Visakhapatnam: A three-day International Conference on Operations and Research and Decision Sciences (ICORDS-2019) hosted by IIM-Visakhapatnam began here on Saturday.
Delivering the inaugural address, former Director of IIT Hyderabad Prof U B Desai highlighted the pervasive and profound impact that emerging technologies like Artificial Intelligence, Machine Learning, Natural Language Processing, Robotic Process Automation, Internet of Things, the manner in which the wide canvas of Inter-disciplinary Cyber Physical Systems is transforming and the way decisions are taken and resources are managed more optimally. The opportunities for research in Operations and Data Sciences are therefore immense, he observed.
The Director of the Institute, Prof. M. Chandrasekhar in his welcome address underscored the importance of data-driven and analytics-based decision making in the modern, complex world as opposed to traditional, hypothesis-based or intuition-based decision making.
He observed that decision making arises only when there are options and alternatives; constraints and contentions to be resolved; exceptions and exemptions are to be addressed.
He explained that drawing up a set of potential alternatives, determining consequences arising from each of the alternatives; and, measuring the sufficiency of achieving the desired result and the efficiency with which the outcome is realized, form the essence of operations research and decision sciences.