[Page 791 ( continued )] - management science
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the application of mathematical techniques and scientific principles to management problems to help managers make better decisions -
- marginal probability
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the probability of a single event occurring -
- maximal flow problem
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a network problem in which the objective is to maximize the total amount of flow from a source to a destination -
- maximax criterion
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a method for making a decision in a decision analysis problem; the decision will result in the maximum of the maximum payoffs -
- maximin criterion
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a method for making a decision in a decision analysis problem; the decision will result in the maximum of the minimum payoffs -
- maximization problem
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a linear programming problem in which an objective, such as profit, is maximized -
- mean absolute deviation ( MAD )
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a measure of the difference between a forecast and what actually occurs -
- mean absolute percent deviation ( MAPD )
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the absolute forecast error, measured as a percentage of demand -
- mean squared error ( MSE )
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the average of the squared forecast errors -
- medium-range forecast
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a forecast that encompasses anywhere from 1 month to 1 year -
- minimal spanning tree problem
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a network problem in which the objective is to connect all the nodes in a network so that the total branch lengths are minimized -
- minimax regret criterion
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a method for making a decision in a decision analysis problem; the decision will minimize the maximum regret -
- minimization problem
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a linear programming problem in which an objective, such as cost, is minimized -
- minimum cell cost method
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a method for determining the initial solution to a transportation model -
- mixed constraint problem
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a linear programming problem with a mixture of , =, and constraints -
- mixed integer model
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an integer linear programming model that can generate a solution with both integer and noninteger values -
- model
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an abstract (mathematical) representation of a problem -
- Monte Carlo process
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a technique used in simulation for selecting numbers randomly from a probability distribution -
- most likely time
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one of three time estimates used in a beta distribution to determine an activity time; it is the time that would occur most frequently if the activity were repeated many times -
- moving average
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a time series forecasting method that involves dividing values of a forecast variable by a sequence of time periods -
- multiple optimum solutions
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alternative solutions to a linear programming problem, all of which achieve the same objective function value -
- multiple regression
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a form of regression that reflects the relationship among more than two variables -
- multiple-server queuing system
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a system in which a single waiting line feeds into two or more servers in parallel -
- mutually exclusive events
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in a probability experiment, events that can occur only one at a time -
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