Operations Research and Value Engineering - Role in Decision Making and Productivity Improvement

In today’s highly competitive business environment it has become a truism only the fittest survive. Organizations invest in many different aspects of managing their business in order to remain competitive. Operations research and Value Engineering is a key strategic factor for increasing organizational productivity and for better utilization of resources. Operations Research has gained significance in applications like Lean production, Six-sigma quality management, Benchmarking, Just-in-time (JIT) inventory techniques. The growth of global markets and the resulting increase in competition have highlighted the need for Operation Research. To survive and lead the today is highly competitive and demand driven market, pressure is on management to make economical decisions. Value Engineering can reduce product cost by reducing the unnecessary cost associated with the product. It explores each part of Value Engineering for successful application of the technique. The present paper is an attempt to highlight the significance of Operation Research and Value Engineering in business and industry.

Real Time Impact Factor: Pending

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Keywords: Operations Research, Simulation, Value Engineering, Function

ISSN: ISSN : 0976-8491 (Online) | ISSN : 2229-4333 (Print)



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