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[Page 790 ( continued )]
earliest activity time

in a CPM/PERT network, the earliest and latest times at which an activity can be started without exceeding the critical path project time



economic forecast

a prediction of the state of the economy in the future



economic order quantity (EOQ)

the optimal order size that corresponds to total minimum inventory cost



efficiency of sample information

an indicator of how close to perfection sample information is; it is computed by dividing the expected value of sample information by the expected value of perfect information



empirical

consisting of (or based on) data or information gained from experiment and observation



equal likelihood criterion

a decision-making method in which all states of nature are weighted equally (also known as the LaPlace criterion)



equilibrium point

the outcome of a game that results from a pure strategy



event

the possible result of a probability experiment



events

in a CPM/PERT project network, the nodes that reflect the beginning and termination of activities



expected monetary value

the expected (average) monetary outcome of a decision, computed by multiplying the outcomes by their probabilities of occurrence and summing these products



expected opportunity loss

the expected cost of the loss of opportunity resulting from an incorrect decision by the decision maker



expected value

an average value computed by multiplying each value of a random variable by its probability of occurrence



expected value of perfect information ( EVPI )

the value of information expressed as the amount of money that a decision maker would be willing to pay to make a better decision



expected value of sample information

the difference between the expected value of a decision situation with and without additional information



experiment

in probability, a particular action, such as tossing a coin



exponential distribution

a probability distribution often used to define the service times in a queuing system



exponential smoothing

a time series forecasting method similar to a moving average in which more recent data are weighted more heavily than past data



extreme points

the maximum and minimum points on a curve (also known as relative extreme points); in a linear programming problem, a protrusion in the feasible solution space






Introduction to Management Science
Introduction to Management Science (10th Edition)
ISBN: 0136064361
EAN: 2147483647
Year: 2006
Pages: 358

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