Types of companies which are most likely to adopt cloud-based ERP and CRM software services will be companies that want to cut IT staff cost. With CRM and ERP‚ a business can be up and running with the software quickly which less need for in-house IT staff or high levels of technical skills‚ and things like security and upgrades are looked after by the vendor. This is because the difference between cloud and on-premise is that cloud-computing makes your software an operational expense rather than
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Exercise 1 page 224 a. Using Maximax‚ the worst payoffs for the alternatives are as follws: Do nothing: $60 thousands Expand: $80 thousands Subcontract: $70 thousands Hence‚ since $80 thousands is the best‚ choose to expand the firms using the maximax strategy b. Using Maximin Do nothing: $50 thousands Expand: $20 thousands Subcontract: $40 thousands Hence‚ since $50 thousands is the best‚ choose to do nothing using the maximin strategy c. Using Laplace For the Laplace criterion
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Decision Making without Probabilities • Three commonly used criteria for decision making when probability information regarding the likelihood of the states of nature is unavailable are: – the optimistic approach – the conservative approach – the minimax regret approach. Optimistic Approach • The optimistic approach would be used by an optimistic decision maker. • The decision with the largest possible payoff is chosen. • If the payoff table was in terms of costs‚ the decision with the lowest cost
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Introduction to Management Science: Quantitative Methods: 50 Multiple Choice Questions Question 1 In a balanced transportation model where supply equals demand‚ a. all constraints are equalities b. none of the constraints are equalities c. all constraints are inequalities d. none of the constraints are inequalities Question 2 In a transportation problem‚ items are allocated from sources to destinations a. at a maximum cost b. at a minimum cost c. at a minimum profit d. at
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Chapter 13: Chi-Square Applications SHORT ANSWER 1. When samples of size n are drawn from a normal population‚ the chi-square distribution is the sampling distribution of = ____________________‚ where s2 and are the sample and population variances‚ respectively. ANS: PTS: 1 OBJ: Section 13.2 2. Find the chi-square value for each of the right-tail areas below‚ given that the degrees of freedom are 7: A) 0.95 ____________________ B) 0.01 ____________________ C) 0.025 ____________________
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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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a. At the maximax rule the firm should operate plants in US‚ Mexico‚ Canada b. At the maximin rule the firm should operate plants in US only c. The potential regret matrix is: OINC Passes OINC Fails OINC Stalls US only 10 million 0 2 million US and Mexico 5 million 3 million 2.5 million US‚ Mexico‚ Canada 0 5 million 0 And the maximum potential regrets are: US only 10 million US and Mexico 5 million US‚ Mexico‚ Canada 5 million Thus the firms minimax regret rule should
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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 sell sun visors or umbrellas
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As I have gotten older I have learned many lessons about life‚ but there is one in particular that I’ll never forget‚ that is to appreciate your loved ones as much as possible because you never know when you might loose them. My aunt Sylvia was the nicest lady who ever lived. She was a widow and never had children‚ but she had this French poodle that she loved as though it were her own daughter. She wasn’t my real aunt but I loved her so much that I called her that. Ever since I can remember‚ she
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strongly affect our behaviour in social situations from following fashions to committing immoral acts because we are commanded to by someone who appears to be in a position of authority. This essay looks at to what extent are conformity and obedience likely outcomes of human behaviour and can individuals avoid these social influences? Conformity is a change in belief or behaviour in response to real or imagined group pressure when there is no direct request to comply with the group nor any reason to
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