The analysis of a complex decision situation by constructing a mathematical model of the situation and then performing a large number of iterations in order to determine the probability distribution of outcomes is called

Related MCQs

• A situation in which a decision maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as
• A situation in which a decision maker must choose between strategies that have more than one possible outcome when the probability of each outcome is unknown is referred to as
• Given production is 1,00,000 units, fixed costs is Rs 2,00,000 Selling price is Rs 10 per unit and variable cost is Rs 6 per unit. Determine profit using technique of marginal costing.
• A management concept under which all managers and employees at all stages of company operations strive toward higher standards and a reduced number of defective units are called:
• Circumstances that influence the profitability of a decision are referred to as
• Which of the following is a way to deal with decision making under uncertainty?
• If the responsibility centre gets more revenue from output, then it is called…
• When fixed cost is Rs. 20,000 and Profit volume ratio is 25 per cent, then breakeven point will occur at
• Flexible manufacturing systems (FMS) are reported to have a number of benefits. Which is NOT a reported benefit of FMS?
• --------------- Following is (are) called the element(s) of Cost