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advantage of simulation modeling isait generates an optimal solution to the problembit allows the inclusion of real-world complicationscit can be
when probabilities are assigned events the decision maker may useathe pessimistic criterionbthe equally-likely criterioncthe expected opportunity
under uncertainty the risk averter decision criterion isalaplacebmaxi-maxcexpected
simple or single-stage decision making models are characterized byaevent nodesbdecision nodescdecision arrowsd conditional payoff tables or
in decision theory the three states nature arealocal regional and nationalblow medium and highcshort-term mid-term and long-termdcertainty
discuss the validity in zimbabwe of the grounds on which the profit maximising model of the firm has been
in the growth stage of a products life cycle a typical operations strategy would beincreasing capacityshort production runscost
a paper mill produce two grades of paper viz x and y because of raw material restrictionit cannot produce more than 400 tons of grade x and 300 tons
decision makers often rely on what are called policy briefs to summarize information about a problem and help them make decisions in this
minimize error variance a third group of factors influencing the dependent variable are known as random variables because they are temporary
control or eliminate extraneous variance it means the control or elimination of the impact of other independent variables which are likely to
maximize systematic variance the systematic variance is the variance or the difference caused in the dependent variable by the experimental
control of variance second basic purpose of research design is the control of variance research design help in manipulation of experimental
requirements for a good research designa nature and scope of the problem to be studied must be stated clearly or say must be
types of research designthe marketing research designs are classified on the basis of the fundamental objectives of the research they may be
exploratory researchexploratory research studies are also termed as for mutative research the main purpose of such studies is that of formulating a
methods for collecting informationliterature research study of secondary data the quickest and most economical way is to find possible
survey of knowledgeable persons or experience survey experience survey means the survey of people who have had practical experience with the
case studythe third general type of exploratory research is the case methods this research method has long been considered soft or non-scientific but
distinctive features of case studyaincrease of knowledge like the historical method the traditional case study method also serves a dual purpose
specific steps in the case study approacha determining present status the first step is to gather descriptive information which will determine as
advantages of case studya being an exhaustive study of a social unit the case study method enables us to understand fully the behaviour pattern of
conclusive researchconclusive research provides information which helps the executive to make a ration decision the marketing executive has to arrive
descriptive researchdescriptive studies as their name implies are designed to describe something for example the characteristics of users of a given