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22 Cards in this Set

  • Front
  • Back
a set of logical and mathematical operations performed in a specific sequence.
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
a measurable input quanity that is inherent in the problem
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.
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
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