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### 29 Cards in this Set

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 a scientific approach to solving management problems management science people skilled in the application of mgmt science techniques management scientists a symbol used to represent an item that can take on any value variable known, constant values that are often coefficients of variables in equations parameters pieces of info from the problem environment data a functional relationship including variables, parameters, and equations model independent of volume and remain constant fixed costs depend on the number of items produced variable costs the difference between total revenue and total cost profit the volume that equates total revenue with total cost and profit is zero break-even point a model consisting of linear relationships representing a firm's decision given an objective and resource constraints linear programming mathematical symbols representing levels of activity decision variable a linear relationship reflecting the objective of an operation objective function a linear relationship representing a restriction on decision making constraint does not violate any of the constraints feasible solution violates at least on of the constraints infeasible solution an area on the graph bounded by the constraint equations feasible solution area the best feasible solution optimal solution corner points on the boundary of the feasible solution area extreme points used to analyze changes in model parameters sensitivity analysis can occure when the objective function is parallel to a constraint line optimal solution represents unused resources slack variable represents an excess above a constraint requirement level surplus variable has no feasible solution area; every possible solution point violates one or more constraints infeasible problem the objective function can increase indefinitely without reaching a maximum value unbounded problem the slope of a constraint or objective function line is constant proportionality the values are continuous or divisible decision variable assumed to be known with certainty model parameters the marginal economic value of an additional unit of a resource. shadow price