Podcast
Questions and Answers
A decision-making technique that assumes certainty in its solution is referred to as:
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?
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?
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?
Which solution method of transportation problems is based on the concept of penalty cost or regret?
Which type of decision-making approach is vital when we have a small number of alternatives?
Which type of decision-making approach is vital when we have a small number of alternatives?
Which technique is not used in decision making under certainty?
Which technique is not used in decision making under certainty?
In the context of linear programming, which condition does not exist?
In the context of linear programming, which condition does not exist?
The concept of regret is associated with which method in solving transportation problems?
The concept of regret is associated with which method in solving transportation problems?
What assumption do deterministic decision-making techniques make?
What assumption do deterministic decision-making techniques make?
Which statement is NOT true about decision making under certainty conditions?
Which statement is NOT true about decision making under certainty conditions?
Which of the following is an incorrect characteristic of the linear programming model?
Which of the following is an incorrect characteristic of the linear programming model?
The Vogel's approximation method in solving transportation problems is based on which concept?
The Vogel's approximation method in solving transportation problems is based on which concept?
In decision-making, when is the complete enumeration approach most valuable?
In decision-making, when is the complete enumeration approach most valuable?
Which technique is commonly referred to as deterministic in decision making?
Which technique is commonly referred to as deterministic in decision making?
What does the presence of non-negativity conditions in linear programming imply?
What does the presence of non-negativity conditions in linear programming imply?
What is a key characteristic of decision-making under certainty?
What is a key characteristic of decision-making under certainty?
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.
