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Quantitative Techniques

1. Distinguish between decision making under certainty and decision making under
uncertainty. Mention certain methods for solving decision problems under
uncertainty. Discuss how these methods can be applied to solve decision problems.

2. Distinguish between probability and non-probability sampling. Elucidate the reasons

for the use of non-probability sampling in many situations in spite of its theoretical
weaknesses.

3. What are models? Discuss the role of models in decision-making. How can you
classify models on the basis of behavior characteristics?

4. What are matrices? How are determinants different from matrices? Discuss few
applications of matrices in business.

Section B
Write short notes on any ten of the following:
(a) Concept of Maxima and Minima
(b) Types of classification of data
(c) Pascal Distribution
(d) Multi-stage sampling & Multi-phase sampling
(e) Box-Jenkins Models for Time Series
(f) Determinant of a Square Matrix
(g) Primary and Secondary Data

(h) Bernoulli Process

(i) The Student's t Distribution
(j) Use of Auto-correlations in identifying Time Series
(K) Absolute value function
(l) Quantiles
(m) Criteria of pessimism in decision theory
(n) Cluster vs. Stratum
(o) Moving average models

(p) Step function

(q) More than type ogive
(r) Subjectivist's criterion in decision making
(s) Double sampling
(t) Auto regressive models

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