OM 300 Study Guide - Midterm Guide: George Dantzig, Simplex Algorithm, Shadow Price

• School: University of Alabama
• Department: Operations Management
• Course: OM 300
• Professor: Andrea Marks

Document Summary

Operations management test review (chapters spreadsheet modeling, 6s, 11, and linear programming and optimization) Mental model- a decision-making process we conduct in our heads. Visual model- a model in which graphics or diagrams are used to convey real objects or situations. Physical model- a model in which physical objects are used to represent the real objects or situations, usually on a smaller scale: ex: model cars and buildings. Mathematical model- a model in which quantitative relationship are used to represent a real situation or phenomena: ex: a weather prediction model o. Spreadsheet model- a mathematical model implemented in the form of a computer spreadsheet. Inputs- quantities or factors that affect the decision making situation. Controllable inputs (decision variables)- quantities or factors that a decision maker can change for the current situation: ex: the order quantity in an inventory planning situation.