Quiz Chapter 9
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.
Compensation is the total of all rewards provided employees in return for t
Body of knowledge:
The body of knowledge involving quantitative
approaches to decision making is referred to as
It had its early roots in world war 2 and its
Management Science Techniques
is a problem solving approach developed for
situation involving maximizing or
minimizing a linear function subjects to
linear constraints that limit the degree to
which the objective can be pursued.
Management Science Techniques Part 2
Waiting line ( for queuing) models
Help managers understand and make better
decisions concerning the operations of
systems involving waiting lines.
Is a technique used to model the
Models of cost, Revenue and Profit
The total monthly profit = (profit per unit of
Product 1) * (monthly production of
product 1) + ( profit per unit of product 2)
* ) monthly production of product 2) =
= p1x1 + P2X2
We want to
Trial and error solution for production problems
A variety of software packages are available
for solving mathematical models.
What is a Lingo?
Its a software packages
Model testing and validation
Often, goodness/ acc
Mathematical Models Class Notes Continue
What are constraints?
Constraints are a set of restrictions or
limitation, such as production capacities.
To continue our example, a production
capacity constraint would be
necessary if, for instance, 5
Deterministic Model: if all uncontrollable inputs
to the model are known and cannot vary.
Stochastic (or probabilistic) model: if any
uncontrollable are uncertain and subject to
Stochastic models are often more difficult to
Models are representation of real objects or situations
Three forms of models are
Ionic models: physical replicas (scalar
representations of real objectives.
Analog models: physical in form but do not
Team Charter Project Management (Tuesday)
Duration & Time Commitment
The first line of communication outside of class should be email, and then text if need be.
Meeting times outside of class will contingent upon the flexibility of the grou
Project Management (Tuesday)
As a project team we will:
1. Only agree to do work that we are qualified and capable of doing.
2. Be honest and realistic in planning and reporting project scope and schedule.
What is quantitative Analysis and Decision making?
Structuring the problem:
Identity the alternatives
Define the problem
Determine the criteria
Analyzing the problem
Identity the alternatives
1. Xr1= # of pounds of input 1 in Regular
Xr2 = # of pounds of input 2 in Regular
Xr1=# of pounds of input 1 in Zesty
Xr2 = # of pounds of input 2 in Zesty
Person making decisions (consumer decision process) to purchase or no to purchase
Economic needs: affected by income
Final Consumers and their
Professor Jason Gordon
28 April 2015
The legal issue in question starts with a crime and a suspect. Once a crime is committed
the judge will order the suspect to appear in court. If the suspect fails to app
Multiple R 0.086508
R Square 0.007484
Adjusted R 0.006228
Standard E 78966.32
F Significance F
7 2.6E+011 3.7E+010 5.958842 6.28E-007
5532 3.4E+013 6.2E+009
When solving an LP model we assume that all
relevant factors are known with certainty.
Such certainty rarely exists.
Sensitivity analysis helps answer questions about
how sensitive the optimal solution is to changes
in various coeffic
Formulating LP Models
Given a problem, first, determine the objective or
goal. Maximize (or minimize) what?
Identify & define the decision variables
What should they represent and how many do we need?
State the objective as a l
Integer linear programming
When all of the decision variables in an LP must take
only integer values, the resulting model is referred
to as integer linear programming (ILP)
When the model requires both continuous and
integer decision variables,
Management Science (a.k.a. analytics)
analytics is the
scientific approach to decision making.
Mgt. Sci. uses mathematical models to make
The focal point of analysis is the problem and
mathematical (quantitative) mod
A project is series of related jobs usually
directed toward some major output and
requiring a significant period of time to perform
Building a bridge
The management activities of planning, directing, and
(1) Cargyle Feeders a supplier of high quality livestock feed produces two types of cattle feed- Nutrina and
Purina. Nutrina is a low calorie product and should consist of no more than 125 calories per pound. Purina is a
high mineral, high vitamin product
Inventory is the stock of any item or resource
used in an organization and can include: raw
materials, finished products, component parts,
supplies, and work-in-process
An inventory system is the set of policies and
controls that monitor level