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These models deal with the selection of an optimal course of action given the possible pay offs and their associated probability of occurrence. These models are broadly applied to problems involving decision making under risk and uncertainly.
1. Determination to enter a new territories. 2. To decide to enter a new market or not. 3. To determine how much production capacity to be builds up. 4. Helpful in
if there were n workers and n jobs there would be
The 2 nd phase of operations Research is to construct a mathematical model representing the system under study. It requires the identification of both static and dynam
marginal rate of substitution, degeneracy and degenerate solution
On the Basis of Ratio of Change Direction a. Linear Correlation: The correlation between two variables a said to be liner if corresponding to a unit change in th
Question 1 What is intrinsic quality? Explain key dimensions of a quality product or service Question 2 Explain any five sources of standards Question 3 What is Critical
Classification of documents by information Characteristics: The schemes of classification advocated by Hanson and Grogan are mainly based on the information characteristics of
Scattered Responsibility and Authority: In a big industry responsibility and authority of decisions making is scattered throughout the organization and thus the organization.
Demerits a.It cannot be used in the case of bi variate distribution. b.If the numbers of items are greater than say 30, the calculation becomes tedious and requ
A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i
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