Shared Flashcard Set

Details

MSC 385 || (2/7/2019)
MSC 385 || (2/7/2019)
21
Business
Undergraduate 3
02/07/2019

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Cards

Term
Linearity
Definition
The impact of decision variables is linear in constraints and in the objective function.
Term
Divisibility
Definition
Noninteger values of decision variables are acceptable.
Term
Certainty
Definition
Values of parameters are known and constant.
Term
Nonnegativity
Definition
Negative values of decision variables are unacceptable.
Term
x1
Definition
Quantity of product 1
Term
x2
Definition
Quantity of product 2
Term
x3
Definition
Quantity of product 3
Term
x1, x2, x3, etc
Definition
Decision Variables
Term
Ax1
Definition
"A" = profit developed of Product 1
Term
Labor/Assembly : Ax1 <= B Hours
Definition
"A" = number of hours spent to produce a unit of Product 1.
Term
Material : Ax1 <= B Pounds
Definition
"A" = number of pounds of material used to produce a unit of Product 1.
Term
Objective Function
Definition
Functions that determine constraints on how much your earn or spend per unit of a product.
Term
Non-Negativity Constraint
Definition
Functions that limit what variables are not allowed to be negative.
Term
Inspection : Ax1 <= B Hours
Definition
"A" = number of hours spent to inspect a unit of Product 1.
Term
Storage : Ax1 <= B cubic ft
Definition
"A" = number of cubic feet spent to store a unit of Product 1.
Term
x2 axis
Definition
Y-Axis Of Two Product Constraint Graph
Term
x1 axis
Definition
X-Axis Of Two Product Constraint Graph
Term
C/A
Definition
How many of x1 you can produce if x2 is equal to 0 under the constraint:

Ax1 + Bx2 <= C Hours
Term
Total Cost Formula
Definition
Fixed Costs + Variable Costs * Quantity of Units
Term
Fixed Costs
Definition
Y-Axis of A Total Cost Function
Term
Variable Costs
Definition
X-Axis of Total Cost Function
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