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### 22 Cards in this Set

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 a set of logical and mathematical operations performed in a specific sequence. Algorithm quantity of sales which results in zero profit Break-even 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