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mgmt sci final exam
mgmt sci final exam vocab
| Term | Definition |
|---|---|
| program evaluation and review technique | a network-based project scheduling procedure |
| critical-path method | a network based project scheduling procedure |
| activities | specific jobs or tasks that are components of a project, represented by nodes |
| immediate predecessors | activities that must be completed immediately prior to the start of a given activity |
| project network | graphical representation of a project thtat depicts the activities and shows the predecessor relationships |
| critical path | longest path in a project network |
| path | sequence of connected nodes that leads from start to finish |
| critical activities | activities on the critical path |
| forward pass | determines earliest start and finish times |
| backward pass | determines latest start and finish times |
| slack | length of time an activity can be delayed without affecting completion time |
| beta probability distribution | used to describe activity times |
| crashing | shortening activity times by adding resources and usually increasing cost |
| EOQ | minimizes annual holding cost plus annual ordering cost |
| constant demand rate | same number of unites are taken from inventory each period of time |
| cost of capital | incurred to obrain capital fo investment |
| ordering cost | fixed cost associated with placing an order |
| inventory position | inventory on hand plus inventory on order |
| reorder point | when a new order should be placed |
| lead time | time between placing an order and its receipt in the system |
| cycle time | length of time between placing of two consecutive orders |
| constant supply rate | inventory is built up at a constant rate over a period of time |
| lot size | order quantity in the production inventory model |
| setup cost | fixed cost associated with preparing for a new production run |
| shortage or stock-out | demand that cannot be supplied from inventory |
| deterministic inventory model | demand is considered known and not subject to uncertainty |
| probabilistic inventory model | demand is not known exactly: probabilities must be associated with possible demand |
| single-period inventory | only one order is placed |
| incremental analysis | used to determine an optimal order quantity by comparing the cost of oerding an additional unit with the cost of not ordering |
| queue | waiting line |
| Poisson probability distribution | describes the arrival pattern for some waiting line models |
| exponential probability distribution | describes service time |
| transient period | start-up period for a waiting line, occurring before the waiting line reaches a normal or steady-state operation |
| blocked | when arrivals cannot enter the waiting line because the system is full |
| simulation | method for learning about a real system by experimenting with a model that represents the system |
| risk analysis | predicting the outcome of a decision in the face of uncertainty |
| parameters | numerical values that appear in the mathematical relationships of a model |
| static simulation | used in situations where the state at one point in time does not affect the state at future points - each trial is independent |
Created by:
hnmead
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