1.what is probability?

Probability is the branch of mathematics and statistics concerning events and numerical
descriptions of how likely they are to occur.
2. What is conditional probability?
Conditional probability is a measure of the probability of an event occurring given that another
event has occurred. It is a way to update the probability of an event based on new information.
3. What are the properties of binomial distribution?
The binomial distribution is a discrete probability distribution that models the number of
successes in a fixed number of independent trials, where each trial has a constant probability of
success. Here are the key properties of the binomial distribution:
#Properties of Binomial Distribution
1. *Number of Trials*: The binomial distribution is characterized by a fixed number of trials,
denoted by n.
2. *Probability of Success*: Each trial has a constant probability of success, denoted by p.
3. *Independence*: The trials are independent, meaning the outcome of one trial does not affect
the outcome of another trial.
4. *Random Variable*: The binomial distribution is a discrete random variable, denoted by X,
which represents the number of successes in n trials.
5. *Probability Mass Function*: The probability mass function (PMF) of the binomial distribution.
4. What is slack and float variable?
Slack Variable
Slack, also known as Slack Time, is the amount of time that a task can be delayed without
affecting the overall project duration. It is the difference between the latest finish time and the
earliest finish time of a task.
Slack = Latest Finish Time - Earliest Finish Time
Float Variable
Float, also known as Float Time, is the amount of time that a task can be delayed without
affecting the start time of the next task. It is the difference between the latest start time and the
earliest start time of a task.
Float = Latest Start Time - Earliest Start Time
5. What is free float?
Free float, also known as public float, refers to the shares of a company that can be publicly
traded and are not restricted.
6. What is meant by feasible regions?
A feasible region is the set of all possible points that satisfy the constraints of an optimization
problem.
7. Differentiate between PERT and CPM?
PERT (Program Evaluation and Review Technique) and CPM (Critical Path Method).
*1. Origin and Purpose*
- *PERT*: Developed in the 1950s by the US Navy to manage complex projects, such as the
Polaris submarine project. PERT focuses on the uncertainty of activity durations and provides a
probabilistic approach to project scheduling.
- *CPM*: Developed in the 1950s by Morgan Walker and James Kelley to manage construction
projects. CPM focuses on the deterministic approach to project scheduling, assuming that
activity durations are known with certainty.
*2. Activity Duration Estimation*
- *PERT*: Uses three-point estimates (optimistic, most likely, and pessimistic) to estimate
activity durations. This approach acknowledges the uncertainty of activity durations.
- *CPM*: Uses single-point estimates (deterministic) to estimate activity durations. This
approach assumes that activity durations are known with certainty.
*3. Network Diagram*
- *PERT*: Uses an "event-oriented" network diagram, where nodes represent events or
milestones, and arrows represent activities.
- *CPM*: Uses an "activity-oriented" network diagram, where nodes represent activities, and
arrows represent dependencies between activities.
*4. Critical Path Calculation*
- *PERT*: Calculates the critical path using the expected duration of activities, which is a
weighted average of the three-point estimates.
- *CPM*: Calculates the critical path using the deterministic duration of activities.
*5. Risk Management*
- *PERT*: Incorporates risk management by using three-point estimates and calculating the
expected duration of activities.
- *CPM*: Does not explicitly incorporate risk management, as it uses deterministic duration
estimates.
#PERT stands for Program Evaluation and Review Technique, which is a project
management tool that helps with planning and tracking projects.
8. Difference between transportation problem and assignment problem?
Transportation Problem (TP)
- *Definition*: The Transportation Problem is a special type of linear programming problem that
involves transporting goods from a set of sources (e.g., factories) to a set of destinations (e.g.,
warehouses).
- *Objective*: The goal is to minimize the total transportation cost while satisfying the demand
at each destination and not exceeding the supply at each source.
- *Constraints*:
- Supply constraints: The total amount transported from each source cannot exceed the
available supply.
- Demand constraints: The total amount transported to each destination must meet the
required demand.
- Non-negativity constraints: The amount transported from each source to each destination
cannot be negative.
