A problem is classified as Markov chain provided.
A. There are finite number of possible states
B. States are collectively exhaustive & mutually exclusive
C. Long-run probabilities of being in a particular state will be constant over time
D. All of the above
Answer: Option D
Solution (By Examveda Team)
A problem is classified as Markov chain provided are there are finite number of possible states, States are collectively exhaustive & mutually exclusive and Long-run probabilities of being in a particular state will be constant over time.This Question Belongs to Management >> Operations Research
A. Is possible when the variables value is known
B. Reduces the scope of judgement & intuition known with certainty in decision-making
C. Require the use of computer software
D. None of the above
A. Must be deterministic
B. Requires computer aid for its solution
C. Represents data in numerical form
D. All of the above
A physical model is example of.
A. An iconic model
B. An analogue model
C. A verbal model
D. A mathematical model
The qualitative approach to decision analysis relies on.
A. Experience
B. Judgement
C. Intuition
D. All of the above
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