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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.
Sources of Hypothesis Hypothesis may be developed from various sources. Some of the important sources are the followings: 1. A Hypothesis Arises from Intuition
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
describe the problems of operation management
A paper mill produces two grades of paper viz., X and Y. Because of raw each) material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of g
Statement of Hypothesis The two hypothesis i ,e, null hypothesis (H 0 ) and Alternative Hypothesis (H 1 ) are so constructed that if one is correct the other is wron
Minimize: 60P + 120Q Subject to: 2P + 3Q >10 P + 4Q >12 P, Q> 0
Telephone calls arrive at a switchboard in a Poisson process at the rate of 2 per minute. A random one-tenth of the calls are long distance. (a) What is the probability of at least
Yates Correction for Continuity for 2x 2Tables If any cell frequency in 2x 2 table isles than 5thenfor the application of X 2 test it is pooled with the preceding or suc
Small Sample The central limit theorem does not work well with small samples even if the population in non Gaussian. So we cannot rely on the central limit theorem
Explain Decision Making Process. Decision Making Process: A good decision can only be prepared as a result of a rational decision making process. The different stages of the
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