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29 Cards in this Set
- Front
- Back
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a scientific approach to solving management problems
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management science
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people skilled in the application of mgmt science techniques
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management scientists
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a symbol used to represent an item that can take on any value
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variable
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known, constant values that are often coefficients of variables in equations
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parameters
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pieces of info from the problem environment
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data
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a functional relationship including variables, parameters, and equations
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model
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independent of volume and remain constant
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fixed costs
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depend on the number of items produced
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variable costs
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the difference between total revenue and total cost
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profit
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the volume that equates total revenue with total cost and profit is zero
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break-even point
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a model consisting of linear relationships representing a firm's decision given an objective and resource constraints
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linear programming
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mathematical symbols representing levels of activity
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decision variable
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a linear relationship reflecting the objective of an operation
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objective function
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a linear relationship representing a restriction on decision making
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constraint
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does not violate any of the constraints
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feasible solution
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violates at least on of the constraints
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infeasible solution
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an area on the graph bounded by the constraint equations
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feasible solution area
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the best feasible solution
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optimal solution
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corner points on the boundary of the feasible solution area
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extreme points
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used to analyze changes in model parameters
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sensitivity analysis
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can occure when the objective function is parallel to a constraint line
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optimal solution
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represents unused resources
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slack variable
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represents an excess above a constraint requirement level
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surplus variable
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has no feasible solution area; every possible solution point violates one or more constraints
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infeasible problem
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the objective function can increase indefinitely without reaching a maximum value
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unbounded problem
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the slope of a constraint or objective function line is constant
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proportionality
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the values are continuous or divisible
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decision variable
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assumed to be known with certainty
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model parameters
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the marginal economic value of an additional unit of a resource.
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shadow price
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