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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.
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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
Merits a.It is simple to understand and easy to calculate. b.It is very useful in the case of data which are of qualitative nature like intelligence honesty be
Question : Suppose that you want to invest $10000 in the stock market by buying shares in one of two companies: A and B. Shares in Company A are risky but could yield a 50% ret
DECILES The nine points on the scale of observations ( or values of the variable) which divide the total frequency into ten equal parts are called deciles for the data
Standard Deviation The standard deviation of samples (s) can be estimated by the pilot study past studies and the ranges of distribution. A pilot study may be conducted
These models are used to develop a method to evaluate the merit of alternative courses or action by representing with a mathematical model of the problems where various variab
What are artificial variable why do you need them
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