Since the appearance of mechanized rail transport systems in England in the 1820s, the railway has developed to a great extent and has become the primary mode of longdistance land transportation for people as well as for bulk material across the world. What began with steam locomotives, gradually made way for diesel and then to electric engines. Over the past couple of centuries, with the increase in importance of the railway to economy, the complexity of railway networks and consequently the decision-making involved with railway organizations have also increased significantly. With a great deal of decision-making involved in managing different aspects of the railway, every decision made by the management of railway organizations has a profound impact on profitability.