NMIMS
Global Access
School for Continuing Education (NGA-SCE)
Course: Decision Analysis & Modelling
Internal Assignment Applicable for December 2019 Examination
Assignment Marks: 30
1. What are some biases in decision making? Name any four and explain any two?
(10 Marks)
School for Continuing Education (NGA-SCE)
Course: Decision Analysis & Modelling
Internal Assignment Applicable for December 2019 Examination
Assignment Marks: 30
1. What are some biases in decision making? Name any four and explain any two?
(10 Marks)
2.
Lovely Lifesciences, a biotech company is evaluating two molecules (AA &
BB) for
development. Below diagram shows the decision trees of both products. In development
process, first the company does a clinical trial and then based on results of clinical trial,
product is modified accordingly and launched in the market. If the results are good in clinical
trial, company launches as per plan A and if not, then as per plan B. In the decision trees,
expected profit in all scenarios and probability of scenarios are mentioned. As per expected
profits, out of these two, which one product should the company develop
(10 Marks)
3. Precision Pipes Pvt. Ltd. manufactures two types of pipes- P1 & P2. Profit from P1 pipes
is Rs. 60 per meter and from P2 pipes is Rs. 40 per meter. For making one meter of P1 pipes,
0.3kg molten plastic is required and for making one meter of P2 pipes, 0.2 kg of molten
plastic is required. For making one meter of P1 pipes, 40 ml of chemical is required and for
making one meter of P2 pipes, 50 ml of chemical is required. Maximum molten plastic that
they can source per month is 25000 kg and maximum chemical they can source per month
is 4000 liters. Like any other company, this company also wants to maximize its profits.
a. What are the decision variables in the linear programming situation? Write the
equation of objective function which has to be maximized? (5 Marks)
b. Write all the constraints that will be applied to solve this problem using linear
programming (5 Marks)
**********
development. Below diagram shows the decision trees of both products. In development
process, first the company does a clinical trial and then based on results of clinical trial,
product is modified accordingly and launched in the market. If the results are good in clinical
trial, company launches as per plan A and if not, then as per plan B. In the decision trees,
expected profit in all scenarios and probability of scenarios are mentioned. As per expected
profits, out of these two, which one product should the company develop
(10 Marks)
3. Precision Pipes Pvt. Ltd. manufactures two types of pipes- P1 & P2. Profit from P1 pipes
is Rs. 60 per meter and from P2 pipes is Rs. 40 per meter. For making one meter of P1 pipes,
0.3kg molten plastic is required and for making one meter of P2 pipes, 0.2 kg of molten
plastic is required. For making one meter of P1 pipes, 40 ml of chemical is required and for
making one meter of P2 pipes, 50 ml of chemical is required. Maximum molten plastic that
they can source per month is 25000 kg and maximum chemical they can source per month
is 4000 liters. Like any other company, this company also wants to maximize its profits.
a. What are the decision variables in the linear programming situation? Write the
equation of objective function which has to be maximized? (5 Marks)
b. Write all the constraints that will be applied to solve this problem using linear
programming (5 Marks)
**********
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