[Page 791 ( continued )] - parameter
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a constant value that is generally a coefficient of a variable in a mathematical equation -
- payoff table
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a table used to show the payoffs that can result from decisions under various states of nature -
- penalty cost
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the penalty (or regret ) suffered by a decision maker when a wrong decision is made -
- periodic inventory system
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a system in which an order is placed for a variable amount at fixed time intervals -
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[Page 792] - permanent set
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in a shortest route network problem, a set of nodes to which the shortest route from the start node has been determined -
- pessimistic time
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one of three time estimates used in a beta distribution to determine an activity time; it is the longest possible time it would take to complete an activity if everything went wrong -
- pivot column
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the column corresponding to the entering variable -
- Poisson distribution
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a probability distribution that describes the occurrence of a relatively rare event in a fixed period of time; often used to define arrivals at a service facility in a queuing system -
- political/social forecast
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a prediction of political and social changes that may occur in the future -
- population mean
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the mean of an entire set of data being analyzed -
- posterior probability
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the altered marginal probability of an event based on additional information -
- precedence relationship
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the relationship exhibited by events that must occur in sequence; such events can be represented by a CPM/PERT network -
- primal
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the original form of a linear programming model -
- priority
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the importance of a goal relative to other goals in a goal programming model -
- probabilistic techniques
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management science techniques that take into account uncertain information and give probabilistic solutions -
- probability distribution
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a distribution showing the probability of occurrence of all events in an experiment -
- probability tree
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a diagram showing the probabilities of the various outcomes of an experiment -
- production lot size model
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an inventory model for a business that produces its own inventory at a gradual rate (also known as the noninstantaneous receipt model) -
- prohibited route
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in a transportation model, a route (i.e., variable) to which no allocation can be made -
- project crashing
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a method for reducing the duration of a CPM/PERT project network by reducing one or more critical path activities and incurring a cost -
- project evaluation and review technique (PERT)
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a network technique, designed for project planning and scheduling, that uses probabilistic activity times -
- pseudorandom numbers
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random numbers generated by a mathematical process rather than by a physical process -
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