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The primary factor that needs to be taken into consideration while dealing with operations research is that there are certain profit and loss accounts that need to be maintained in a proper manner. Since a single discrepancy could result in the whole assignment context being declared useless, it is imperative that while matching up solutions one need to be careful in this regard.
Also, for students or people who are directly dealing with this sum, they need to get a better insight of this topic and better understanding of the terminology to get a deeper understanding of the concepts.
At certain times, the primary objective of an assignment is to maximize the accounts that have been given. When any problem arises out of such accounts, it is specifically known as Max-Type Assignment Problems. Since, in this case, profit aspect is to be maximized; hence this is done as taking the whole sum in the format of losing of an opportunity, rather than loss of profit.
This conversion of a profit matrix to an opportunity loss matrix happens primarily by deducting each of the elements from the highest element that is there in that profit matrix. After doing so, it can be seen that maximization of profit matrix is similar to minimization of loss matrix.
Here are some of the illustrated examples that will give you a better insight.
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- Introduction to statistics
- Knowledge of central tendency or location
- Definition of dispersion
- Moments
- Bivariate distribution
- Theorem of total probability addition theorem
- Random variable
- Binomial distribution
- What is sampling
- Estimation
- Statistical hypothesis and related terms
- Analysis of variance introduction
- Definition of stochastic process
- Introduction operations research
- Introduction and mathematical formulation in transportation problems
- Introduction and mathematical formulation
- Hungarian algorithm
- Unbalanced assignments
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