3 – Decision Analysis 1 Decision analysis is concerned with establishing systematic procedures for making decisions under uncertainty. Knowledge of decision analysis should help analyze a problem in a complicated and uncertain setting‚ to develop alternatives‚ and to identify possible outcomes. The decision maker then selects the alternative that best meets his or her objectives and psychological desires. Decision analysis is important because it provides decision makers with a rational way
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QM 300 Midterm Part I 1. Project management: a) Is the planning‚ scheduling and controlling of project tasks to meet objectives. b) Is used primarily in construction and public works. c) Requires less communication than ongoing process management. d) Focuses on well-understood‚ unambiguous tasks and relationships. Using the following project‚ with activity times estimate in days and a critical path of CH-J-K‚ to answer the next 3 questions: Activity A B C D E F G H I J K Immediate Predecessor
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performance. Performance here is defined as the degree to which an operation fulfils the five performance objectives at any point in time‚ in order to satisfy its customers. A polar diagram can be used to see how well the 5 dimensions of performance of the operation meet requirements of the market. It is unlikely that for any operation a single measure of performance will adequately reflect the whole of a performance objective. Usually operations have to collect a whole bundle of partial measures of performance
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Problems Week 4 Betsy Whitfield ITT Tech Online MG518 – Operations and Process Management Professor Eloise Thomas August 24‚ 2013 * Chapter 9: Problems 2a‚ 2b‚ 5a‚ and 5b on page 346 * Chapter 10: Problems 2 and 5 on pages 381-382 * Chapter 11: Problems 2 and 3 on pages 407-408 * Chapter 12: Problems 2‚ 3a‚ 3b‚ 10a‚ 10b‚ 22a‚ and 22b on pages 440-443 Chapter 9 Problem 2 Prince Electronics‚ a manufacturer of consumer electronic goods
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When marketing‚ engineering‚ and operations simultaneously develop a process (cross -functional integration)‚ this approach is known as __________ ________________. A) sequential process B) traditional approach C) concurrent engineering D) both A and B E) none of the above Feedback: C is the correct answer. Unlike the traditional serial or sequential approach‚ concurrent engineering uses cross-functional integration for concurrent development of a product
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well as employ various forms of operations management concepts to improve the effectiveness and efficiency of hospitality service operations. This essay aims to discuss various service operations concepts that are currently applied in the industry to increase efficiency and effectiveness of the service process which will benefit hospitality firms in view of the economic challenges faced today. Demand and capacity management Demand and capacity management has always been an issue for service-oriented
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Optimistic Most Probable Pessimistic A 4 6 8 B 6 8 16 C 2 4 6 D 8 10 24 E 7 10 13 F 4 6 8 G 4 6 20 H 4 6 8 I 4 6 14 J 3 4 5 K 2 4 6 Where mean (expected time)‚ t = (a + 4m + b) / 6 tA = (4 + 4(6) + 8) / 6 = 6 tB = (6 + 4(8) + 16) / 6 = 9 tC = (2 + 4(4) + 6) / 6 = 4 tD = (8 + 4(10) + 24) / 6 = 12 tE = (7 + 4(10) + 13) / 6 = 10 tF = (4 + 4(6) + 8) / 6 = 6 tG = (4 + 4(6) + 20) / 6 = 8 tH = (4 + 4(6) + 8) / 6 = 6
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For example‚ in today’s environment it is very difficult to find adequate labour‚ which is forcing school foodservice directors to consider alternatives in food production. Also‚ there is a great concern about food safety‚ including Hazard Analysis Critical Control Point (HACCP) program implementation‚ and quality control that might be improved in centralized food production. If a change is to be made in the system‚ it is important to know what alternatives are available. In this chapter‚ information
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Strategic role of operations management Operations management is an essential key business function that overlaps with the other business functions such as marketing‚ finance and human resource management (HRM). Each of these essential business functions has a strategic component. Strategic means ‘affecting all key business areas’; that is‚ the strategic role of the operations management involves operations managers contributing to the strategic direction or strategic plan of the business. The
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Review core capabilities. Core capabilities are critical issues in operations management. Why are core capabilities an asset? Are there any instances in which a firm’s core capabilities can be a liability rather than an asset? In general‚ core capabilities are an organization’s key ability that sets it aside from competitors. According to Qfinance‚ the definition of core capabilities is a key ability or strength that an organization has acquired that differentiates it from others‚ gives it
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