[Page 791 ( continued )] - objective function
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a mathematical relationship that represents the objective of a problem solution -
- objective probability
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the relative frequency with which a specific outcome in an experiment has been observed to occur in the long run -
- operating characteristics
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average values for characteristics that describe a waiting line -
- opportunity cost table
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a table derived in the solution to an assignment problem -
- optimal solution
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the one best solution to a problem -
- optimistic time
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one of three time estimates used in a beta distribution to determine an activity time; it is the shortest possible time it would take to complete an activity if everything went right -
- order cycle
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the time period during which a maximum inventory level is depleted and a new order is received to bring inventory back to its maximum level -
- ordering cost
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the cost a business incurs when it makes an order to replenish its inventory -
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