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Decision Analysis involves a systematic decision making process. Explain the approaches to the study of Decision Analysis and Modeling with a suitable example.

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NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Decision Analysis & Modeling
Internal Assignment Applicable for June 2020 Examination

1. Decision Analysis involves a systematic decision-making process. Explain the approaches to the study of Decision Analysis and Modeling with a suitable example.

2. Explain the application of simulation in business analysis. (10 Marks)

3. a. Solve the following problem:
Maximize Z = 40a + 35b
Subject to: 4a + 6b <= 120
8a + 6b <= 192 and a and b both are nonnegative

3. b. What is the difference between the assumption of linearity and continuity in LPP?