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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.
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
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
MEAN DEVIATION Mean deviation of a series is the arithmetic average of the deviations of various items from the median or mean of that series. Median is preferred
impact of operation research
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
Uncertainly : There is a great uncertainly about economic and general environment. With economic growth uncertainty is also growing's. this makes each decisions costlier
Importance of Normal Distribution Normal distribution plays a very important role in statistical theory and in particular in sampling theory. It has been found th
Dewey's Principle: Melvil Dewey's principle states: "The best reading for the largest number at the least cost" According to this principle a library should select, within the
Seven Step to a Successful Presentation There are seven basic step which need to kept in mind at the time of making a presentation. How successful one is at eh end
metholodolgy of operational research
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