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18 Terms

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Simple Linear Programming

used to optimize resource allocation

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Management

coordinating the efforts of people

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Top Level Management

responsible for setting strategic direction

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Maximin Criterion

maximizing the minimum possible outcome

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Decision Tree

The graph use to represent decision problems

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Decision Making

selecting the most appropriate course of action

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Product Order Quantity Model

calculate the most economical order quantity

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Implementation of the decision

chosen alternative is executed

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Hurwicz Criterion

optimism and pessimism

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Sensitivity Analysis

assesses how changes in input parameters

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Forecasting

analyze futre market trends

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Controlling

monitoring and adjusting

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Graphical Method

visually representing linear constraints

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Resource Allocation

describe the constraints

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Sensitivity Analysis

des insight into the robustness of the solution

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Large and Complex Project

Critical Path Method

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Maximax

focus solely on best possible outcomes

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Regression Analysis

examining relationship between variables