Operations Research Techniques Quiz

Play an AI-generated podcast conversation about this lesson

What is the main goal of the Queuing or Waiting-line Method in Operations Research?

To reduce customer wait times and dissatisfaction.

When is Linear Programming most suitable to be used in decision-making processes?

In situations with limited resources and multiple uses.

What is the primary focus of Game Theory in the context of Operations Research?

Selecting the best strategy considering own and competitors' actions.

What are the key components involved in Operations Research techniques?

Observation, analysis, hypothesis formulation, and experimentation. Signup and view all the answers

Why is it important for Operations Research to establish linear relationships among all elements in Linear Programming?

To ensure the mathematical model can be optimized efficiently. Signup and view all the answers

What is the purpose of Simulation in a business context?

Helps in evaluating and selecting the best options Signup and view all the answers

What is an advantage of a Sole Proprietorship?

Full profit retention Signup and view all the answers

What is a disadvantage of a Partnership?

Unlimited liability for debts Signup and view all the answers

What is a key principle of Cooperatives?

Democratic control Signup and view all the answers

What is the advantage of a Line Organization structure?

Clear authority Signup and view all the answers

What is the main function of Electronic Data Processing (EDP)?

Manipulates data at a central computer facility Signup and view all the answers

What is a disadvantage of a Corporation?

High organizational expenses Signup and view all the answers

What is the main characteristic of a Multinational Corporation (MNC)?

Operates in multiple countries Signup and view all the answers

What is the main aim of a Management Information System (MIS)?

Aims for efficient managerial control and decision-making Signup and view all the answers

What is one of the disadvantages of a Line and Staff Organization structure?

Lack of specialist support Signup and view all the answers

Operations Research Techniques Quiz

Podcast Beta

Questions and Answers