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