Lecture2 - SAN 273 Lecture: 1/16/08 Types of Mathematical...

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SAN 273 Lecture: 1/16/08 Types of Mathematical Models Classification of Costs Break-Even Analysis
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What is Operations Research? A field of study that uses computers, statistics, and mathematics to analyze and solve common operational problems. Management Science uses the above tools to solve business problems. a.k.a. Decision Science, and OR/MS. This course emphasizes using OR/MS tools with the aid of software such as LINDO and use of spreadsheets.
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The Modeling Approach to Decision Making Everyone uses models to make decisions. Types of models: Mental (arranging furniture) Visual (blueprints, road maps) Physical/Scale (aerodynamics, buildings) Mathematical (what we’ll be studying)
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Example of a Mathematical Model Profit = Revenue - Expenses or Profit = f (Revenue, Expenses) or Y = f (X 1 , X 2 )
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Y = f (X 1 , X 2 , …, X n ) Y = dependent variable (a bottom line performance measure) X i = independent variables (inputs having an impact on Y) f ( . ) = function defining the relationship between the X
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This note was uploaded on 04/17/2008 for the course CSA 273 taught by Professor Patton during the Spring '08 term at Miami University.

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Lecture2 - SAN 273 Lecture: 1/16/08 Types of Mathematical...

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