Introduction to Management Science

26) 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.

27) A key element of a decision support system (DSS) is the person using the system.

28) Electronic data interchange (EDI) is a type of decision support system.

29) A ________ is a symbol used to represent an item that can take on any value.

30) ________ are known, constant values that are coefficients of variables in equations.

31) ________ are pieces of information from the problem environment.

32) A ________ is a functional relationship including variables, parameters, and equations.

33) Management science techniques include ________ techniques, models that are represented as diagrams, presenting a pictorial representation of the system being analyzed.

34) An increase in output typically results in an increase in the ________ cost.

35) ________ techniques provide results that contain uncertainty, unlike mathematical programming techniques which are deterministic.

36) ________ costs are independent of the volume of goods produced and remain constant.

37) The difference between volume multiplied by price and the sum of fixed and variable costs is ________.

38) ________ depend on the number of items produced.

39) Total revenue minus total cost equals ________.

40) The ________ is the volume that equates total revenue with total cost.

41) A ________ represents a limitation to achieving maximum profits due to limited resources.

42) A ________ programming technique refers to a predetermined set of mathematical steps used to solve a problem.

43) One way to test how a management science model reacts to changes in its parameters is to conduct ________ analysis.

44) ________ consist of models that are represented as diagrams rather than as strictly mathematical techniques.

45) A management science technique that does not assume that all parameters are known with certainty is a(n) ________ technique.

46) A ________ is a computer-based system that helps decision-makers address complex problems that involve different parts of an organization and operations.

47) 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?

48) Researchers at John H. Stroger, Jr. Hospital of Cook County used ________ to address the problem of healthcare-associated infections in hospitals.

49) 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.

50) 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 revenue.

Answer:  R(x) = 45i