Describe the monte carlo simulation, Operation Research

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Question A The basic characteristic feature of Operations Research is that it employs mathematical representations or models to analyse problems. Explain the methodology of Operations Research.

Question B 1) Describe the Monte Carlo Simulation.
2) Describe in brief the advantages and limitations of Simulation.

Question C 1) A Game refers to a situation of conflict and competition in which two or more competitors are involved in decision making in anticipation of certain outcome. Describe the following with respect to games.

  1. Pay-off matrix
  2. Strategy
  3. Two- person zero-sum game
  4. Saddle point

 

2) An electric company is planning to develop and produce a new stabilized power supply system. The project can be described by the following activities.

S. No

Activity

Predecessor (s)

Time (days)

A

Market survey

-

15

B

Establish design

-

5

C

Electrical design

B

20

D

Test electrical design

C

3

E

Mechanical design

B,A

2

F

Review final design

D,E

5

G

Manufacture prototype

F

6

H

Test prototype

G

10

I

Schedule production

H,A

3

Construct network diagram for the project


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