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Management Decision Science > Chap 1-2 > Flashcards

Chap 1-2 Flashcards

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0
Q

Decision making

A

The process of defining the problem, identifying the alternatives, determining the criteria, evaluating alternatives, and choosing an alternative

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1
Q

Problem solving

A

The process of identifying a difference between the actual and the desired state if affairs and then taking action to resolve the difference

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2
Q

Single-criterion decision problems

A

A problem in which the objective is to find the “best” solution with respect to just one criterion

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3
Q

Multi criteria decision problem

A

A problem that involves more than one criterion; the objective is to find the “best” solution, taking into account all the criteria

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4
Q

Decision

A

The alternative selected

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5
Q

Model

A

A representation if a real object or situation

Simplified!!!!

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6
Q

Iconic model

A

A physical replica, or representation, of a real object

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7
Q

Analog model

A

Although physical in form, an analog model does not have a physical appearance similar to the real object or situation it represents

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8
Q

Mathematical model

A

Mathematical symbols and expressions used to represent a real situation

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9
Q

Constraints

A

Restrictions or limitations imposed on a problem

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10
Q

Objective function

A

A mathematical expression that describes the problems objective

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11
Q

Uncontrollable inputs

A

The environmental factors or inputs that cannot be controlled. To the decision maker

Variables in front of x and y
The number that can’t be less than or more than

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12
Q

Controllable inputs

A

The inputs that are controlled or determined by the decision maker

Controllable inputs are the decision variables: x and y

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13
Q

Decision variables

A

Another term for controllable inputs

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14
Q

Deterministic model

A

A model in which all uncontrollable inputs are known and cannot vary

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15
Q

Stochastic (probabilistic) model

A

A model I which at least one uncontrollable input is uncertain and subject to variation

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16
Q

Management science

A

An approach to decision making based on scientific method, makes extensive use of quantitative analysis. Also called operations research, and decision science

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17
Q

Problem solving process

A

1) Identify and define the problem
2) Determine the set of alternative solutions
3) determine the criteria that will be used to evaluate the alternatives
4) evaluate the alternatives
5) choose an alternative
6) implement the selected alternative
7) evaluate the results to determine whether a satisfactory solution has been obtained

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18
Q

Difference between problem solving and decision making

A

Decision making is first 5 steps of problem solving- just deciding what decision to make

Problem solving is the last 2 steps of problem solving- implementing the decision and finding the results

19
Q

Qualitative data

A

Based subjectively
Based through words, observations, and opinions

Can be turned into a numbers game through scales (1-10)

20
Q

Quantitative data

A

Based objectively

Based on numbers and data analysis

21
Q

Why do we need qualitative and quantitate data when making managerial decisions?

A

You can turn anything into a scale with numbers
Without qualitative data you can’t know what those numbers mean though
Doctor example- which doc is better?

22
Q

Optimal solution

A

The specific decision-variable value(s) that provide the “best” output for the model

23
Q

Infeasible solution / infeasibility

A

A decision alternative or solution that does not satisfy one or more constraint

Not in shaded area

24
Q

Feasible solution

A

A decision alternative or solution that satisfies all constraints

In shaded area

25
Q

Fixed cost

A

The portion of the total cost that does not depend on the volume; it’s cost remains the same no matter how much is produced

26
Q

Variable cost

A

The portion of the total cost that is dependent on and varies with the volume

27
Q

Marginal cost

A

The rate of change of the total cost with respect to volume

28
Q

Marginal revenue

A

The rate of change of total revenue with respect to volume

29
Q

Break even point

A

The volume at which total revenue equals total cost

30
Q

Constraint

A

An equation or inequality that rules out certain combinations of decision variables as feasible solutions

31
Q

Problem formation

A

The process of translating the verbal statement if a problem I to a mathematical statement called the mathematical model

32
Q

Decision variable

A

A controllable input for a linear programming model

33
Q

Nonnegativity constraints

A

A set if constraints that requires all variables to be nonnegatives

x,y>=0

34
Q

Mathematical model

A

A representation if a problem where the object and all constraint conditions are described by mathematical expressions

35
Q

Linear programming model

A

A mathematical model with a linear objective function, a set if linear constraints, and nonnegative variables

36
Q

Linear program

A

Another term for linear programming model

37
Q

Linear functions

A

Mathematical expressions in which the variables appear in separate terms an are raised to the first power

Straight fucking line

38
Q

Feasible region

A

The set of all feasible solutions

All of the shaded shit

39
Q

Slack variables

A

A variable added to the left-hand side of the less-than-or-equal-to constraint to convert the constraint into an equality. The value of the variable can usually be interpreted as the amount of unused resources

40
Q

Standard form

A

A linear program I. Which all the constraints are written as equalities. The optimal solution of the standard form if a linear program is the same as the optimal solution of the original formulation if the linear program

41
Q

Redundant constraint

A

A constraint that does not affect the feasible region. If a constraint is redundant, it can be dismissed

Delete that mother fucker

42
Q

Extreme point

A

Gradually speaking, extreme points are the feasible solution points occurring at the vertices or “corners” of the feasible region
Determine the intersection of the two god damn lines

43
Q

Surplus variable

A

A variable subtracted from the left-hand side of a greater-than-or-equal-to constraint to convert the constraint into an equality. The value of this variable can usually interpreted as the amount over and above some required minimum level

44
Q

Alternative optimal solutions

A

The case in which more than one solution provides the optimal value for the objective function

45
Q

Unbounded

A

If the value of the solution may be made infinitely large in a maximization linear programming problem or infinitely small in a minimization problem without violating any of the constraints, the problem is said to be unbounded

Management Decision Science (3 decks)

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