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