Week 1 Flashcards
What is a model?
simplified representation of a situation or problem
What do Mathematical models consist of?
equations and relationships among quantities to represent real situations
What do decision models contain?
representations of data
What are Spreadsheet models?
a means of implementing mathematical models
Decision Variables
represent quantities that a decision maker can control and change ( within limits)
Parameters
inputs that influence the decision making process but that the decision maker cannot control
Contraints
interactions of the inputs that limit the feasibility of decisions
Outputs
quantities or results the model predicts will occur considering the values of the parameters and decision variables
Objective Functions
outputs that represent measures of performance
First key question
what are the decisions to be made?
Second key question
what are the constraints on these decisions?
Third key question
what is the overall measure of performance for these decisions?