Assignment Problem (AP)
- *Definition*: The Assignment Problem is a special type of linear programming problem that
involves assigning a set of agents (e.g., workers) to a set of tasks (e.g., jobs) such that each
agent is assigned to only one task and each task is assigned to only one agent.
- *Objective*: The goal is to minimize the total cost of assignment while ensuring that each task
is assigned to exactly one agent and each agent is assigned to exactly one task.
- *Constraints*:
- Each agent can be assigned to only one task.
- Each task can be assigned to only one agent.
- The cost of assignment for each agent-task pair is given.
9. What is the role of constructing a network diagram?
#Visualizing project tasks.#Identifying dependencies #Analyzing project timelines #Optimizing
resource allocation #Tracking projects
#Identifying risks #Resolving issues #Keeping stakeholders informed #Designing new networks
#Troubleshooting and diagnostics.
10. What is Lpp .what is the objective of Lpp?
The Linear Programming Problems (LPP) is a problem that is concerned with finding the optimal
value of the given linear function.
#Objective function of a linear programming problem is needed to find the optimal solution:
maximize the profit, minimize the cost, or to minimize the use of resources, right deployment of
resources. Objective function in LPP has wide application in representing problems of
commerce, industry, and applied sciences.
11.A Poisson distribution is a discrete probability distribution. It gives the probability of an
event happening a certain number of times (k) within a given interval of time or space.
12. What are the objectives of network analysis.
Identifying key players: Identifying the most important stakeholders in a project based on their
influence and connections
Understanding relationships: Analyzing how stakeholders interact with each other and how
these interactions can impact the project
Identifying influence structures: Uncovering the formal and informal power structures and
communication channels
Risk management: Identifying potential risks from missing links or conflicting relationships
Strategic planning: Developing strategies to communicate and engage with stakeholders
effectively
Minimizing costs: Reducing the total cost and maintenance time of a project
Optimizing resources: Ensuring the optimal use of resources and controlling idle resources
Managing activities: Helping managers manage activities without delay
Identifying vulnerabilities: In cyber security, network analysis can help identify vulnerabilities
and potential points of attack
Predicting behavior: Using knowledge of past and current behaviors to predict future trends
and behavior.
13. What is an optimum solution?
An optimal solution is a feasible solution that achieves the maximum or minimum value of an
objective function
14. What is opportunity loss?
Opportunity loss is defined as the difference between the optimal payoff and the actual payoff
received
15. What is the critical path?
A critical path is the longest sequence of tasks in a project that must be completed on time for
the project to be finished.
16. What is the least cost method?
The least cost method is a technique used to find an initial feasible solution to a transportation
problem
17. What are the three estimates of time?
The three estimates of time are optimistic, most likely, and pessimistic
18. What is VAM?
Vogel's Approximation Method (VAM) is one of the methods used to calculate the initial basic
feasible solution to a transportation problem.
19. What is a dummy activity?
Dummy activity is a hypothetical activity which requires zero time and zero resources for
completion.
20. What is an unbound solution?
An unbounded solution of a linear programming problem is a situation where the objective
function is infinite.
21. Define quantitative techniques?
Classification of Quantitative Technique
Quantitative techniques may be defined as those techniques which provide the decision making
a systematic and powerful means of analysis, based on quantitative data. It is a scientific
method employed for problem solving and decision making by the management. With the help
of quantitative techniques, the decision maker is able to explore policies for attaining the
predetermined objectives. In short, quantitative techniques are inevitable in the decision-making
process.
#Classification of Quantitative Techniques.
1. Mathematical Quantitative Techniques
2. Statistical Quantitative Techniques
3. Programming Quantitative Techniques
1.Mathematical Quantitative Techniques
A technique in which quantitative data are used along with the principles of mathematics is
known as mathematical quantitative techniques.
Mathematical quantitative techniques involve:
1. Permutations and Combinations:
Permutation means arrangement of objects in a definite order. The number of arrangements
depends upon the total number of objects and the number of objects taken at a time for
arrangement. The number of permutations or arrangements is calculated by using the following
formulas.
