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Management Science

Management Science vocab

TermDefinition
linear programming problem solving approach developed for situations involving max or min of a linear function
decision analysis used to determine optimal strategies in situations involving several decision alternatives
analog model does not have a physical appearance similar to real object or situation it represents
objective function mathematical expression that describes the problem's objective
decision variable controllable input
optimal solution specific decision-variable value or values that provide the "Best" output for the model
infeasible solution decision alternative that does not satisfy one or more constraints
breakeven point total revenue equals total cost
constraint equation that rules out certain combinations of decision variables as feasible solutions
sensitivity analysis study of how changes in the coefficients of a linear programming problem affect the optimal solution
dual price improvement in the value of the objective function per unit increase in the right-hand side of a constraint
reduced cost amount by which an objective function coefficient would have to improve before it would be possible for the corresponding variable to assume a positive value in the optimal solution
slack added to left-hand side of a less-than constraint to covert it to an equality (unused resource)
surplus subtracted from left-hand side of a greater-than constraint to convert it to an equality (amount above required minimum)
extreme point feasible solution points occurring at the corners of the feasible region
Created by: hnmead