Principles and Practices of Management

71. All of the following are steps in the decision-making process EXCEPT

1. Define the problem
2. List alternatives
3. Identify the possible outcomes
4. Compute the posterior probabilities.

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72. The minimum EOL will always result in the same decision as

1. Minimax
2. Maximin
3. Maximum EMV
4. Maximax

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73. The decision making criteria that should be used to achieve maximum long term pay off is

1. EOL
2. EMV
3. Hurwicz
4. Maximax

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74. When total supply is equal to total demand in a transportation problem , the problem is said to be

1. Balanced
2. Unbalanced
3. Degenerate
4. None of the above

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75. A model is

1. An essence of reality
2. An approximation
3. An idealization'
4. All of the above

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76. The application of OR techniques involves ______________ approach

1. Individual
2. Team
3. Critical
4. None of the above

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77. ______________ is an important Operations research technique to be used for determining optimal allocation of limited resources to meet the given objectives.

1. Waiting line theory
2. Net work analysis
3. Decision analysis
4. Linear programming

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78. ______________ is a method of analyzing the current movement of the same variable in an effort to predict the future movement of the same variable.

1. Goal programming
2. Markov analysis
3. Replacement theory
4. Queuing theory

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79. A feasible solution to a linear programming problem

1. Must satisfy all problem constraints simultaneously
2. Need not satisfy all constraints
3. Must be a corner point of the feasible region
4. Must optimize the value of the objective function

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80. Which of the following may not be in a linear programming formulation?

1. <=.
2. >.
3. =.
4. All the above

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