2020_1 NOUN TMA Questions & Solutions: BUS406 - Analysis For Business Decisions
The Monte Carlo method of simulation was developed by two mathematicians
Answer: jon von neumann and stainslaw ulam
The term system is derived from the Greek word systema, which means
Answer: an organized relationship among functioning units or components.
is a basic assumption of linear
programming is that proportionality exists the objective function and the constraints.
A description of an actual administrative situation involving a decision to be made or a problem to be solved is known as
Answer: a case study
Which of the following is not an area of science and technology in which Monte- Carlo Simulation can be applied?
Answer: in electioneering practices
An orderly grouping of interdependent components linked together according to a plan to achieve a specific objective is referred to as
Answer: a system
When developing an initial basic feasible solution for a transportation problem, there are different methods that can be used. Which if the following is not one of the methods used?
Answer: optimization method
Which on the list is not a limitation of the simulation technique?
Answer: simulation technique is easier to use than mathematical models and its considered quite superior to mathemati analysis.
Which of the following is an area that Linear Programming can be applied in the industry?
Answer: make-or-buy problems
Which of the following is not a limitation of the Linear Programming Model?
Answer: for large problems having many limitations and constraints, the computerized difficulties are very few and easy, even when assistance of large digital computers is not available.
The phenomenon which is primarily concerned with experimentally predicting the behaviour of a real system for the purpose of designing the system or modifying behaviour is known as
Which of the following is not an assumption of the Transportation Model?
Answer: equality if distances covered
An equation in the form of maximize Z = 4x1 + 3x2 + 6x3 in Linear programming is known as
Answer: non negativity function
A model that deals with a special class of linear programming problem in which the objective is to transport a homogeneous commodity from various origins or factories to different destinations or markets at a total minimum cost is known as
Answer: transportation model
Which of the following is not a component of inventory carrying cost?
Answer: set up cost
which of the following is not an element of a system?
The foilwing are basic implications of the study of the system concept except
Answer: a good system must be subdivided in five major components.
is not a requirement for the
formulation of a Linear Programming problem
Answer: all interacting variables must be equal
Identify the option that is not an advantage of simulation from the list of options given.
Answer: simulation does not produce optimum results when the model deals with uncertainties, the results of simulation only reliable approximations subject to statistical
The element that guides the system is known as
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