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18 Cards in this Set
- Front
- Back
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What is the meaning of "Management Science"?
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Use as a problem-solving approach finds applications in areas such as decision making, design processes and strategic planning.
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y = a + bx
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y = dependent variable
a = y intercept b = slope x = independent variable |
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What is linear programming?
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a model consisting of linear relationships representing a firm's decisions given an objective and resource constraints
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Decision Variables
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mathematical symbols representing levels of activity
x1= x2= |
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Objective Function
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a linear relationship reflecting the objective of an operation
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Constraint
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a restriction on decision making
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Non-negativity constraints
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x1 >= 0 , x2 >= 0
(b/c can't be negative) |
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Feasible Solution
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does not violate any of the constraints
ex. 50 <= 120 (correct) |
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Infeasible Solution
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violates at least 1 of the constraints
ex. 50 <= 40 (incorrect) |
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Feasible solution area
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an area on the graph bounded by the constraint equations
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Optimal Solution Point
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Last point the objective function touches as it leaves the feasible solution area
(the best feasible solution) |
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Extreme Points
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Corner points on the boundary of the feasible solution
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Proportionality
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the slope of a constraint or objective function line is constant
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What is the purpose of sensitivity analysis?
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used to analyze changes in model parameters
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When do you use slack variable, and what does it represent?
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Represent unused resources
added to a <= constraint to convert it to an equation (=) |
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When do you use a surplus variable, and what does it represent?
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Represents an excess above a constraint requirement level
subtracted from a >= constraint to convert it to an equation (=) |
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When might you have multiple optimal solutions?
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(Provides greater flexibility to decision maker)
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What is an unbounded program?
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the objective function can increase indefinitely with out reaching a max volume.
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