Operations Management Formulas and Key Definitions
Waiting Line Management
Definitions and Formulas
- Arrival rate (λ): Average number of customers arriving per unit time.
λ = 1 / E(A); where E(A) is the average interarrival time. - Service rate (μ): Average number of customers served per unit time per server.
μ = 1 / E(S); where E(S) is the average service time. - Utilization (ρ): Fraction of system capacity being used. This value must be less than 1.
ρ = λ / (cμ); where c is the number of servers. - Coefficient of variation (CV): Measures variability.
Financial Accounting and Reporting Principles
Financial Accounting Principles
- Declaration of cash dividends increases total liabilities. ANSWER: True
- Payment of cash dividends decreases total assets and total equity. ANSWER: False
- The cumulative effect of the declaration and payment of a cash dividend will decrease total assets and shareholders’ equity on a company’s financial statements. ANSWER: True
- Short-term debt which is expected to be refinanced might not be classified as a current liability. ANSWER: True
- Accumulated depreciation is a contra-
All gust lines in the V-n graph originate from a point where the
- Fractions
Add/subtract: make the bottom number the same first
Multiply: top × top, bottom × bottom
Divide: keep, change, flip
Example:
1/2 + 1/4 = 2/4 + 1/4 = 3/4
2/3 × 4/5 = 8/15
2/3 ÷ 4/5 = 2/3 × 5/4 = 5/6
- Sig fig and decimal places
Decimal places: count digits after the decimal point
Significant figures: start at first non-zero digit
If next digit is 5 or more, round up
Example:
3.456 to 2 decimal places = 3.46
0.00456 to 2 sig fig = 0.0046
- Factorization
Common factor: take out the biggest factor
Quadratic:
Predictive Sales Analytics and Data Visualization
Predictive Analytics on Product Sales Data
This section demonstrates how to perform predictive analytics on product sales data using Python libraries such as Pandas, NumPy, and Scikit-learn.
import pandas as pd
import numpy as np
import matplotlib.pyplot as plt
from sklearn.model_selection import train_test_split
from sklearn.linear_model import LinearRegression
from sklearn.metrics import mean_squared_error, r2_score
# Sample product sales data
data = {
'Month': pd.date_range(start='2022-01-Essential Concepts in Economics, Budgeting, and Statistics
Zero-Based Budgeting
Zero-based budgeting is a method in which all expenses must be justified for each new period. The budget starts at a zero base, and every function within the organization is analyzed for its needs and costs. Therefore, budgets are built based on what is required for the upcoming period, regardless of the previous budget size.
Taxes
Taxes are a compulsory contribution to state revenue. It is mandatory to pay taxes, which are levied by the government on workers’ income and business
Read MoreEssential Geometry Theorems and Properties
Quadrilaterals
- The sum of the interior angles of a quadrilateral is 360°.
- Properties of a parallelogram:
- Opposite sides are equal.
- Opposite angles are equal.
- Consecutive angles are supplementary (sum = 180°).
- Diagonals bisect each other.
- A diagonal divides it into two congruent triangles.
- Conditions for a parallelogram:
- Both pairs of opposite sides are equal.
- Both pairs of opposite angles are equal.
- Diagonals bisect each other.
- One pair of opposite sides is equal and parallel.
- Mid-Point Theorem: The line segment