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Sensitivity Analysis

Sensitivity analysis is a statistical method that determines the impact of independent variable values on the distinct dependent variable under some defined set of assumptions. The use of this type of analysis is guided by one or multiple input variables that lie in particular boundaries. For example, studying the effect of interest rates change on the price of bonds. Sometimes referred to as what-if analysis, sensitivity analysis is suitable for any system or activity.

Queuing Theory

Queuing theory is a concept in mathematics that deals with delays and congestions in the waiting line. It takes into account and examines all components of delays and waiting to be served. Some of these components include the process of arriving, being served, number of service providers, number of customers, etc. Queuing theory is a topic in operations research that helps organizations make informed decisions about building a viable workflow system.

Discrete Event Simulation

Discrete event simulation is a method used to replicate the performance and behavior of real-life systems and processes. This type of simulation is often used in health-care services. Discrete event simulation models the system as a sequence of events. It models patients as independent entities and assumes that the systems experience no changes between events.

Duality Theorem

Duality theorem is concerned with the association between primal solutions and problems associated with dual linear programming problems. An example of duality theorem is a case where either the dual or primal’s solution is finite optimal. In such a case, the other problem also has a solution that is finite optimal and their objective function’s values are equal.