# M

 [Page 791 ( continued )] management science the application of mathematical techniques and scientific principles to management problems to help managers make better decisions marginal probability the probability of a single event occurring maximal flow problem a network problem in which the objective is to maximize the total amount of flow from a source to a destination maximax criterion a method for making a decision in a decision analysis problem; the decision will result in the maximum of the maximum payoffs maximin criterion a method for making a decision in a decision analysis problem; the decision will result in the maximum of the minimum payoffs maximization problem a linear programming problem in which an objective, such as profit, is maximized mean absolute deviation ( MAD ) a measure of the difference between a forecast and what actually occurs mean absolute percent deviation ( MAPD ) the absolute forecast error, measured as a percentage of demand mean squared error ( MSE ) the average of the squared forecast errors medium-range forecast a forecast that encompasses anywhere from 1 month to 1 year minimal spanning tree problem a network problem in which the objective is to connect all the nodes in a network so that the total branch lengths are minimized minimax regret criterion a method for making a decision in a decision analysis problem; the decision will minimize the maximum regret minimization problem a linear programming problem in which an objective, such as cost, is minimized minimum cell cost method a method for determining the initial solution to a transportation model mixed constraint problem a linear programming problem with a mixture of , =, and constraints mixed integer model an integer linear programming model that can generate a solution with both integer and noninteger values model an abstract (mathematical) representation of a problem Monte Carlo process a technique used in simulation for selecting numbers randomly from a probability distribution most likely time one of three time estimates used in a beta distribution to determine an activity time; it is the time that would occur most frequently if the activity were repeated many times moving average a time series forecasting method that involves dividing values of a forecast variable by a sequence of time periods multiple optimum solutions alternative solutions to a linear programming problem, all of which achieve the same objective function value multiple regression a form of regression that reflects the relationship among more than two variables multiple-server queuing system a system in which a single waiting line feeds into two or more servers in parallel mutually exclusive events in a probability experiment, events that can occur only one at a time

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

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