Write short notes on: (a) Marginal analysis approach in decision making. Write short notes on: (b) Modified distribution (MODI) method. [2.5+2.5]

Definition: Marginal analysis is a decision-making technique that examines the additional (incremental) benefits and costs resulting from a small change in an activity or decision variable. Key Principles: 1. Marginal Concept: Focuses on the change in total benefit or total cost when one addition...