Management Science Set 4
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This set of Management Science Multiple Choice Questions & Answers (MCQs) focuses on Management Science Set 4
Q1 | The equally likely decision criteria is also known as
- bayes
- laplace
- minimax
- hurwicz
Q2 | Opportunity loss refers to
- the expected value of a bad decision
- the expected loss from a bad decision
- the difference between actual pay off and the optimal pay off
- the regret from not having made a decision
Q3 | The criteria of expected monetary value is used for making decisions under
- certainty
- uncertainty
- risk
- all of the above
Q4 | The maximax criteria is……..
- optimistic
- neutral
- pessimistic
- can be any one of the above
Q5 | Which of the following might be viewed as an optimistic decision criterion?
- hurwicz criterion
- maximin
- maximax
- minimax
Q6 | The minimum EOL will always result in the same decision as
- minimax
- maximin
- maximum emv
- maximax
Q7 | Decision theory is concerned with
- methods of arriving at an optimal decision
- selecting optimal decision in sequential manner
- analysis of information that is available
- all of the above
Q8 | Which of the following criterion is not used for decision making under uncertainty?
- maximin
- maximax
- minimax
- minimize expected loss
Q9 | The minimum expected opportunity loss is
- equal to evpi
- minimum regret
- equal to emv
- both (a) and (b)
Q10 | The expected value of perfect information is equal to
- eppi – minimum emv
- eppi + maximum emv
- maximum eol
- none of the above
Q11 | The value of the coefficient of optimism is needed while using the criterion of
- equally likely
- maximin
- realism
- maximin
Q12 | while using Hurwicz criterion, the coefficient of realism
- represents the degree of optimism
- represents the degree of pessimism
- is the probability of state of nature
- none of the above
Q13 | The decision making criteria that should be used to achieve maximum long term pay off is
- eol
- emv
- hurwicz
- maximax
Q14 | Game theory models are classified by the
- number of players
- sum of all payoff
- number of strategies
- all of the above
Q15 | The objective of network analysis is to
- minimize total project duration
- minimize total project cost
- minimize production delays, interruption and conflicts
- all of the above
Q16 | The initial solution of a transportation problem can be obtained by applying anyknown method. But the only condition is
- the solution be optimal
- the rim conditions are satisfied
- the solution not be degenerate
- all of the above
Q17 | When total supply is equal to total demand in a transportation problem , the problem issaid to be
- balanced
- unbalanced
- degenerate
- none of the above
Q18 | The term “Operation Research” was coined by :
- Mc Closky and Trefthen
- Arthur Clark
- Churchman, Ackoff and Arnoff
- George B Dantzig
Q19 | Management Science came into existence in a ................... context.
- Business
- Academic
- Military
- Religious
Q20 | By the beginning of ........................., the industries in USA realised the importance ofManagement Science in solving business and management problems.
- 1930s
- 1940s
- 1950s
- 1960s
Q21 | In India, Operations Research came into existence in the year ..............
- 1940
- 1947
- 1949
- 1950
Q22 | In India, first Operations Research unit was set up at .................................
- Regional Research Laboratory, Hyderabad
- Indian Statistical Institute, Kolkotha
- Indian Institute of Science and Technology, Bengaluru
- Indian Institute of Science and Technology, Mohali
Q23 | In India, first Operations Research application was made by ...........................
- Pranab K Sen
- Prof. Mahalonobis
- Samarendra Nath Roy
- Raghu Raj Bahadur
Q24 | Operations Research Society of India was formed in the year ..................
- 1950
- 1955
- 1957
- 1960
Q25 | Who defined Operations Research as “the art of giving bad answers to problems which otherwisehave worse answers”?
- H M Wagner
- H A Taha
- T L Saaty
- Arthur Clark