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LaPlace criterion

a decision-making method in which all states of nature are weighted equally (more commonly known as the equal likelihood criterion)

latest activity time

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

linear programming

a management science technique used to determine the optimal way to achieve an objective, subject to restrictions, in cases in which all the mathematical relationships are linear

linear (simple) regression

a form of regression that reflects the relationship of two variables

linear trend line

a forecast that uses the linear regression equation to relate demand to time

long-range forecast

a forecast that typically encompasses a period of time longer than 1 or 2 years