Study Guide - Exam 1 - BIT 2406 Exam 1 Study Guide Chapter...

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BIT 2406 Exam 1 Study Guide Chapter 1: The Management Science Approach to Problem Solving The management science approach to problem solving o Intro scientific method o Observation Management scientists o Definition of the problem o Model construction Model Variables Parameters Data Functional relationship Objective function Constraint Decision variable o Model solution o Implementation implementation o Model building: break-even analysis o Intro Break-even analysis
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o Components of break-even analysis Fixed costs Variable costs Total cost Total revenue o Computing the break-even point Decision variable Break-even point o Graphical solution o Sensitivity analysis Sensitivity analysis o Management science modeling techniques o Linear mathematical programming techniques Linear mathematical programming o Probabilistic techniques Probabilistic techniques deterministic o network techniques o
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