Question: Please select the correct definition for each management science technique, A problem - solving approach developed for situations involving maximizing or minimizing a linear function
Please select the correct definition for each management science technique,
A problemsolving approach developed for situations involving maximizing or minimizing a linear function subject to linear constraints that limit the degree to which the objective can be pursued.
An approach used for problems that can be set up as linear programs, with the additional requirement that some or all of the decision variables be integer values.
Network Models
Inventory Models
Linear Programming
Integer Linear Programming
A network is a graphical description of a problem consisting of circles called nodes that are interconnected by lines called arcs. Specialized solution procedures exist for these types of problems, enabling us ta quickly solve problems in such areas as supply chain design, information system design, and project scheduling.
The models are used by managers faced with the dual problems of maintaining sufficient inventories to meet demand for goods and, at the same time, incurring the lowest possible inventory holding costs.
A technique used to model the operation of a system. This technique employs a computer program to model the operation and perform simulation computations.
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