Quantitative Techniques - 7

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



Select The Blank
Question
LP decide on product quantities to maximize profit is ________.
Correct Answer
Product Mix Problems
Your Answer
Product Mix Problems

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

Multiple Choice Single Answer
Question
Which of the following technique is used to deal with the decision making under certainty?
Correct Answer
Assignment model
Your Answer
Assignment model

Multiple Choice Single Answer
Question
Selection of random samples from a tot & inspection of the same is called :-
Correct Answer
Acceptance Sampling
Your Answer
Acceptance Sampling

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

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

Select The Blank
Question
In a maximization problem when each element is subtracted from largest element, the resultant matrix indicates ________.
Correct Answer
Opportunity loss
Your Answer
Reduced matrix

Multiple Choice Multiple Answer
Question
Transportation Tableau is a Data on :-
Correct Answer
Demand , Capacity , Unit Shipping Cost
Your Answer
Demand , Capacity , Unit Shipping Cost

True/False
Question
Compute row & column values for stone squares is step for MODI method.
Correct Answer
True
Your Answer
True

Select The Blank
Question
________ is called Stepping Stone Method.
Correct Answer
Unoccupied cells to achieve solution
Your Answer
Water cells to achieve solution

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

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

Select The Blank
Question
Identify decision variables is ________ step of Graphical Method.
Correct Answer
First
Your Answer
First

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 Single Answer
Question
A row in the simplex table which contains the co-efficient of the variables in the objective function is :-
Correct Answer
Cj row
Your Answer
Cj row

Multiple Choice Multiple Answer
Question
Special cases on simplex method are :-
Correct Answer
Multiple Optimal Solution , Unbounded Solution , Infeasible Solution
Your Answer
Multiple Optimal Solution , Unbounded Solution , Infeasible Solution

Match The Following
Question
Correct Answer
Your Answer
Multiply each element of maximization problem by.
-1
-1
When number of lines covering all zeros equals no of rows/columns, number of optimal solutions are.
1
Number of rows.
Cost at prohibited assignments
¥
¥
Cost of dummy row/column.
0
0

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

True/False
Question
After application dominance rule the game is of size 2x3, it is solved by sub-game method.
Correct Answer
True
Your Answer
False

True/False
Question
Under Single Queue, Multiple Servers (Series), there is one queue but several servers in the service facility.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Vogel's Approximation Method (VAM) is :-
Correct Answer
A systematic procedure to obtain an initial feasible solution based on avoidance of high penalty & cost cell
Your Answer
A systematic procedure to obtain an initial feasible solution based on avoidance of high penalty & cost cell

Match The Following
Question
Correct Answer
Your Answer
Feasible Region
Defined by Constraints
Defined by Constraints
Constraint
Upper or Lower Limit
Upper or Lower Limit
Graph
Straight Line
Straight Line
Half Space
Same Side of Line
Same Side of Line

True/False
Question
Constraint that does not affect the feasible solution is Redundant.
Correct Answer
True
Your Answer
True

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

Select The Blank
Question
Representation of Mean Time between consecutive arrivals is done by ________.
Correct Answer
Inverse of Lambda
Your Answer
Inverse of Lambda

Multiple Choice Single Answer
Question
What is MODI Method?
Correct Answer
A systematic procedure for evaluating unoccupied (water) cells to achieve an optimal solution
Your Answer
A systematic procedure for evaluating unoccupied (water) cells to achieve an optimal solution

Multiple Choice Multiple Answer
Question
Which are different criterias used to classify the managerial decisions?
Correct Answer
Effect of decision on future course of action , Amount involved , Level at which decisions are taken
Your Answer
Effect of decision on future course of action , Amount involved , Level at which decisions are taken

True/False
Question
Each allocation assigned to a square is called stone.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Which criteria is used to divide the managerial decisions into policy decisions and operating decisions?
Correct Answer
Level at which decisions are taken
Your Answer
Level at which decisions are taken

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
Tabular arrangement of data on demand, capacity & per unit shipping costs between supply point to destination is :-
Correct Answer
Transportation Tableau
Your Answer
Transportation Tableau

Multiple Choice Multiple Answer
Question
Procedural steps in Transportation problem are :-
Correct Answer
Set up transportation tableau , Establish an initial solution , Examine initial solution for feasibility
Your Answer
Set up transportation tableau , Establish an initial solution , Examine initial solution for feasibility

True/False
Question
Effective improvement over the initial feasible solution is included in MODI.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Saddle point occurs when :-
Correct Answer
Maximin = Minimax
Your Answer
Maximin = Minimax

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

Select The Blank
Question
Management Science & ORT provide computational techniques to select optimal solution is called as ________.
Correct Answer
Analytical Decisions
Your Answer
Analytical Decisions

Multiple Choice Single Answer
Question
A Graph is :-
Correct Answer
Two-variable-linear-equation is always a Straight Line
Your Answer
Two-variable-linear-equation is always a Straight Line

Multiple Choice Single Answer
Question
For a 4X4 assignment problem number of possible solutions are :-
Correct Answer
24
Your Answer
24

Multiple Choice Single Answer
Question
In VAM, M stands for :-
Correct Answer
Method
Your Answer
Method

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

Multiple Choice Single Answer
Question
Alternative Optimal Solution is :-
Correct Answer
Point that gives same optimal value
Your Answer
Point that gives same optimal value

Multiple Choice Multiple Answer
Question
Queues are formed at :-
Correct Answer
Bus stand , Traffic lights , Telephone booths
Your Answer
Bus stand , Traffic lights , Telephone booths

Select The Blank
Question
Mathematical Model Construction from the given data is known as ________.
Correct Answer
Problem Formulation
Your Answer
Problem Formulation

Select The Blank
Question
Unbounded Solution is one which is ________.
Correct Answer
Permitted to be infinitely large
Your Answer
Permitted to be infinitely large

Select The Blank
Question
Team approach needs for optimal solution of ________ Decisions.
Correct Answer
Adaptive
Your Answer
Adaptive

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

True/False
Question
Degeneracy is not the condition when there is a tie for replacement ratios for choosing the departing variable.
Correct Answer
False
Your Answer
False