......................... deals with making sound decisions under conditions of certainty, risk and
uncertainty.
a. Game theory
b. Network analysis
c. Decision theory
d. None of these

1 Answer

Answer :

c. Decision theory

Related questions

Description : ....................... deals with the concepts such as critical path, float, events, etc. a. Game theory b. Decision theory c. Queuing theory d. Network analysis

Last Answer : d. Network analysis

Description : Which of the following best expresses the difference between programmed and non-programmed decisions? (a) Occur under certainty or risk; occur under uncertainty or ambiguity (b) Made by managers ... rules cannot be developed (d) Have computer routines developed for them; are not computerized

Last Answer : (c) Handled with decision rules; decision rules cannot be developed 

Description : Decision making under certainty refers to .............................. situation. a. Deterministic b. Probabilistic c. Competitive d. None of these

Last Answer : a. Deterministic

Description : ....................... is an important Operations Research Technique to analyse the queuing behaviour. a. Game theory b. Waiting line theory c. Decision theory d. Simulation

Last Answer : b. Waiting line theory

Description : The O R technique which helps in minimising total waiting and service cost is: a. Game theory b. Queuing theory c. Both a and b d. Decision theory

Last Answer : b. Queuing theory

Description : The quantitative approach to decision analysis is a .......................... a. Logical approach b. Rational approach c. Scientific approach d. All of the above

Last Answer : c. Scientific approach

Description : 45. LP is a major innovations since _______ in the field of business decision-making, particularly under conditions of certainty a. Industrial Revolution b. World War I c. World War II d. French Revolution

Last Answer : c. World War II

Description : A situation in which one of two or more risk events will follow an act, but the precise nature  of these events may not be known and the probabilities of their occurring cannot be objectively  assigned, is ... 1. certainty  2. uncertainty  3. risk  4. risk adversity  5. None of the above.

Last Answer : 2. uncertainty

Description : If a manager at Wipro wants to award a contract for printing the company's promotional literature and has obtained quotations from several printers, the manager can select a printer and know with ______ what the printing should cost. (a) Ambiguity ; (b) Risk ; (c) Uncertainty ; (d) Certainty

Last Answer :  (d) Certainty 

Description : ............................ models involve the allocation of resources to activities in such a way that some measure of effectiveness is optimised. a. Sequencing b. Allocation c. Queuing theory d. Decision theory

Last Answer : b. Allocation

Description : ...................... is a method of analysing the current movement of the some variable in an effort to predict the future movement of the same variable. a. Goal programming b. Queuing theory c. Markov Analysis d. Replacement theory

Last Answer : c. Markov Analysis

Description : An intuitive manager could best be described as one who: A)uses scientific problem solving B)eliminates uncertainty in decision making C)searches out facts and data systematically D)uses an orderly approach to gathering information E)uses personal knowledge and experience to make decisions

Last Answer : E)uses personal knowledge and experience to make decisions

Description : ........................may be defined as a method of determining an optimal program of interdependent activities in view of available resources. a. Goal programming b. Linear programming c. Decision making d. None of these

Last Answer : b. Linear programming

Description : Operations Research is a very powerful tool for ........................ a. Operations b. Research c. Decision making d. None of these

Last Answer : c. Decision making

Description : Game theory became popular when the book “Theory of Games and Economic Behaviour” was published in 1944 by .............................. a. Von Neumann b. Mc Closky c. Von-Neumann and Mc Closky d. Von-neumann and Morgenstern

Last Answer : d. Von-neumann and Morgenstern

Description : Queuing theory is also termed as ............................ a. Game theory b. Replacement theory c. Waiting line theory d. None of these

Last Answer : c. Waiting line theory

Description : Which of the following is an assumption of game theory? a. The players act rationally and intelligently b. Each payer has a finite set of possible courses of action c. The players attempt to maximise gains or minimises losses d. All of the above

Last Answer : d. All of the above

Description : ............................is known as father of game theory. a. Von Neumann b. A K Erlang c. George b Dantzig d. Arnoff

Last Answer : a. Von Neumann

Description : ............................... is used to imitate an operation prior to actual performance. a. Inventory control b. Simulation c. Game theory d. Integrated Production Model

Last Answer : b. Simulation

Description : What are the different techniques used to offset risk and uncertainty in decision making?

Last Answer : Decision tree analysis, Simulation, Game theory, Probabilistic models

Description : Operations Research cannot give perfect .................. to the problem. a. Answers b. Solutions c. Both a and b d. Decisions

Last Answer : c. Both a and b

Description : Strategic Management is an attempt to organize qualitative and quantitative information in a way that allows effective decisions to be made under conditions of uncertainty

Last Answer : True

Description : Distinguish between decision under risk and uncertainty?

Last Answer : Making decision for the unknown state is decision under uncertainty Making decisions without considering the consequence is decision under risk.

