* 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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classmates’ postings. Next Year’s Demand Alternative | Low | High | Do nothing | $50* | $60* | Expand | 20 | 80 | Subcontract | 40 | 70 | *Profit in $ thousands. a. Maximax- Determine the best possible payoff‚ and choose the alternative with that payoff. The best payoff. Do Nothing – 60‚000 | Expand – 80‚000 | Subcontract – 70‚000 | Expanding would be the most beneficial. b. Maximin- - Determine the worst possible
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Starting Right Corporation There are four options for investors. 1) Corporate Bond 2) Preferred Stock 3) Common Stock 4) Do not invest Total money Yield of $30000 invested Percentage After 5 years Favorable Market Unfavorable Market Favorable Market Unfavorable Market Corporate Bond 13.00% 20‚000 $25‚273 $20‚000 84.24% 66.67% Preferred Stock 400% 50% $90‚000 ($15‚000) 300.00% -50.00% Common Stock 800% 0% $210‚000 ($30‚000)
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48 (3) (2001) 307–318. [7] F. Liu‚ F.Y. Ding‚ V. Lall‚ Using data envelopment analysis to compare suppliers for supplier selection and performance improvement‚ Supply Chain Management 5 (3) (2000) 143–150. [8] A.D. Pearman‚ A weighted maximin and maximax approach to multiple criteria decision making‚ Operation Research Quarterly 28 (3) (1977) 584–587. [9] J. Seydel‚ Supporting the paradigm shift in vendor selection: Multicriteria methods for sole sourcing‚ Managerial Finance 31 (3) (2005) 49–64. [10]
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1. a. “Statistics is the nerve center for Operations Research.” Discuss. b. State any four areas for the application of OR techniques in Financial Management‚ how it improves the performance of the organization. 2. At the beginning of a month‚ a lady has Rs. 30‚000 available in cash. She expects to receive certain revenues at the beginning of the months 1‚ 2‚ 3 and 4 and pay the bills after that‚ as detailed here: Month Revenue Bills 1 Rs
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following payoff table representing profits: States of Nature s1 s2 s3 d1 Decisions d2 d3 4 0 1 4 3 5 -2 -1 -3 Example: Optimistic Approach An optimistic decision maker would use the optimistic (maximax) approach. We choose the decision that has the largest single value in the payoff table. Maximax decision
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EXPLAIN THE DECISION MAKING PROCESS WITH EXAMPLE OF YOUR OWN. Introduction:- Decision making is an integral part of the most of the top manager’s duties. Not even a single day passes without taking decisions particularly in modern organisations. Hence‚ management and decision making are considered as inseparable. In fact‚ whatever a manager does‚ he can do it only by taking some decision. All matters related to planning‚ organization‚ staffing‚ directing and
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Decision Theory A Brief Introduction 1994-08-19 Minor revisions 2005-08-23 Sven Ove Hansson Department of Philosophy and the History of Technology Royal Institute of Technology (KTH) Stockholm 1 Contents Preface ..........................................................................................................4 1. What is decision theory? ..........................................................................5 1.1 Theoretical questions about decisions ......................
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a. 3.30 Mas Asmyra is thinking about opening a bicycle shop in his hometown. Mas loves to take his own bike on 50—mile trips with his friends‚ but he believes that any small business should be started only if there is a good chance of making a profit. Mas can open a small shop‚ a large shop‚ or no shop at all. The profits will depend on the size of the shop and whether the market is a favorable or unfavorable for his products. Because there will be a five-year lease on the building that Mas is thinking
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