Operations Research - Study Mode
[#121] The word __________ may be defined as some action that we apply to some problems or hypothesis.
Correct Answer
(B) Operation
Explanation
Solution: The word Operation may be defined as some action that we apply to some problems or hypothesis. Operation means the actions and decisions made by participants and members of a business that affect the production, distribution, service, management, etc. needed for a company to function that requires the use of resources and assets.
[#122] The operations Research technique, specially used to determine the optimum strategy is.
Correct Answer
(B) Simulation
Explanation
Solution: The operations Research technique, specially used to determine the optimum strategy is simulation. Operational analysis is used in the British (and some British Commonwealth) military as an intrinsic part of capability development, management and assurance. In particular, operational analysis forms part of the Combined Operational Effectiveness and Investment Appraisals, which support British defense capability acquisition decision-making.
[#123] ___________ are the representation of reality.
Correct Answer
(A) Models
Explanation
Solution: Models are the representation of reality. A Business Model is a representation of the reality (of a set of business activities) where the modelling exercise is to faithfully abstract the core activities into a model which is an abbreviated but accurate representation of the reality.
[#124] ___________ are called mathematical models.
Correct Answer
(C) Symbolic Models
Explanation
Solution: Symbolic Models are called mathematical models. Symbolic Modelling is a therapeutic and coaching process developed by psychotherapists Penny Tompkins and James Lawley, based on the work of counselling psychologist David Grove. Using Grove’s Clean Language, a progressive questioning technique using clients’ exact words, the facilitator works with a client’s self-generating metaphors to clarify personal beliefs, goals, and conflicts, and to bring about meaningful change. Because of its reliance on emergence and self-organisation it has been called a "post-modern oriented therapeutic approach".
[#125] Probabilistic models are also known as.
Correct Answer
(B) Stochastic Models
Explanation
Solution: Probabilistic models are also known as Stochastic Models. Stochastic modeling is a form of a financial model that is used to help make investment decisions. This type of modeling forecasts the probability of various outcomes under different conditions, using random variables.