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

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