Shruti Speak's

Queuing Theory A flow of "customers" from infinite/finite population towards the service facility forms a queue or waiting line on account of lack of capability to serve them all at a time.These "customers" may be persons waiting at a railway booking office,these may be machines waiting to be repaired or letters arriving at a typist's desk. Queuing Theory is the mathematical study of waiting lines,or queues.It examines every component of waiting in line to be served, including the arrival process, service process, number of servers, number of system places and the number of customers. It is used to develop more efficient queuing systems that reduce customer wait times and increase the number of customers that can be served. Applications Queuing theory has its origins in research by Agner Krarup Erlang when he created models to describe the Copenhagen telephone exchange. The ideas have since seen applications including telecommunications, traffi...

Inventory theory is concerned with the design of inventory systems to minimize costs. Observation of almost any company balance sheet reveals that a very significant part of its assets comprise inventories of raw materials, products within the production process, or finished products. How do companies use operations research to improve their inventory policy for when and how much to replenish their inventory? They use scientific inventory management comprising of the following steps: 1. Formulate a mathematical model describing the behavior of the inventory system. 2. Seek an optimal inventory policy with respect to this model. 3. Use a computerized information processing system to maintain a record of the current inventory levels. 4. Using this record of current inventory levels, apply the optimal inventory policy to signal when and how much to replenish inventory. The mathematical inventory models used with this approach can be divided into two broad categories—...

1)    SALES REVENUE MODEL- A company gets the revenue by             selling goods, information or services.          Examples:          Marketplaces- buy.com                                  Etsy.com          Live-shopping- iBood          Shopping Clubs- brand4friends                                      Ventre-privee.com 2)    ADVERTISING REVENUE MODEL- A company provides a forum for advertisements and receive...

1.     Directorate General of Foreign Trade (DGFT)- facilitate electronic submission and processing of licensing 2.     Apparel Export Promotion Council - facilitate electronic sharing of information between the community partners specially related to the quota management and clearances of shipping documents confirming to quota requirements. 3.     Port Trusts 4.     Airport Authority of India (AAI)- facilitate EDI based cargo handling system in its functioning by all the offices of AAI 5.     Container Corporation of India (CONCOR)- facilitate effective and efficient handling of container related documents between CONCOR and its community partners. 6.     Reserve Bank of India (RBI)- facilitate inter-bank and intra-bank transactions in electronic media as well as user interface for electronic clearances/payments 7.      Scheduled Banks 8.     A...