Introduction to Management Science
1) Enterprise Resource Planning (ERP) system is a data-oriented decision support system that utilizes specific management science solution procedures to solve individual problems such as cost-volume analysis.
2) A key element of a decision support system (DSS) is the person using the system.
3) Electronic data interchange (EDI) is a type of decision support system.
4) A ________ is a symbol used to represent an item that can take on any value.
5) ________ are known, constant values that are coefficients of variables in equations.
6) ________ are pieces of information from the problem environment.
7) A ________ is a functional relationship including variables, parameters, and equations.
8) Management science techniques include ________ techniques, models that are represented as diagrams, presenting a pictorial representation of the system being analyzed.
9) An increase in output typically results in an increase in the ________ cost.
10) ________ techniques provide results that contain uncertainty, unlike mathematical programming techniques which are deterministic.
11) ________ costs are independent of the volume of goods produced and remain constant.
12) The difference between volume multiplied by price and the sum of fixed and variable costs is ________.
13) ________ depend on the number of items produced.
14) Total revenue minus total cost equals ________.
15) The ________ is the volume that equates total revenue with total cost.
16) A ________ represents a limitation to achieving maximum profits due to limited resources.
17) A ________ programming technique refers to a predetermined set of mathematical steps used to solve a problem.
18) One way to test how a management science model reacts to changes in its parameters is to conduct ________ analysis.
19) ________ consist of models that are represented as diagrams rather than as strictly mathematical techniques.
20) A management science technique that does not assume that all parameters are known with certainty is a(n) ________ technique.
21) A ________ is a computer-based system that helps decision-makers address complex problems that involve different parts of an organization and operations.
22) The relationship d = 5000 - 25p describes what happens to demand (d) as price (p) varies. Price can vary between $10 and $50. How many units can be sold when the price is $10?
23) Researchers at John H. Stroger, Jr. Hospital of Cook County used ________ to address the problem of healthcare-associated infections in hospitals.
24) A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total cost.
25) A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total