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9 Cards in this Set
- Front
- Back
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break-even quantity
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the volume at which total revenues equal total costs
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break-even analysis
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the use of the break-even quantity; it can be used to compare processes by finding the volume at which two different process have equal total costs
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variable cost
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the portion of the total cost that varies directly with volume of output
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fixed cost
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the portion of the total cost that remains constant regardless of changes in levels of output
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sensitivity analysis
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a technique for systematically changing parameters in a model to determine the effects of such changes
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preference matrix
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A table that allows the manager to rate an alternative according to several performance criteria
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decision theory
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a general approach to decision making when the outcomes associated with alternatives are often in doubt
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payoff table
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a table that shows the amount for each alternative if each possible event occurs
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decision tree
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a schematic model of alternatives available to the decision maker, along with their possible consequences
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