Quantitative Mid Exam November 2021
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Questions and Answers

A decision-making technique that assumes certainty in its solution is referred to as:

  • Deterministic (correct)
  • Risk
  • Probabilistic
  • Extremely pessimistic
  • Which of the following is not true about decision making under certainty condition?

  • A technique is referred to as deterministic
  • There is only one type of event that can take place
  • It depends on experience and past data of the organization (correct)
  • Decision-making under certainty conditions expresses a different degree of decision maker's optimism
  • Which of the following is not a correct characteristic of the linear programming model?

  • Divisibility in objective function and constraints
  • The existence of linearity is not compulsory (correct)
  • Conditions of certainty exist
  • Conditions of Non-negativity exist
  • Which solution method of transportation problems is based on the concept of penalty cost or regret?

    <p>Vogel's approximation method</p> Signup and view all the answers

    Which type of decision-making approach is vital when we have a small number of alternatives?

    <p>Complete enumeration</p> Signup and view all the answers

    Which technique is not used in decision making under certainty?

    <p>Probabilistic technique</p> Signup and view all the answers

    In the context of linear programming, which condition does not exist?

    <p>Random variables in constraints</p> Signup and view all the answers

    The concept of regret is associated with which method in solving transportation problems?

    <p>Vogel's approximation method</p> Signup and view all the answers

    What assumption do deterministic decision-making techniques make?

    <p>Certainty in their solution</p> Signup and view all the answers

    Which statement is NOT true about decision making under certainty conditions?

    <p>It relies on past data and experience</p> Signup and view all the answers

    Which of the following is an incorrect characteristic of the linear programming model?

    <p>Linearity is not required</p> Signup and view all the answers

    The Vogel's approximation method in solving transportation problems is based on which concept?

    <p>Penalty cost or regret</p> Signup and view all the answers

    In decision-making, when is the complete enumeration approach most valuable?

    <p>When there are a small number of alternatives</p> Signup and view all the answers

    Which technique is commonly referred to as deterministic in decision making?

    <p>Certainty-based technique</p> Signup and view all the answers

    What does the presence of non-negativity conditions in linear programming imply?

    <p>Variables must be zero or positive</p> Signup and view all the answers

    What is a key characteristic of decision-making under certainty?

    <p>Only one event type can occur</p> Signup and view all the answers

    Study Notes

    Decision Making Techniques

    • Decision-making under certainty conditions assumes a single outcome or solution.
    • Deterministic techniques are used in decision-making under certainty conditions.

    Characteristics of Decision Making Under Certainty

    • Only one type of event can take place.
    • The decision-making process expresses a single degree of optimism.
    • It does not depend on experience and past data of the organization.

    Linear Programming Model

    • Conditions of certainty exist.
    • Divisibility in the objective function and constraints is a characteristic.
    • Non-negativity conditions exist.
    • Linearity is not a compulsory condition.

    Transportation Problems

    • Vogel's approximation method is based on the concept of penalty cost or regret.

    Decision-Making Approaches

    • Complete enumeration is a decision-making approach under conditions of certainty.
    • It is vital when there are a small number of alternatives.

    Decision Making Techniques

    • Decision-making under certainty conditions assumes a single outcome or solution.
    • Deterministic techniques are used in decision-making under certainty conditions.

    Characteristics of Decision Making Under Certainty

    • Only one type of event can take place.
    • The decision-making process expresses a single degree of optimism.
    • It does not depend on experience and past data of the organization.

    Linear Programming Model

    • Conditions of certainty exist.
    • Divisibility in the objective function and constraints is a characteristic.
    • Non-negativity conditions exist.
    • Linearity is not a compulsory condition.

    Transportation Problems

    • Vogel's approximation method is based on the concept of penalty cost or regret.

    Decision-Making Approaches

    • Complete enumeration is a decision-making approach under conditions of certainty.
    • It is vital when there are a small number of alternatives.

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    Description

    Multiple choice questions on decision-making techniques and conditions, including certainty and uncertainty.

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