Professional Pilot Paper – Options module Advanced Performance Management Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A – THIS ONE question is compulsory and MUST be attempted Section B – TWO questions ONLY to be attempted Do NOT open this paper until instructed by the supervisor. During reading and planning time only the question paper may be annotated. You must NOT write in your answer booklet until instructed by the
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surgery). It is also possible to have a favorable or desirable outcome result from a “bad” decision (you win at Blackjack‚ even though you drew a card when you already held an “18”). 3. The equally likely model selects the alternative with the highest average value; it assumes each state of nature is equally likely to occur. 4. The basic difference between decision making under certainty‚ risk‚ or uncertainty is based on the nature and amount of chance or risk that is involved in making the decision
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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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Explain the purpose behind the WTO’s Doha round of trade negotiations. Why has this round proved so difficult to conclude? What are the likely consequences for the world economy if the Doha round fails? The World Trade Organization has proven to be the top most successful joint trade institution of the 20th century. In spite of the lack of a central authority‚ the WTO has sustained trade assistance for the better half of the last five decades. Over which time the influence of the association
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2.344 loaves/ hour. Therefore‚ in a month’s time‚ he can produce 160*2.344 = 375.04 loaves. Increase demand = 0.45*1500 = 675. To make 675 loaves in a month‚ when 1 person can make 375.04‚ Charles would need to hire people Q3) There are three likely states of nature (High (50%)‚ Medium (30%)‚ and Low
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Company Background: Starting Right Company * Inspired by a movie‚ Julia Day decided to build a baby food company named as Starting Right Company‚ which targets the upper class market. * To differentiate the product from its competitors‚ the company offers frozen baby foods with no preservatives while ensuring great taste. * Julia Day hired people with experience in finance‚ marketing and production. The group started to develop product samples of the new frozen baby food. * Julia
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What is a linear programming problem? Discuss the scope and role of linear programming in solving management problems. Discuss and describe the role of linear programming in managerial decision-making bringing out limitations‚ if any. 2. Explain the concept and computational steps of the simplex method for solving linear programming problems. How would you identify whether an optimal solution to a problem obtained using simplex algorithm is unique or not? a) What is the difference between a
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Sub: Quantitative Techniques in Management 1) Answer any Sixteen 1. What is a linear programming problem? Discuss the scope and role of linear programming in solving management problems. Discuss and describe the role of linear programming in managerial decision-making bringing out limitations‚ if any. 2. Explain the concept and computational steps of the simplex method for solving linear programming problems. How would you identify whether an optimal solution to a problem obtained using simplex
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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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under uncertainty b) what decison criterion should he use? Maximax c) what alternative is best He should choose Sub100‚ since it has the best possible outcome. 2) although Ken (above) is the principal owner‚ his bother bob is credit with making the company a sucess. Bob is vice president of fincance. Bob attributes his sucess to hsi pessimistic attitude about business and oil industry. Give the information from the previous problem is it likely bob will arive at a different decision? What deicison
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