IEOPER Quiz 1 Flashcards
1
Q
A scientific approach to decision making that seeks to best design and operate a system, usually under conditions requiring the allocation of scarce resources
A
Operations Research
2
Q
Organization of interdependent components that work together to accomplish the goal of the system
A
System
3
Q
Seven Step Model-Building Process
A
- Formulate the Porblem
- Observe the System
- Formulate a Mathematical Model of the Problem
- Verify the Model and Use the Model for Prediction
- Select a Suitable Alternative
- Present the Results and Conclusion(s) of the Study to the Organization
- Implement and Evaluate Recommendations
4
Q
A deterministic mathematical technique designed to assist an organization in allocating scarce resources or in choosing from among many alternatives.
A
Linear Programming
5
Q
Refers to planning or selecting the best solution to a problem through the use of mathematical techniques
A
Programming
6
Q
Process of developing the mathematical model
A
Formulation
7
Q
Formula of Profit
A
Profit = Selling Price - Production Cost
