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22 Cards in this Set
- Front
- Back
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a set of logical and mathematical operations performed in a specific sequence.
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Algorithm
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quantity of sales which results in zero profit
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Break-even point
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a model in which all values used in the model are known with complete certainty.
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Deterministic Model
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data that are used in a model in arriving at the final solution.
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input data
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a model that uses mathematical equations and statements to represent the relationship within the model.
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Mathematical Model
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A representation of reality or real life situations
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model
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a measurable input quanity that is inherent in the problem
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parameter
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a model in which all values used in the model are not known with certainty but rather involve some chance or risk, often measured as a probability value
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probabilistic model
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a state ment which should come from a manager, that indicates a problem to be solved or an objective or goal to be reached.
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problem
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a scientific approach using quanitative techniques as a tool in decision making
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quantitative analysis or management science
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determining how sensitive a solution is to changes in the formulation of a problem
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sensetivity analysis
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another name for probabilstic model
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stochastic model
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a measurable quantity that is subject to change
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variable
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a formula that is used to revise probabilities based on new information
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Bayes Theorem
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a process with two outcomes in each of a series of independent trials in which the probabilitys of the outcomes do not change
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Bernoulli Process
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a discrete distribution that describes the number of successes in independent trials of a Bernoulli process
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Binomial Distribution
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an objective way of assessing probabilities based on logic
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Classic or Logical approach
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a collection of all possible outcomes of an experiment
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Collectively Exhaustive Events
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The probability of one event occuring given that another has taken place
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conditional probabitity
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A probability distribution with continuous random variable
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Continuous Probability Distribution
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A random variable that can assumean infinate or unlimited set of values
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Contiuous Random variable
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the situation in which the occurance of one event affects the probability of occurrence of some other event
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dependent events
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