Tag: GGSIPU MBA NOTES

In a pure strategy, players adopt a strategy that provides the best payoffs. In other words, a pure strategy is the one that provides maximum …

The simplest model is a duopoly market in which each duopolist attempts to maximise his market share. Given this goal, whatever a firm gains (by …

Game theory was introduced by a mathematician, John Von Neumann and an economist, Oskar Morgenstern, in 1950s. This theory aims at providing a systematic approach …

There are problems where certain facilities have to be assigned to a number of jobs so as to maximize the overall performance of the assignment. …

Assignment Problem is a special type of linear programming problem which deals with the allocation of the various resources to the various activities on one …

The Graphical Method (graphic solving) is an excellent alternative for the representation and solving of Linear Programming models that have two decision variables. Exercise #1: A workshop has three …

The Duality in Linear Programming states that every linear programming problem has another linear programming problem related to it and thus can be derived from it. The …

The North-West Corner Rule is a method adopted to compute the initial feasible solution of the transportation problem. The name North-west corner is given to this method …

The Least Cost Method is another method used to obtain the initial feasible solution for the transportation problem. Here, the allocation begins with the cell which has …

The Vogel’s Approximation Method or VAM is an iterative procedure calculated to find out the initial feasible solution of the transportation problem. Like Least cost Method, here also the …