Operations Research or Qualitative Approach MCQ Questions and Solutions with Explanations | Management

In Probabilistic Models there is risk and uncertainty. Probabailistic models incorporate random variables and probability distributions into the model of an event or phenomenon. While a deterministic model gives a single possible outcome for an event, a probabilistic model gives a probability distribution as a solution.

Iconic models represent the system as it is, but in different size. Thus Iconic models are obtained by enlarging or reducing the size of the system. In other words they are images Some common examples are photographs, drawing model airplanes, ships, engines, globes, maps etc. A toy airplane is an iconic model of a real one.

Operations Research attempts to find the best and Optimum solution to a problem. The use of computers it is possible to handle complex problems requiring large amount of calculations. The objective of the operations research models is to attempt and to locate Best or Optimal 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.

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.

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.

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".

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.

Static Models assumes that the values of the variables do not change with time during a particular period. The static model describes the structure of a distributed parameter system, i.e. its state at a specific time instant. The intersection models relate the parameters that are to be combined in a composite field by means of their distribution models.

A Dynamic Models considers time as one of the important variable. Dynamic models are generally models that contain or depend upon an element of time, especially allowing for interactions between variables over time. A separate idea with the same name is models that are updated over time with new data. In the case of Systems Dynamics, we often have variables that are looped.