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mgmt sci final exam

mgmt sci final exam vocab

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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