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These models deal with the selection of an optimal course of action given the possible pay offs and their associated probability of occurrence. These models are broadly applied to problems involving decision making under risk and uncertainly.
explain operation research with example.and also discuss the scope of OR in modern management.
Ranganathan's Principles: Perhaps it would be worthwhile to consider the Five Laws of Library Science of Dr. S. R. Ranganathan as the basic guidelines for formulating the obje
Simple Graph The values of the two variables are plotted on a graph paper. We get two curves one for x variables and another for y variables. These two curves reveal the dir
Type of Measures of Dispersion a. Absolute Measure: The measure of dispersion which is expressed in terms of the units of the observations( e, g, Rupees , metre ,
With practical example
what will happen when line balance doesn not exist
Area under Standard Normal Curve The graph of the standard normal curve y = p(z) with different percentages areas is shown here. Since p(z) is a probability distributi
A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i
Z-Test Prof. Fisher has given a method of testing the significance of the correlation coefficient in small samples. According to this method the coefficient of correlation
INFORMATION AND OTHER RELATED CONCEPTS - THEIR MEANING AND CHARACTERISTICS: You may often hear or read in newspapers and other popular magazines about "exponential growth of i
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