What is Opportunity Loss Table?
Opportunity Loss Table : The opportunity Loss is defined as the difference between highest possible profit for a state of nature and the actual profit...
Operations Research
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Uses of Slack, Surplus and Artificial variables in LPP
Uses of Slack, Surplus and Artificial variables in LPP. (Apr 2004) Slack variable: It is used o convert a Less than or equal to...
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Compare transportation problem and Assignment problem
Assignment Problem Transportation Problem (i) Assignment means allocating various jobs to various people in the organization. Assignment should be done in such a...
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What is Laplace Criterion?
Laplace Criterion : This criterion is based on the principle of insufficient reason and was developed by Thomas Bayels and supported by simon de laplace....
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What is Balanced or Unbalanced Assignment problem?
The Assignment problem can be Balanced or Unbalanced problem. A Balanced problem means the no. of rows and no. of columns in the problem are...
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What is Restricted assignment problem, which is an unbalanced problem?
Restricted assignment problem, which is an unbalanced problem. (Apr 2003) A restricted assignment problem is the one in which one or more allocations are...
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What is Looping in a Transportation problem?
Looping in a Transportation problem. (Apr 2004) In transportation problem we get a loop when solution is not optimal. We find delta value (opportunity...
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What is Prohibited or Restricted Assignment problem?
Prohibited or Restricted problem: A Prohibited problem is the one in which there are one or more restrictions. E. g. say there are 4 contractors...
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What is Expected Opportunity Loss (EOL)?
Expected Opportunity Loss (EOL) : One more way of maximizing monetory value is to minimize the expected opportunity loss or expected value of regret. The...
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Necessary and sufficient conditions for critical path in PERT / CPM
Necessary and sufficient conditions for critical path in PERT / CPM. (Apr 2006) Necessary conditions: If Earliest occurrence time equals Latest occurrence time for...
