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Explain why it may be advantageous to build models to help in solving a decision problem.
Simple Graph The values of the two variables are plotted on a graph paper. We get two curves one for x variables and another for y variables. These two curves reveal the dir
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
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
the following table gives place under different states of nature Strategies States of nature s1 s2 s3 A 10000 3000 2000 B
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
A producer of furniture manufactures two products - tables and chairs. Processing of these products is done on two machines A and B. A chair needs 2 hours on machine A and 6 hours
Tied Ranks Equal or Repeated Rank When two or more items have equal values it is difficult to give ranks to them. In that case the items are given the average of the
explain operation research with example.and also discuss the scope of OR in modern management.
Usefulness of Correlation 1.Correlation is very useful to economists to study the relationship between variables like price and quantity demanded. To businessmen it
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