September 2023 26 Enterprise Resource Planning ERP system is a data oriented decision support system that utilizes

2024 Introduction to Management Science Assignment Help

26 Enterprise Resource Planning ERP system is a data oriented decision support system that utilizes 2023

26) Enterprise Resource Planning (ERP) system is a data-oriented decision support system that utilizes specific management science solution procedures to solve individual problems such as cost-volume analysis. 27) A key element of a decision support system (DSS) is the person using the system. 28) Electronic data interchange (EDI) is a type of decision support system. 29) A ________ is a symbol used to represent an item that can take on any value. 30) ________ are known, constant values that are coefficients of variables in equations. 31) ________ are pieces of information from the problem environment. 32) A ________ is a functional relationship including variables, parameters, and equations. 33) Management science techniques include ________ techniques, models that are represented as diagrams, presenting a pictorial representation of the system being analyzed. 34) An increase in output typically results in an increase in the ________ cost. 35) ________ techniques provide results that contain uncertainty, unlike mathematical programming techniques which are deterministic. 36) ________ costs are independent of the volume of goods produced and remain constant. 37) The difference between volume multiplied by price and the sum of fixed and variable costs is ________. 38) ________ depend on the number of items produced. 39) Total revenue minus total cost equals ________. 40) The ________ is the volume that equates total revenue with total cost. 41) A ________ represents a limitation to achieving maximum profits due to limited resources. 42) A ________ programming technique refers to a predetermined set of mathematical steps used to solve a problem. 43) One way to test how a management science model reacts to changes in its parameters is to conduct ________ analysis. 44) ________ consist of models that are represented as diagrams rather than as strictly mathematical techniques. 45) A management science technique that does not assume that all parameters are known with certainty is a(n) ________ technique. 46) A ________ is a computer-based system that helps decision-makers address complex problems that involve different parts of an organization and operations. 47) The relationship d = 5000 – 25 p describes what happens to demand ( d ) as price ( p ) varies. Price can vary between $10 and $50. How many units can be sold when the price is $10? 48) Researchers at John H. Stroger, Jr. Hospital of Cook County used ________ to address the problem of healthcare-associated infections in hospitals. 49) A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total cost. 50) A production process requires a fixed cost of $50,000. The variable cost per unit is $25 and the revenue per unit is projected to be $45. Write a mathematical expression for total revenue. Answer: R( x ) = 45i

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