Quantitative Techniques - 1

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



Select The Blank
Question
Terminology for Service Distribution is ________
Correct Answer
FCFS or LCFS
Your Answer
Poisson M

Multiple Choice Single Answer
Question
The information required to study an input process is :-
Correct Answer
Mean arrival rate
Your Answer
Pattern of arrival

Select The Blank
Question
Another name of Un-occupied Cells is ________.
Correct Answer
Water Cells
Your Answer
Water Cells

Multiple Choice Multiple Answer
Question
What is the application of quantitative techniques in maintenance management?
Correct Answer
To decide optimum stocking policies of spares , Predict useful life of parts , To decide optimum replacement policy of parts
Your Answer
To decide optimum stocking policies of spares , Predict useful life of parts , To decide optimum replacement policy of parts

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

Multiple Choice Multiple Answer
Question
Types of the Service Facilities are :-
Correct Answer
Single queue: Single server , Single queue: Multiple server , Single queue: Multiple server (Parallel)
Your Answer
Single queue: Single server , Single queue: Multiple server , Single queue: Multiple server (Parallel)

Multiple Choice Multiple Answer
Question
Which are the typical areas of application of probability theory?
Correct Answer
Market research , Inventory control , Price movements
Your Answer
Market research , Inventory control , Price movements

True/False
Question
Smallest element in each row is subtracted from each element in the column.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
Graphical method is used to solve problems involving how many unknowns?
Correct Answer
Two
Your Answer
Two

True/False
Question
Stepping stone method is to evaluate unoccupied cells to achieve an optimal solution.
Correct Answer
True
Your Answer
False

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

Multiple Choice Multiple Answer
Question
Terminologies of Graphical Method are :-
Correct Answer
Constraints , Graph of linear equality/inequality , Half Space
Your Answer
Constraints , Graph of linear equality/inequality , Half Space

Match The Following
Question
Correct Answer
Your Answer
Adaptive decisions
The outcomes of each decision alternative are not predictable
The outcomes of each decision alternative are not predictable
Mechanistic decisions
The outcomes of each decision alternative are known
The outcomes of each decision alternative are known
Analytical decisions
The outcomes of each decision alternative can be computed
The outcomes of each decision alternative can be computed
Judgmental decisions
The outcomes of each decision alternative is unknown
The outcomes of each decision alternative is unknown

Multiple Choice Multiple Answer
Question
Which are applications of quantitative techniques in financial management?
Correct Answer
Interpretation of financial statements , To determine optimum equipment replacement policies , To develop capital investment plans
Your Answer
Interpretation of financial statements , To determine optimum equipment replacement policies , To develop capital investment plans

Multiple Choice Multiple Answer
Question
Various Quantitative Techniques are :-
Correct Answer
Replacement Theory , Queuing Theory , Linear Programming
Your Answer
Linear Programming , Replacement Theory , Queuing Theory

Multiple Choice Single Answer
Question
A variable used to convert a greater than or equal to constraint into equality by subtracting it from left hand side of the constraint is :-
Correct Answer
Surplus Variable
Your Answer
Slack Variable

Multiple Choice Multiple Answer
Question
Terms related to NCWM, VAM & LCM are :-
Correct Answer
Allocation of units , Upper left hand corner , High Penalty cost
Your Answer
Allocation of units , Upper left hand corner , High Penalty cost

Multiple Choice Multiple Answer
Question
Resource Management involves
Correct Answer
Man , Machines , Materials
Your Answer
Man , Machines , Materials

Select The Blank
Question
Expected gain resulting from mixed strategy equals ________of possible outcomes.
Correct Answer
Weighted average
Your Answer
Weighted average

Multiple Choice Multiple Answer
Question
Which are the typical areas of application of forecasting?
Correct Answer
Materials control , Loading and scheduling , Budgeting
Your Answer
Materials control , Loading and scheduling , Budgeting

Select The Blank
Question
The ________ is a method for deciding how to meet some desired objective which may be profit maximisation or cost minimization, subject to constraints on the amounts of commodities required or resources available.
Correct Answer
Linear programming
Your Answer
Linear programming

Multiple Choice Multiple Answer
Question
Different Terms related to Simplex Method are :-
Correct Answer
Algorithm , Iteration , Slack variable
Your Answer
Algorithm , Iteration , Slack variable

Multiple Choice Single Answer
Question
A variable used to convert less than or equal to constraint into equality constraint by adding it to the left side of the constraint is :-
Correct Answer
Slack Variable
Your Answer
Slack Variable

Select The Blank
Question
Minimax value sets ________ limit on game.
Correct Answer
Upper
Your Answer
Upper

Select The Blank
Question
Number of customers in the queue plus those being serviced is ________.
Correct Answer
System Length
Your Answer
System Length

True/False
Question
Problem Formulation involves construction of a mathematical model from the given data.
Correct Answer
True
Your Answer
True

Select The Blank
Question
Transportation Tableau gives ________.
Correct Answer
Data on shipping costs
Your Answer
Data on shipping costs

Select The Blank
Question
SOPs provide necessary base to select optimal solution is known as ________.
Correct Answer
Mechanistic Decisions
Your Answer
Mechanistic Decisions

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

True/False
Question
Check for improvement potential is a procedural step for MODI method.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Infeasible Solution :-
Correct Answer
No solution satisfies all constraints
Your Answer
No solution satisfies all constraints

Multiple Choice Multiple Answer
Question
Saddle points equals to :-
Correct Answer
Assigning task to facility , Maximin
Your Answer
Assigning task to facility , Maximin

True/False
Question
Graphical method is restricted to two variables.
Correct Answer
True
Your Answer
True

True/False
Question
Service time can be either fixed & balanced layouts or it can be variable.
Correct Answer
True
Your Answer
False

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

Multiple Choice Multiple Answer
Question
Words related to LCM are :-
Correct Answer
Least , Method , Cost
Your Answer
Least , Method , Cost

Multiple Choice Single Answer
Question
Which of the following is example of programmed decision?
Correct Answer
Sanctioning or regretting leave to an employee
Your Answer
Sanctioning or regretting leave to an employee

True/False
Question
In a mixed strategy game players play more than one strategy to optimize the gain.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Games theory is applied when :-
Correct Answer
Competing strategies are to be decided
Your Answer
Competing strategies are to be decided

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 , Greater than or equal to are converted to equation by adding slack variable , Equal to are augmented by adding artificial variable

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
Infeasibility is the condition in which the Linear Programming problem permits no feasible combination of the decision variables.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Balanced Transportation Problem is :-
Correct Answer
A special type of LP problem that involves transportation or physical distribution of goods or services from supply points to demand points
Your Answer
Transportation problem in which total capacity at supply point doesn't equal the total demand at the destinations

Multiple Choice Single Answer
Question
Which technique replaces the age old intuitive and subjective approach of decision making by an analytical and an objective approach?
Correct Answer
Quantitative technique
Your Answer
Quantitative technique

Match The Following
Question
Correct Answer
Your Answer
Procedure of allocating units to cells
North West Corner Method
North West Corner Method
Procedure of allocating units to cost
Least Cost Method
Least Cost Method
Extra row or column in a tableau
Dummy source or Destination
Dummy source or Destination
Satisfies supply & demand conditions
An Initial Feasible Solution
An Initial Feasible Solution

Multiple Choice Single Answer
Question
Which of the following is not a statistical technique?
Correct Answer
Critical path analysis
Your Answer
Critical path analysis

Multiple Choice Single Answer
Question
Which of the following is example of personal decision?
Correct Answer
Works manager's decision to quit his post
Your Answer
Works manager's decision to quit his post