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MGT 340 Exam 1
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7 steps of problem solving
Define the problem
Identify the alternatives
Determine the criteria
Evaluate the alternatives
Choose an alternative
Implement the decision
Evaluate the results
2 basic criteria for principle of choice
Satisficing
Optimizing
Going for best solution; mathematically provable
Optimizing
Meeting requirements; "good enough"
Satisficing
First 3 steps of problem solving
Structuring the problem
Steps 4 and 5 of problem solving
Analyzing the problem
5 steps of decision making
Define the problem
Identify the alternatives
Determine the criteria
Evaluate the alternatives
Choose an alternative
6 characteristics of ORMS
Emphasizing problem solving
Scientific approach
Extensive use of computers
Interdisciplinary
Systems perspective
Mathematical models
ORMS
Operations Research Management Science
Define and list 2 types of systems
Open - interact with environment
Closed - do not interact with environment
Define models
Representations of reality that are often reduced in scale and complexity
Advantage of using models
To gain information by using less rources and taking less risk
6 things to monitor and control
Quality
Efficiency
Consistency
Timliness
Flexibility
Effectivness
4 characteristics of linear programming
Single linear objective function
Set of linear constraints
Nonnegativity conditions on decision variables
Problem is deterministic
3 types of models:
Iconic
Analog
Symbolic
Characteristics of standard form linear programming:
Objective function is of maximation or minimization type
Right-hand side element of each constraint must be nonnegative
All constraints, excluding the nonnegativity condition, must be equations
All variables must be nonnegative
Define and give an example of an iconic model.
Physical replicas that look like what they represent.
Maps
Define and give an example of an analog model.
Provide and analogy; do not have same appearance as what is being represented and are not always physical.
Watch
Define and give an example of a symbolic model.
Makes use of a set of symbols to make a representation
Author
xSLYx
ID
155973
Card Set
MGT 340 Exam 1
Description
Management Science
Updated
2012-05-29T05:18:40Z
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