While calculating equilibrium probabilities for a Markov process, it is assumed that?
A. There is a single absorbing state
B. Transition probabilities do not change
C. There is a single non-absorbing state
D. None of the above
Answer: Option B
Solution (By Examveda Team)
While calculating equilibrium probabilities for a Markov process, it is assumed that transition probabilities do not change. Markov Analysis is a method used to forecast the value of a variable whose future value is influenced only by its current position or state, not by any prior activity that led the variable to its current position or state.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
Join The Discussion