Description : Risk in capital budgeting implies that the decision maker knows _ of the cash flows. A. Variability B. Certainty C. Probability D. None of these

Last Answer : C. Probability

Description : Controllable variables are also called.................................. a. Slack variables b. Surplus variables c. Artificial variable d. Decision variables

Last Answer : d. Decision variables

Description : The variables which cannot be manipulated by the decision maker are called.................... a. Controllable variables b. Uncontrollable variables c. Both a and b d. None of these

Last Answer : b. Uncontrollable variables

Description : The variables which can be manipulated by the decision maker are called.................... a. Controllable variables b. Uncontrollable variables c. Both a and b d. None of these

Last Answer : a. Controllable variables

Description : A LPP model doesnot contain: a. Decision b. Constraints c. Feasible solution d. Spread Sheet

Last Answer : d. Spread Sheet

Description : ........................variables are fictitious and cannot have any physical meaning. a. Slack variables b. Surplus variables c. Artificial variables d. Decision variables

Last Answer : c. Artificial variables

Description : Which of the following is true with regard to a Linear Programming Model? a. No guarantee to get integer valued solution b. The relationship among decision variables is liner c. Both a and b d. None of the these

Last Answer : d. None of the these

Description : Before formulating a formal L P model, it is better to: a. Verbally identify decision variables b. Express the objective function in words c. Express each constraint in words d. All of the above

Last Answer : d. All of the above

Description : A constraint in a Linear Programming Model restricts: a. Value of objective function b. Value of decision variable c. Use of available resources d. All of the above

Last Answer : d. All of the above

Description : In simplex method, ........................ should be selected when there is tie between slack/surplus variable and decision variable. a. Slack variable b. Decision variable c. Surplus variable d. None of these

Last Answer : b. Decision variable

Description : If there are more than one optimal solutions for the decision variables, the solution is ........... a. Infeasible b. Unbounded c. Alternative d. None of these

Last Answer : c. Alternative

Description : How do you figure out the percent uncertainty in the volume of a sphere when you know its radius with a particular degree of certainty?

Last Answer : I have never had to do a problem like this, so apologies if I lead you astray. I would start here: what’s the relationship between the radius of a sphere and its volume?

Description : Differentiate certainty and uncertainty.

Last Answer : Ans: A situation is called certain if it has only one possible outcome and it is called uncertain if it has more than one outcome.

Description : Traffic intensity in Queuing Theory is also called........................... a. Service factor b. Arrival factor c. Utilisation factor d. None of these

Last Answer : c. Utilisation factor

Description : ..............................was the first person who developed a viable queueing theory a. Von Neumann b. Morgenstern c. H M Wagner d. Simeon Dennis Poisson

Last Answer : d. Simeon Dennis Poisson

Description : In queuing theory, FCFS stand for .............................. a. First Cum First Served b. First Customer Fist Served c. Fast Channel First Served

Last Answer : a. First Cum First Served

Description : In queuing theory, ............................ stands for mean service rate. a. μ b. λ c. t d. none of these

Last Answer : a. μ

Description : In queuing theory, ............................ stands for mean arrival rate of customers. a. μ b. λ c. t d. none of these

Last Answer : b. λ

Description : In waiting line theory, number of customers waiting in the queue is referred to as ................ a. Traffic intensity b. Queuing system c. Service pattern d. Queue length

Last Answer : d. Queue length

Description : In queuing theory, ...................... is a person by whom service is rendered. a. Customer b. Server c. a or b d. none of these

Last Answer : b. Server

Description : In queuing theory, ...................... refers to those waiting in a queue or receiving service. a. Service provider b. Customer c. Both a and b d. None of these

Last Answer : b. Customer

Description : ............................... is concerned with determination of the most economic replacement policy. a. Probabilistic programming b. Linear programming c. Search theory d. Replacement theory

Last Answer : d. Replacement theory

Description : The jackpot on a gaming machine has not 'dropped' for several weeks. Believing that the payout is imminent, a gambler feeds coins steadily to the machine. What does this behavior ... ) A display of overconfidence (c) Decision making under uncertainty ; (d) Changing subjective probabilities

Last Answer : (a) Escalation of commitment ;

Description : ------------ is a condition in which the decision maker chooses a course of action without complete knowledge of the consequences that will follow implementation. (a) Risk ; (b) Uncertainty ; (c) Ambiguity ; (d) Accuracy

Last Answer : (b) Uncertainty ; 

Description : In a network diagram, activity is denoted by ............................ a. Node b. Arrow c. Triangle d. None of these

Last Answer : b. Arrow

Description : ......................... is a scheme or design of something intended to do. a. Network b. Float c. Project d. Program

Last Answer : a. Network

Description : ............................ is the sequence of activities which determines the total project duration. a. Critical path b. Network c. Non-critical activities d. None of these

Last Answer : a. Critical path