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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
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
advantages of northwest corner method
explanation
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
Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0
POSSON DISTRIBUTION In binomial distribution the value of n was finite. But there are few problems when cannot be estimated. So in these binomial distribution
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
Scope of operation research?
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