# MGT 340 Exam 1

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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
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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 Author: xSLYx ID: 155973 Filename: MGT 340 Exam 1 Updated: 2012-05-29 05:18:40 Tags: mgt 340 Folders: Description: Management Science Show Answers:

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