What is concerned with the prediction of replacement costs and determination of the most economic replacement policy ?
A. Search Theory
B. Theory of replacement
C. Probabilistic Programming
D. None of the above
Answer: Option B
Solution(By Examveda Team)
Theory of replacement is concerned with the prediction of replacement costs and determination of the most economic replacement policy. The Replacement Theory in Operations Research is used in the decision making process of replacing a used equipment with a substitute; mostly a new equipment of better usage. The replacement might be necessary due to the deteriorating property or failure or breakdown of particular equipment.Related Questions on 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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