Management Science Set 4 MCQs

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