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Xaviers Institute of Business Management Studies
Quantitative Techniques
1.. Define Linear Programming. What are the essential Characteristics required for a linear programming model?
Answer: Linear Programming: In Mathematics, linear programming is a method of optimising operations with some constraints. The main objective of linear programming is to maximize or minimize the numerical value. It consists of linear functions which are subjected to the constraints in the form of linear equations or in the form of
5. Discuss the role of sensitivity analysis in linear programming.
Answer: Role of sensitivity analysis in linear programming: Sensitivity analysis in linear programming measures the degree to which a solution responds to modifications of the elements of the analysis, such as the objective function coefficients. The objective function represents the mathematical function to work on. Thus, sensitivity analysis enables managers to adjust the linear programming results to their specific environments, in practice. It
8. Explain the steps involved in solving an assignment problem.
Answer: Assignment problem: An assignment problem is a particular case of transportation problem where the objective is to assign a number of resources to an equal number of activities so as to minimise total cost or maximize total profit of allocation.
The problem of assignment arises because available resources such as men, machines etc. have varying degrees of efficiency for performing
9. What is the difference between CPM and PERT?
Answer: Difference Between PERT and CPM
CPM vs PERT Project management can be understood as a systematic way of planning, scheduling, executing, monitoring, controlling the different aspects of the project, so as to attain the goal made at the time of project formulation. PERT and CPM
10. What are the critical path activities and why are they considered important?
Answer: Critical path activities: The importance of good scheduling in project management ensures the ultimate success of the project. The critical path activity is defined as the tasks that establish the end date of the project schedule. When one of the project
13. What is the replacement of items? Why is it important?
Answer: Replacement of items and importance: In any establishment, sooner or later equipment needs to be replaced, particularly when new equipment gives more efficient or economical service than the old one. In some cases, the old equipment might fail and work no more or is worn out. In such situations it needs more expenditure on its
14. What is meant by a Fair Game?
Answer: Fair Game: Game theory was developed for the purpose of analyzing competitive situations involving conflicting interests. In other words, game theory is used for decision making under conflicting situations where there are one or more opponents (i.e., players). For example, chess, poker, etc., are the games which have the characteristics of a
15. What is simulation? Give a few areas of its application.
Answer: A simulation is the imitation of the operation of a real-world process or system over time. Simulations require the use of models; the model represents the key characteristics or behaviors of the selected system or process, whereas the simulation
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