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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