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Quantitative techniques are very useful in making decisions under conditions of varying degrees of uncertainty. Torque Engineering Co. Ltd. faces the problem of allocating resources to its newly set up hydraulic pumps division.
(a) Linear programming (b) Decision tree (c) Simulation (d) Waiting-line method (e) Game theory.
(a)
Linear programming is a mathematical technique used in optimum allocation of resources in the organization. Decision tree is a graphical method for identifying alternative actions, estimating probabilities, and indicating the resulting expected pay-off. Simulation is the technique of developing a model that represents a real or existing system for solving complex problems that cannot be readily solved by other techniques. Waiting-line or queuing model is a mathematical model that describes the operating characteristics of queuing situations, in which service is provided to persons or units waiting in line. Game theory is a technique for determining the strategy that is likely to produce maximum profits in a competitive situation.
Answer (a) linear programming, as it is usefull to choice the optimum solution among other alternatives.
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(a) Linear programming............... . . . .
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