MS11 SM01 - Chapter 1 Introduction Learning Objectives 1....

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Chapter 1 Introduction Learning Objectives 1. Develop a general understanding of the management science/operations research approach to decision making. 2. Realize that quantitative applications begin with a problem situation. 3. Obtain a brief introduction to quantitative techniques and their frequency of use in practice. 4. Understand that managerial problem situations have both quantitative and qualitative considerations that are important in the decision making process. 5. Learn about models in terms of what they are and why they are useful (the emphasis is on mathematical models). 6. Identify the step-by-step procedure that is used in most quantitative approaches to decision making. 7. Learn about basic models of cost, revenue, and profit and be able to compute the break-even point. 8. Obtain an introduction to microcomputer software packages and their role in quantitative approaches to decision making. 9. Understand the following terms: model infeasible solution objective function management science constraint operations research deterministic model fixed cost stochastic model variable cost feasible solution break-even point Solutions: 1 - 1
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Chapter 1 1. Management science and operations research, terms used almost interchangeably, are broad
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This note was uploaded on 01/17/2010 for the course MATH 2310 taught by Professor Shakroh during the Spring '09 term at Langara.

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MS11 SM01 - Chapter 1 Introduction Learning Objectives 1....

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