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Assignment 2

Assignment 2 - Management Science MAT 540 Quantitative...

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Unformatted text preview: Management Science MAT 540: Quantitative Method 1 Steps of scientific method Table of contents Introduction Definition of terms Break-even analysis Types of costs 2 Management Science Scientific approach to solving management problems. Can be used in a variety of organizations to solve many different types of problems. A logical approach to problem solving Introduction 3 Steps of scientific method: Observation Problem definition Model construction Solution 4 Implementation 5 D e f i n i t i o n o f t e r m s Model – an abstract mathematical representation of a problem situation Profit – the difference between total revenue and total cost. Sensitivity analysis - study of changes on a management science 6 Break-even analysis a mathematical technique for analyzing the relationship between sales and fixed and variable costs, profit-planning tool for calculating the point at which sales will equal total costs....
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Assignment 2 - Management Science MAT 540 Quantitative...

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