The volume that results in total revenue being equal to total cost is the

• Marginal Volume

• Marginal Cost

• Break Even Point

• Total Revenue

Management science and operations research both involve

• qualitative managerial skills

• quantitative approaches to decision making.

• Operational Management Skills

• scientific research as opposed to applications

A model that uses a system of symbols and expressions to represent a problem is called

• Analog

• Iconic

• Mathematical

• Constrained

Baye’s theorem is useful in

• Computing conditional probabilities

• Computing Prior Probabilities

• Revising probability estimates

• Computing sequential probabilities

The quantitative analysis approach requires

• the manager's prior experience with a similar problem

• a relatively uncomplicated problem

• All the four are true

• mathematical expressions for the relationships

For a maximization problem, the conservative approach is often referred to as the

• minimax approach

• Maximin Approach

• Minimini Approach

• Maximax Approach

When the value of the output cannot be determined even if the value of the controllable input is known, the model is

• Stochastic Model

• Deterministic Model

• Controlled Model

• Analog Model

A model in which all uncontrollable inputs are known and cannot vary

• Stochastic Model

• Deterministic Model

• Controlled Model

• Analog Model

The probabilities of states of nature after revising the prior probabilities based on sample information is

• Prior Probability

• Posterior Probability

• Conditional Probability

• Marginal Probability

There is a fixed cost of Rs 45,000 to start a production process. Once the process has begun, the variable cost per unit is Rs 50. The revenue per unit is projected to be Rs 100. The expression for Total Cost

• 45000+100X

• 45000+50X

• 100X

• 100+50X