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A Decision Support System (DSS) is an interactive software application that aids managers in decision-making by analyzing data and presenting actionable insights. It leverages tools like statistical models, simulation techniques, and predictive analytics. • Why DSS is essential: DSS helps managers evaluate complex scenarios, forecast trends, and identify optimal solutions. For instance, a retail chain can use DSS to determine optimal inventory levels based on historical sales and seasonal demand. Why Other Options Are Incorrect: 1. Automate repetitive tasks: This is the role of Transaction Processing Systems (TPS), not DSS. 2. Generate periodic reports: This task is typically performed by Management Reporting Systems (MRS), which differ from DSS. 3. Monitor network traffic: This pertains to network management and cybersecurity, unrelated to DSS functionality. 4. Replace human decision-makers: DSS complements human decision-making; it does not replace it.
According to the Economic Survey 2023-24, what measures helped reduce core inflation in India to a four-year low in FY24?
If a country’s policy makers were to continuously use expansionary monetary policy in an attempt to hold unemployment below the natural rate the long-...
Expansionary fiscal policy in the classical model will cause aggregate demand to-----potential output?
GDP at market price is given by?
Lorenz Curve is given by:
L(x) = 1/3 (X^3) + 2/3 (x^5). Calculate Gini Coefficient.
What is the dual problem for given linear programming problem?
Z = Max (4x1 + 5x2 + 7x3)
s.t. 3x1 + x2 + 6x3 <= 3
x1 + 2x2 + x...
A country imposes a 10% tariff on imported vehicles but no tariff on imports of machinery or other inputs to the manufacture of vehicles. Suppose that u...
Which of the following is not correct regarding adjusted R2?
...For the following demand curve, Q=10P-2 , calculate the profit made by the monopolist when Marginal cost is Rs.2
Consider the following production function
Q = 20L – 0.2L2 – 20K + 0.2 K2 + 4KL
If 20 units of capital i...