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objective function

a mathematical relationship that represents the objective of a problem solution

objective probability

the relative frequency with which a specific outcome in an experiment has been observed to occur in the long run

operating characteristics

average values for characteristics that describe a waiting line

opportunity cost table

a table derived in the solution to an assignment problem

optimal solution

the one best solution to a problem

optimistic time

one of three time estimates used in a beta distribution to determine an activity time; it is the shortest possible time it would take to complete an activity if everything went right

order cycle

the time period during which a maximum inventory level is depleted and a new order is received to bring inventory back to its maximum level

ordering cost

the cost a business incurs when it makes an order to replenish its inventory