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22 Cards in this Set
 Front
 Back
a set of logical and mathematical operations performed in a specific sequence.

Algorithm


quantity of sales which results in zero profit

Breakeven point


a model in which all values used in the model are known with complete certainty.

Deterministic Model


data that are used in a model in arriving at the final solution.

input data


a model that uses mathematical equations and statements to represent the relationship within the model.

Mathematical Model


A representation of reality or real life situations

model


a measurable input quanity that is inherent in the problem

parameter


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

probabilistic model


a state ment which should come from a manager, that indicates a problem to be solved or an objective or goal to be reached.

problem


a scientific approach using quanitative techniques as a tool in decision making

quantitative analysis or management science


determining how sensitive a solution is to changes in the formulation of a problem

sensetivity analysis


another name for probabilstic model

stochastic model


a measurable quantity that is subject to change

variable


a formula that is used to revise probabilities based on new information

Bayes Theorem


a process with two outcomes in each of a series of independent trials in which the probabilitys of the outcomes do not change

Bernoulli Process


a discrete distribution that describes the number of successes in independent trials of a Bernoulli process

Binomial Distribution


an objective way of assessing probabilities based on logic

Classic or Logical approach


a collection of all possible outcomes of an experiment

Collectively Exhaustive Events


The probability of one event occuring given that another has taken place

conditional probabitity


A probability distribution with continuous random variable

Continuous Probability Distribution


A random variable that can assumean infinate or unlimited set of values

Contiuous Random variable


the situation in which the occurance of one event affects the probability of occurrence of some other event

dependent events
