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13 Cards in this Set
- Front
- Back
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break-even point
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The production and sales volume for a product that must be exceeded to achieve a profit. (Section 1.2), 9.
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business analytics
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A discipline closely related to management science that makes extensive use of data to analyze trends, make forecasts, and apply optimization techniques. (Section 1.1), 3.
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constraint
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An inequality or equation in a mathematical model that expresses some restrictions on the values that can be assigned to the decision variables. (Section 1.2), 9.
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decision support system
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An interactive computer-based system that aids managerial decision making. (Section 1.1), 5.
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decision variable
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An algebraic variable that represents a quantifiable decision to be made (Section 1.2), 8.
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operations research
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The traditional name for management science that still is widely used outside of business schools. (Section 1.1), 3.
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mathematical model
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An approximate representation of, for example, a business problem that is expressed in terms of mathematical symbols and expressions. (Section 1.1), 4.
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parameter
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One of the constants in a mathematical model. (Section 1.2), 10.
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range name
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A descriptive name given to a cell or range of cells that immediately identifies what is there. (Section 1.2), 6.
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model
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An approximate represenation of something. (Section 1.4), 16.
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spreadsheet model
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An approximate representation of, for example, a business problem that is laid out on a spreadsheet in a way that facilitates analysis of the problem. (Section 1.1), 4.
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objective function
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A mathematical expression in a model that gives the measure of performance for a problem in terms of the decision variables. (Section 1.2), 10.
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what-if analysis
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Analysis of how the recommendations of a model might change if any of the estimates providing the numbers in the model eventually need to be corrected. (Section 1.2) 10.
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