Which one of the following is false? d. An accounting firm does not need operations management. Which one of the following policies is stated in the syllabus or the student guideline power point slides for DS 412? D) All students are asked to provide a valid e-mail address on "iLearn". What are an organization’s goals based on? d. Its mission Operations Management includes all of these activities except: b. Assessing consumer wants and needs Which one of the following is one of the key differences
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QUANTITATIVE MODULE Decision-Making Tools Discussion Questions 1. The 6 steps of the decision process are: 1. Clearly define the problem and the factors that influence it. 2. Develop specific and measurable objectives. 3. Develop a model. 4. Evaluate each alternative solution. 5. Select the best alternative. 6. Implement the solution. 2. The purpose of this question is to make students use a personal experience to distinguish between good and bad decisions. A “good”
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rule optimistically assumes that nature will always be "on our side" regardless of what decision we make? a. | maximax decision rule. | b. | maximin decision rule. | c. | minimax regret decision rule. | d. | minimin decision rule. | __B__ 5. Which decision rule pessimistically assumes that nature will always be "against us" regardless of what decision we make? a. | maximax decision rule. | b. | maximin decision rule. | c. | minimax regret decision rule. | d. | minimin decision
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An operation increases its production level and observes that the cost of producing each unit decreases. This is an example of: Economies of scale. Organizations have: internal and external supply chains. The center of gravity method for location choice is often used to minimize: shipping costs. Which of the following are common reasons a firm might expand into new countries?: To operate under less restrictive regulations and to improve access to foreign markets. . Compared to service operations
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result from each investment: Gasoline Availability Investment Shortage Stable Supply Surplus Motel $8‚000 $15‚000 $20‚000 Restaurant 2‚000 8‚000 6‚000 Theater 6‚000 6‚000 5‚000 Determine the best investment‚ using the following decision criteria. a. Maximax 20‚000 motel b. Maximin 5‚000 theater c. Minimax regret 14‚000 motel or Restaurant d. Hurwicz(a=.4) theather 5‚400 e. Equal likelihood =Motel 9‚000 16. A concessions manager at the Tech versus A&M football game must decide whether to have the vendors
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Size of Gasoline Station Good Market ($) Fair Market ($) Poor Market ($) Small $70‚000.00 $30‚000.00 $(30‚000.00) Medium $110‚000.00 $50‚000.00 $(40‚000.00) Large $170‚000.00 $70‚000.00 $(50‚000.00) 2. What is the Maximax decision? Large Sizes Good Market Fair Market Poor Market Maximum Small $ 70‚000 $ 30‚000 $ (30‚000) $ 70‚000 Medium $ 110‚000 $
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Reviewer for MANSCIE 1. Introduction to Quantitative Analysis Approach Quantitative Analysis involves the use of mathematical equations or relationships in analyzing a particular problem. Steps in Quantitative Analysis Approach 1. Define the problem 2. Develop a model 3. Acquire input data 4. Develop a solution 5. Test the solution 6. Analyze the results 7. Implement the results 2. Decision Theory Six steps in decision making 1. Define the problem 2. List possible alternatives 3. Identify possible
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000 1. Develop a decision table for this decision. Alternative Favorable Market Unfavorable Market Small $70‚000 -$30‚000 Medium $110‚000 -$40‚000 Large $170‚000 -$50‚000 Do nothing 0 0 2. What is the Maximax decision? 170‚000 3. What is the Maximin decision? 50000 4. What is the criterion of realism decision? Use α = 0.6. to build a large station 72‚000 5. Develop an Opportunity Loss Table Scenario 1 Scenario 2 Expected Maximum Probability 0 0 Decision 1 100000 30000 0 100000
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* Question 1 0 out of 2 points | | | An undergraduate business student has purchased a laptop computer for use during exams. This laptop is perfectly reliable except for two parts: its microchip‚ which has a failure rate of one in every twenty hours of operation; and its battery‚ which has a failure rate of one in every ten hours of operation. In addition‚ on average the battery will wear out in five hours‚ with a standard deviation of 30 minutes. Assuming that a new battery has just been
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MD 021 - Management and Operations Capacity Planning and Decision Theory ▪ Measures of capacity ▪ Bottlenecks ▪ Capacity strategies ▪ A systematic approach to capacity decisions ▪ Make or Buy Problem ▪ Decision Making Under Uncertainty and Risk‚ Decision Trees Capacity Planning Capacity is the maximum rate of output for a facility. Capacity planning
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