MGT 340 Exam 1
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7 steps of problem solving
 Define the problem
 Identify the alternatives
 Determine the criteria
 Evaluate the alternatives
 Choose an alternative
 Implement the decision
 Evaluate the results

2 basic criteria for principle of choice

Going for best solution; mathematically provable
Optimizing

Meeting requirements; "good enough"
Satisficing

First 3 steps of problem solving
Structuring the problem

Steps 4 and 5 of problem solving
Analyzing the problem

5 steps of decision making
 Define the problem
 Identify the alternatives
 Determine the criteria
 Evaluate the alternatives
 Choose an alternative

6 characteristics of ORMS
 Emphasizing problem solving
 Scientific approach
 Extensive use of computers
 Interdisciplinary
 Systems perspective
 Mathematical models

ORMS
Operations Research Management Science

Define and list 2 types of systems
 Open  interact with environment
 Closed  do not interact with environment

Define models
Representations of reality that are often reduced in scale and complexity

Advantage of using models
To gain information by using less rources and taking less risk

6 things to monitor and control
 Quality
 Efficiency
 Consistency
 Timliness
 Flexibility
 Effectivness

4 characteristics of linear programming
 Single linear objective function
 Set of linear constraints
 Nonnegativity conditions on decision variables
 Problem is deterministic


Characteristics of standard form linear programming:
 Objective function is of maximation or minimization type
 Righthand side element of each constraint must be nonnegative
 All constraints, excluding the nonnegativity condition, must be equations
 All variables must be nonnegative

Define and give an example of an iconic model.
 Physical replicas that look like what they represent.
 Maps

Define and give an example of an analog model.
 Provide and analogy; do not have same appearance as what is being represented and are not always physical.
 Watch

Define and give an example of a symbolic model.
Makes use of a set of symbols to make a representation