MGT 340 Exam 1

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xSLYx
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155973
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MGT 340 Exam 1
Updated:
2012-05-29 01:18:40
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mgt 340
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Management Science
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  1. 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. 2 basic criteria for principle of choice
    • Satisficing
    • Optimizing
  3. Going for best solution; mathematically provable
    Optimizing
  4. Meeting requirements; "good enough"
    Satisficing
  5. First 3 steps of problem solving
    Structuring the problem
  6. Steps 4 and 5 of problem solving
    Analyzing the problem
  7. 5 steps of decision making
    • Define the problem
    • Identify the alternatives
    • Determine the criteria
    • Evaluate the alternatives
    • Choose an alternative
  8. 6 characteristics of ORMS
    • Emphasizing problem solving
    • Scientific approach
    • Extensive use of computers
    • Interdisciplinary
    • Systems perspective
    • Mathematical models
  9. ORMS
    Operations Research Management Science
  10. Define and list 2 types of systems
    • Open - interact with environment
    • Closed - do not interact with environment
  11. Define models
    Representations of reality that are often reduced in scale and complexity
  12. Advantage of using models
    To gain information by using less rources and taking less risk
  13. 6 things to monitor and control
    • Quality
    • Efficiency
    • Consistency
    • Timliness
    • Flexibility
    • Effectivness
  14. 4 characteristics of linear programming
    • Single linear objective function
    • Set of linear constraints
    • Nonnegativity conditions on decision variables
    • Problem is deterministic
  15. 3 types of models:
    • Iconic
    • Analog
    • Symbolic
  16. Characteristics of standard form linear programming:
    • Objective function is of maximation or minimization type
    • Right-hand side element of each constraint must be nonnegative
    • All constraints, excluding the nonnegativity condition, must be equations
    • All variables must be nonnegative
  17. Define and give an example of an iconic model.
    • Physical replicas that look like what they represent.
    • Maps
  18. 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
  19. Define and give an example of a symbolic model.
    Makes use of a set of symbols to make a representation

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