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Merits
a.It is simple to understand and easy to calculate.
b.It is very useful in the case of data which are of qualitative nature like intelligence honesty beauty efficiency etc.
c.No other methods can be used when ranks are given except this.
d.When the actual data are given this method can also applied.
In a business, statistics is used to study the demand and market characteristics of the product or service being sold. In fact, market research
Chi Square Test for Independence of Attribute The chi square test can be used to find out whether two or more attributes are associated or not. This test helps in fin
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
Two Sample Tests In some situation the researchers may be taking statistical decisions based on two samples. Each of the two samples may represent a particular under con
A paper mill prouduces two grads of paper viz., X and Y. Becouse of raw material restriction, it cannot product more then 400 tons of grade X paper and 300 tons of grade Y paper in
application area of linear programing problem
Goal Programming This provides a more realistic model. In a modern setting, profit maximization may not be the only objective of a business concern. Other objectives or goals c
a. Discuss the methodology of Operations Research.
A company manufactures two types of printed circuits. The requirements of transistors, resistors and capacitor for each type of printed circuits along with other data are given in
Explain why it may be advantageous to build models to help in solving a decision problem.
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