Quantitative Techniques - 2

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



Select The Blank
Question
Expected gain to a player, if he and & his opponent use their best strategy is called ________of game.
Correct Answer
Value
Your Answer
Value

Select The Blank
Question
Decision Making under Un-certainty is called as ________.
Correct Answer
Uncertain Situations
Your Answer
Uncertain Situations

Multiple Choice Single Answer
Question
If Pij represent element in each column, than minimax value of game is :-
Correct Answer
Min (max pij)
Your Answer
Min (max pij)

Select The Blank
Question
Cash flows & determining Optimal investment proposal is ________.
Correct Answer
Investment Theory
Your Answer
Investment Theory

Multiple Choice Single Answer
Question
Graphical method is restricted to :-
Correct Answer
Two Variables
Your Answer
Two Variables

Multiple Choice Multiple Answer
Question
Combination of strategies of players determines :-
Correct Answer
Outcomes , Payoff
Your Answer
Outcomes , Payoff

Multiple Choice Single Answer
Question
In a pure strategy game if there are two maximin values, then the no optimal strategies for players and is :-
Correct Answer
Two
Your Answer
No optimal strategy

Multiple Choice Multiple Answer
Question
Game can have :-
Correct Answer
Mixed strategies , Pure strategies
Your Answer
Mixed strategies , Pure strategies

Multiple Choice Multiple Answer
Question
In solution of an assignment problem a row with zero costs is added and all the elements are multiplied by - 1, then the problem is of nature :-
Correct Answer
Unbalance assignment. , Maximization.
Your Answer
Unbalance assignment. , Maximization.

True/False
Question
Value of the subgame related to highest point in the feasible region is solution for 2xn game.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Graphical method deals with problem of :-
Correct Answer
Both Maximization & Minimization
Your Answer
Both Maximization & Minimization

Multiple Choice Single Answer
Question
A systematic procedure to obtain an initial feasible solution allocating units to the cells of the transportation table beginning in the upper left hand corner is :-
Correct Answer
North West Corner Method
Your Answer
North West Corner Method

True/False
Question
Variable used to convert a greater than equal to constraint into equality by subtracting it from left hand side of the constraint is Surplus Variable.
Correct Answer
True
Your Answer
True

Select The Blank
Question
Equation of constraints & ________ sets up Simplex method.
Correct Answer
Objective Function
Your Answer
Objective Function

Select The Blank
Question
Finding out the quantity of components to be used at ________.
Correct Answer
Minimum Cost
Your Answer
Maximum Cost

Multiple Choice Single Answer
Question
Value of a game having saddle point equals :-
Correct Answer
Saddle point
Your Answer
Saddle point

Multiple Choice Single Answer
Question
Systematic procedure to obtain initial feasible solution by allocating as many units as possible to the lowest cost cell in the transportation table is :-
Correct Answer
Least Cost Method
Your Answer
Least Cost Method

True/False
Question
Personal decisions can affect the organisation and organisational decisions can affect the person.
Correct Answer
True
Your Answer
True

True/False
Question
Column with the highest negative index number is called a Key Column.
Correct Answer
True
Your Answer
True

Match The Following
Question
Correct Answer
Your Answer
Transportation Tableau
Data on shipping costs
Data on shipping costs
Transportation Problem
Transportation of goods or services
Transportation of goods or services
Balanced Transportation Problem
Supply points equals total demand
Supply points equals total demand
Un-balanced Transportation Problem
Supply points does not equal demand
Supply points does not equal demand

Multiple Choice Single Answer
Question
Optimal Solution is :-
Correct Answer
That point or points in the feasible region that gives the optimal values of the objective function
Your Answer
That point or points in the feasible region that gives the optimal values of the objective function

Multiple Choice Multiple Answer
Question
Elements of Transportation Model are :-
Correct Answer
Plants , Warehouses , Supply & Demand
Your Answer
Plants , Warehouses , Supply & Demand

Multiple Choice Multiple Answer
Question
Purchase Management involves :-
Correct Answer
Purchase Orders , Vendor Evaluation , Negotiation of Supplier Prices
Your Answer
Purchase Orders , Vendor Evaluation , Negotiation of Supplier Prices

True/False
Question
When number of zeros in final assignment matrix are more than required ones, the problem has alternative optimal solution.
Correct Answer
True
Your Answer
True

Match The Following
Question
Correct Answer
Your Answer
Decision making under uncertainty
Uncertain situations
Uncertain situations
Decision making under certainty
Deterministic models
Deterministic models
Decision making under conflict
Competitive strategies
Competitive strategies
Decision making under risk
Stochastic models
Stochastic models