2.Set Theory:Set theory is a modern mathematical device which solves various types of critical
problems.
3.Matrix Algebra:Matrix is an orderly arrangement of certain given numbers or symbols in rows
and columns. It is a mathematical device of finding out the results of different types of algebraic
operations on the basis of the relevant matrices.
4.Determinants:It is a powerful device developed over matrix algebra. This device is used for
finding out values of different variables connected with a number of simultaneous equations.
5. Differentiation:It is a mathematical process of finding out changes in the dependent variable
with reference to a small change in the independent variable.
6. Integration:Integration is the reverse process of differentiation.
7. Differential Equation:It is a mathematical equation which involves the differential coefficients
of the dependent variables.
#.Statistical Quantitative Techniques
Statistical techniques are those techniques which are used in conducting the statistical enquiry
concerning a certain Phenomenon. They include all the statistical methods beginning from the
collection of data till interpretation of those collected data.
Statistical techniques involve:
1. Collection of data:One of the important statistical methods is collection of data. There are
different methods for collecting primary and secondary data.
2. Measures of Central Tendency, Dispersion, Skewness and Kurtosis:
Measure of Central tendency is a method used for finding the average of a series while
measures of dispersion used for finding out the variability in a series. Measures of Skewness
measures asymmetry of a distribution while measures of Kurtosis measures the flatness of
peakedness in a distribution.
3. Correlation and Regression Analysis: Correlation is used to study the degree of
relationship among two or more variables. On the other hand, regression technique is used to
estimate the value of one variable for a given value of another.
4.Index Numbers:Index numbers measure the fluctuations in various Phenomena like price,
production etc over a period of time. They are described as economic barometers.
5. Time series Analysis:Analysis of time series helps us to know the effect of factors which are
responsible for changes;
6. Interpolation and Extrapolation:Interpolation is the statistical technique of estimating under
certain assumptions, the missing figures which may fall within the range of given figures.
Extrapolation provides estimated figures outside the range of given data.
7. Statistical Quality Control:Statistical quality control is used for ensuring the quality of items
manufactured. The variations in quality because of assignable causes and chance causes can
be known with the help of this tool. Different control charts are used in controlling the quality of
products.
8. Ratio Analysis:Ratio analysis is used for analyzing financial statements of any business or
industrial concerns which help to take appropriate decisions.
9. Probability Theory:Theory of probability provides numerical values of the likelihood of the
occurrence of events.
10. Testing of Hypothesis:Testing of hypotheses is an important statistical tool to judge the
reliability of inferences drawn on the basis of sample studies.
#.Programming Techniques
Programming techniques are also called operations research techniques. Programming
techniques are model building techniques used by decision makers in modern times.
Programming techniques involve:
1. Linear Programming:Linear programming technique is used in finding a solution for
optimizing a given objective under certain constraints.
2. Queuing Theory:Queuing theory deals with mathematical study of queues. It aims at
minimizing cost of both servicing and waiting.
3. Game Theory:Game theory is used to determine the optimum strategy in a competitive
situation.
4. Decision Theory:This is concerned with making sound decisions under conditions of
certainty, risk and uncertainty.
5. Inventory Theory:Inventory theory helps for optimizing the inventory levels. It focuses on
minimizing cost associated with holding of inventories.
6. Network programming:It is a technique of planning, scheduling, controlling, monitoring and
co-ordinating large and complex projects comprising a number of activities and events. It serves
as an instrument in resource allocation and adjustment of time and cost up to the optimum level.
It includes CPM, PERT etc.
7. Simulation:It is a technique of testing a model which resembles real life situations
8. Replacement Theory:It is concerned with the problems of replacement of machines, etc due
to their deteriorating efficiency or breakdown. It helps to determine the most economic
replacement policy.
9. Nonlinear Programming:It is a programming technique which involves finding an optimum
solution to a problem in which some or all variables are non-linear.
10. Sequencing:Sequencing tool is used to determine a sequence in which given jobs should
be performed by minimizing the total efforts.