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Personal Operations Research: Practicing OR on Ourselves

Author

Listed:
  • Tony Lewis

    (Faculty of Computer Studies and Mathematics, University of the West of England, Bristol, United Kingdom, BS16 1QY)

Abstract

Documented cases of people applying OR in making personal decisions are hard to find. Standard OR models can be used to advantage in making personal and family decisions. In two examples, I used standard economic order quantity models to plan the size and timing of the transfer of funds to an overseas bank account. In a third case I used standard linear programming software to make financial plans to handle, in the best way, the problem of making regular household income cope with the lumpy nature of household bills. The benefits of producing a good financial plan for the family are partly monetary but are mostly in satisfaction gained and relief of stress.

Suggested Citation

  • Tony Lewis, 1996. "Personal Operations Research: Practicing OR on Ourselves," Interfaces, INFORMS, vol. 26(5), pages 34-41, October.
    • Handle: RePEc:inm:orinte:v:26:y:1996:i:5:p:34-41
    DOI: 10.1287/inte.26.5.34
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    Cited by:

    1. Michael H. Rothkopf, 1998. "Editorial: Personal OR/MS," Interfaces, INFORMS, vol. 28(4), pages 13-14, August.

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