italian economist Vilfredo Pareto proposed that in competitive situations a solution is optimum (efficient) if no actor’s satisfaction can be improved without lowering (degrading) at least one other actor’s satisfaction level. That is, you cannot rob Peter to pay Paul. In multi-objective situations, a Pareto optimum is a feasible solution for which an increase in value of one objective can be achieved only at the expense of a decrease in value of at least one other objective.
Gantt, an associate of Frederick Taylor, devised a project planning method by which managers could depict, by a sequence of bars on a chart, a project’s interrelated steps, show precedence relationships between steps, indicate completion schedules, and track actual performance. It is still a basic management tool, especially in the construction industry. [Executive Decisions and Operations Research, D. W. Miller, M. K. Starr, Prentice-Hall, Englewood Cliffs, 1969; Introduction to Operations Research, edition, F.