Result Variables in Management Models
Mathematical models used in management science often aim to measure a system's effectiveness and efficiency. The variables representing the outcomes or outputs of these models are termed result variables.
Components of Result Variables
The result variables in such mathematical models encompass various aspects of system performance and outcomes:
- Measures of performance: These quantify how well the system is operating or functioning, focusing on operational aspects.
- Measures of effectiveness: These assess the degree to which the system achieves its intended goals or objectives.
- Payoffs and outcomes: These represent the ultimate results, consequences, or benefits derived from the system's operation, often in quantitative terms.
Since all these categories represent crucial outcomes measured by mathematical models for assessing system performance in management science, they are all considered components of result variables.
Important Questions from Operations Research
A transportation problem with m origins and n destinations becomes a trans-shipment problem with
Match List I with List II
List I
List II
A.
Markovian property
I.
Rule of determining the order in which members of the queue are selected to begin service
B.
Waiting time in system
II.
The time of next arrival is completely uninfluenced by when the last arrival occurred
C.
Steady state condition
III.
The queueing is in after operating for some time with a fixed utilisation factor less than one
D.
Queue discipline
IV.
Elapsed time that an individual customer spends in queue, both before service and during service
Choose the correct answer from the options given below:
Customers arrive at a reception counter at an average interval rate of 10 minutes and the receptionist takes an average of 6 minutes for one customer. The average queue length is:
The first and foremost important feature for a project to be successful is:
In Queuing Theory, statistical pattern by which customers arrive over a period of time, follows
