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Questions and Answers
What does a Deterministic model assume about the data?
What does a Deterministic model assume about the data?
What is another term used for the field of Operations Research?
What is another term used for the field of Operations Research?
What is the primary goal of Stochastic models?
What is the primary goal of Stochastic models?
When did Operations Research begin to develop in a systematic way?
When did Operations Research begin to develop in a systematic way?
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What is the term used to describe the combination of Operations Research and Management Science?
What is the term used to describe the combination of Operations Research and Management Science?
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Who is associated with Queuing Theory?
Who is associated with Queuing Theory?
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What is the primary focus of Deterministic models?
What is the primary focus of Deterministic models?
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What is the term used to describe the study of waiting lines?
What is the term used to describe the study of waiting lines?
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What is the primary goal of the problem-solving process?
What is the primary goal of the problem-solving process?
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What is a crucial aspect of the model in the problem-solving process?
What is a crucial aspect of the model in the problem-solving process?
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What may trigger the identification of a situation that requires problem-solving?
What may trigger the identification of a situation that requires problem-solving?
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What is a key characteristic of the situation in problem-solving?
What is a key characteristic of the situation in problem-solving?
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What is the ultimate outcome of the problem-solving process?
What is the ultimate outcome of the problem-solving process?
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What is an important step in the problem-solving process?
What is an important step in the problem-solving process?
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What is a possible source of data in the problem-solving process?
What is a possible source of data in the problem-solving process?
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What is the relationship between the model and the solution in the problem-solving process?
What is the relationship between the model and the solution in the problem-solving process?
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What is the primary goal of problem formulation in a decision-making process?
What is the primary goal of problem formulation in a decision-making process?
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What is the main challenge in data preparation?
What is the main challenge in data preparation?
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What is the purpose of translating a problem from verbal to quantitative terms?
What is the purpose of translating a problem from verbal to quantitative terms?
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What is a mathematical model?
What is a mathematical model?
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What is the primary purpose of constructing a model?
What is the primary purpose of constructing a model?
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What is a logical model?
What is a logical model?
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What is the primary goal of model development?
What is the primary goal of model development?
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What is an example of a problem that can be formulated and solved using operations research?
What is an example of a problem that can be formulated and solved using operations research?
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What is the primary characteristic of iconic models?
What is the primary characteristic of iconic models?
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What is a common advantage of experimenting with models compared to experimenting with the real situation?
What is a common advantage of experimenting with models compared to experimenting with the real situation?
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What is a key consideration when selecting a mathematical model?
What is a key consideration when selecting a mathematical model?
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What is the term for mathematical models where any of the uncontrollable inputs are subject to variation?
What is the term for mathematical models where any of the uncontrollable inputs are subject to variation?
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What is the goal of mathematical models in relation to decision variables and parameters?
What is the goal of mathematical models in relation to decision variables and parameters?
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What is the term for the values of the decision variables that provide the mathematically-best output?
What is the term for the values of the decision variables that provide the mathematically-best output?
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What is a characteristic of analog models?
What is a characteristic of analog models?
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What is a common difference between stochastic and deterministic models?
What is a common difference between stochastic and deterministic models?
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What is the maximum monthly profit formula for Iron Works, Inc.?
What is the maximum monthly profit formula for Iron Works, Inc.?
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What is the constraint on the total amount of steel used during monthly production?
What is the constraint on the total amount of steel used during monthly production?
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What is the constraint on the monthly production level of product 1?
What is the constraint on the monthly production level of product 1?
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What is the constraint on the monthly production level of product 2?
What is the constraint on the monthly production level of product 2?
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What is the constraint on the production level of product 2 to ensure it is not negative?
What is the constraint on the production level of product 2 to ensure it is not negative?
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What is the value of p1 in the rewritten model with specific values for the uncontrollable inputs?
What is the value of p1 in the rewritten model with specific values for the uncontrollable inputs?
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What is the value of a2 in the rewritten model with specific values for the uncontrollable inputs?
What is the value of a2 in the rewritten model with specific values for the uncontrollable inputs?
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What is the goal of the Iron Works, Inc. model?
What is the goal of the Iron Works, Inc. model?
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Study Notes
Operations Research (OR) and Management Science (MS)
- Operations Research (OR) is another term for Management Science (MS).
- In the US, OR and MS are combined to form OR/MS or ORMS.
- Other terms used in this field include Industrial Engineering (IE) and Decision Science (DS).
Operations Research Models
- Deterministic Models: assume all data are known with certainty, involve optimization, and examples include Linear Programming, Network Optimization, Integer Programming, Nonlinear Programming, and Inventory Models.
- Stochastic Models: explicitly represent uncertain data via random variables or stochastic processes, characterize/estimate system performance, and examples include Discrete-Time Markov Chains, Continuous-Time Markov Chains, Queuing Theory, Decision Analysis, Game Theory, Inventory Models, and Simulation.
History of Operations Research (OR)
- OR is a relatively new discipline, emerging in the late 1930s.
- Key contributors to the development of OR include Frederick Taylor, Henry Gannt, F.W.Harris, William Shewart, Andrey A. Markov, E.K. Erlang, H. Dodge, and H.R. Roming.
Problem Solving Process
- The goal is to solve a problem, involving a valid and tractable model, that provides a useful solution.
- The process involves formulating the problem, constructing a model, preparing data, testing the model and solution, and implementing the solution.
The Situation and Problem Formulation
- The situation may involve current operations or proposed expansions due to market shifts.
- The problem may become apparent through consumer complaints, employee suggestions, or a conscious effort to improve efficiency or respond to an unexpected crisis.
- Problem formulation involves describing the system, defining variables, stating assumptions, and selecting performance measures.
Data Preparation and Constructing a Model
- Data preparation is a critical step, requiring a significant amount of time and attention to avoid data collection errors.
- A model translates the problem from verbal, qualitative terms to logical, quantitative terms, and may take the form of iconic, analog, or mathematical models.
- Mathematical models represent real-world problems through a system of mathematical formulas and expressions based on key assumptions, estimates, or statistical analyses.
Model Development and Mathematical Models
- Models are representations of real objects or situations, and may be iconic, analog, or mathematical.
- Mathematical models relate decision variables with fixed or variable parameters, and frequently seek to maximize or minimize some objective function subject to constraints.
- Mathematical models may be stochastic or deterministic, and the values of the decision variables that provide the mathematically-best output are referred to as the optimal solution.
Example: Iron Works, Inc. Mathematical Model
- The total monthly profit is a function of the monthly production levels of product 1 and product 2.
- The mathematical model involves maximizing the total monthly profit subject to constraints on steel usage, production levels, and non-negativity.
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Description
This quiz covers various models in Operations Research, including deterministic and stochastic models, linear programming, network optimization, and more.