Select The Blank
Question
Value of pure strategy game to player II is ________.
Correct Answer
Negative Minimax
Your Answer
Negative Minimax

Select The Blank
Question
Dummy source is also termed as ________.
Correct Answer
Destination
Your Answer
Determination

Multiple Choice Single Answer
Question
An extra variable added to obtain an initial feasible solution to a Linear Programming problem is called :-
Correct Answer
Artificial Variable
Your Answer
Slack Variable

Multiple Choice Single Answer
Question
Graphical method can deal with :-
Correct Answer
Any number of constraints
Your Answer
Two constraints

Multiple Choice Multiple Answer
Question
Procedural steps in VAM are :-
Correct Answer
Calculation of difference bet 2 element , Selection of row or column , Allocation of number of units
Your Answer
Calculation of difference bet 2 element , Selection of row or column , Allocation of number of units

Multiple Choice Multiple Answer
Question
Objects too can form queues as :-
Correct Answer
Semi-finished job await next operation , Broken down to be repaired , Blunt tools awaiting to be reground
Your Answer
Semi-finished job await next operation , Broken down to be repaired , Blunt tools awaiting to be reground

True/False
Question
The graphical method is simple to understand & easy to use
Correct Answer
True
Your Answer
True

True/False
Question
Minimax vale of the game sets upper limit to the value of the game.
Correct Answer
True
Your Answer
True

Select The Blank
Question
Definition of Dummy source is ________.
Correct Answer
Extra row or column in tableau, with zero cost in each of its cells, used to balance an unbalanced problem
Your Answer
Extra row or column in tableau, with zero cost in each of its cells, used to balance an unbalanced problem

True/False
Question
If a mixed strategy game is bigger than 2x2 size, dominance rule is used to reduce the game.
Correct Answer
True
Your Answer
True

Select The Blank
Question
________ is the last step of Graphical Method of LP.
Correct Answer
Calculate the total profit / loss
Your Answer
Calculate the total profit / loss

Multiple Choice Multiple Answer
Question
Rules concerning Constraints are :-
Correct Answer
Less than or equal to are reduced to equations by adding slack variable , Greater than or equal to are converted to equation by adding slack variable , Equal to are augmented by adding artificial variable
Your Answer
Less than or equal to are reduced to equations by adding slack variable , Equal to are augmented by adding artificial variable , Non-negativity restrictions

Select The Blank
Question
To solve a maximization problem, all elements in the matrix are subtracted from ________ element in the matrix.
Correct Answer
Largest
Your Answer
Largest

Multiple Choice Multiple Answer
Question
Shadow prices help to identify high cost resources which need :-
Correct Answer
Management attention for minimizing waste , Developing cost saving methods , Searching for substitute materials to reduce costs
Your Answer
Management attention for minimizing waste , Developing cost saving methods , Searching for substitute materials to reduce costs

Multiple Choice Single Answer
Question
Which criteria is used to classify the managerial decisions into four categories as mechanistic decisions, analytical decisions, judgmental decisions and adaptive decisions?
Correct Answer
Complexity of problem and degree of certainty about the outcome
Your Answer
Complexity of problem and degree of certainty about the outcome

Select The Blank
Question
The ________ represents consequences of the interactions of the decision alternatives and the chance events.
Correct Answer
Outcomes
Your Answer
Outcomes

Multiple Choice Single Answer
Question
Which of the decision theory model indicates the situations where consequences of each act of decision maker are influenced by acts of opponent?
Correct Answer
Competitive strategies
Your Answer
Competitive strategies

True/False
Question
When there is alternative optimal solution to an assignment problem, total cost of each alternative is different.
Correct Answer
False
Your Answer
False

True/False
Question
A redundant constraint is necessary for the solution to the problem & therefore can be omitted at the time of formulation of the problem.
Correct Answer
False
Your Answer
True

Multiple Choice Multiple Answer
Question
MRP II is associated with :-
Correct Answer
Men , Machine , Material
Your Answer
Men , Machine

Multiple Choice Multiple Answer
Question
Saddle points equals to :-
Correct Answer
Assigning task to facility , Maximin
Your Answer
Assigning task to facility , Maximin , Weighted average and possible outcome

Multiple Choice Multiple Answer
Question
Nomenclatures related to Transportation Problem are :-
Correct Answer
S , P , W
Your Answer
S , W , M