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Learning Objectives Module1

Learning Objectives Module1 - analysis unknown(breakeven...

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Learning Module 1: Introduction to Management Science Learning Objectives 1. Develop a general understanding of the management science/operations research approach to decision making. 2. Understand that managerial problem situations have both quantitative and qualitative/judgmental considerations that are important in the decision making process. 3. Use the basic breakeven model: P(x) = R(x)-C(x) to calculate the breakeven point or any one breakeven
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Unformatted text preview: analysis unknown (breakeven point, selling price, variable cost or fixed cost) given the other three. 4. Understand the following terms: model infeasible solution objective function management science constraint operations research deterministic model fixed cost stochastic model variable cost feasible solution marginal cost breakeven point marginal revenue 1 - 1...
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