Undertake a decision analysis. Specifically, apply the maximax, maximin, Laplace and minimax (regret) approaches. Interpret your results.
Q: CASE 1. Mossaic Tiles, Ltd. Gilbert Moss and Angela Pasaic spent several summers during their…
A: Given data is Tile type Molding hrs Baking hrs Glazing hours Clay derivative in pounds Larger…
Q: Gilbert Moss and Angela eological sites in the Southwes ns. After college they made u aic Tiles,…
A: Number of batches to produce the tiles=100 Profit earned=$190 We have to find out 4) For artistic…
Q: A corporation plans on building a maximum of 11 new stores in a large city. They will build these…
A: Objective Functions and Constraints: Based on the given details, the objective…
Q: The government is auctioning off oil leases at two sites. At each site, 150,000 acres of land are to…
A: Land for auctioning = 150,000 acres Also, no bidder can receive more than 45% of the land being…
Q: What would a manager do if they noticed they received a damaged product after they signed the…
A: Shipping claims are important to be understood by both, the buyer and the vendor. Because for…
Q: A manufacturer of television sets made four models – Sport, Standard, Traveler and Super. Each set…
A: Since you have submitted a question with multiple sub-parts, as per guidelines we have answered the…
Q: When starting a project, what is the first thing you do? I'd want to see a few examples of this.
A: Organizing a project means structuring a project. Structuring means managing, coordinating, and…
Q: HELP
A:
Q: s advise a project manager of a lanning process
A: Construction planning is an essential and testing action in the administration and execution of…
Q: Is there a connection between supply chain KPIs and the activities that drive those data?
A: Supply chain KPIs:- Supply Chain Key Performance Indicators (KPIs) are metrics used to measure and…
Q: How important do you think data quality is to data warehousing's success? What are the benefits of…
A: Data Quality:- Data Quality refers to the extent to which internal characteristics (e.g., accuracy,…
Q: All the answers was incorrec
A: Backlog = Backlog of previous period + Actual input − Actual output input output analysis:
Q: What is the importance of Inventory Management? Cite examples on how to handle management
A: Inventory management is a strategic area in the supply chain operations and has an impact on the…
Q: discuss the 8 principles of a Quality Management Systems, utilising practical examples for each…
A: Quality management principles are based on a group of essential beliefs, standards, rules, &…
Q: Excel QM B 2. A corporation plans on building a maximum of 11 new stores in a large city. They will…
A: Given data is Store Cost($) Employees required Net revenue($) Convenience 4.125 million 30 1.2…
Q: Read this excerpt from a speech: Well, children, where there is so much racket there must be…
A: d) sarcastic
Q: global challenges in Supply Chain Management
A: The supply chain is a complicated system. It consists of a series of interconnected organizations,…
Q: A new airline has decided to join the market. It is considering offering flights out of Cagayan, and…
A: C = Charges per ticket for the round trip to Cebu P = Charges per ticket for the round trip to…
Q: Provide the following: labor productivity of Old and New System (shopping cart per dollar of labor)…
A: Productivity is the relationship between the volume of the input and output that is calculated in…
Q: A work center containing 7 machines with the same capacity operates 2 shifts per day 6 days per week…
A: The detailed solution is given in Step 2.
Q: Find the activity duration (t), latest start (LS) and latest finish (LF) times for activity A.
A: Given: Early start (ES) = 5 Early finish (EF) = 16
Q: (a) What is an estimate of the proportion defective when the process is in control? (b) What is the…
A: Control charts are also known as process-behavior charts. It is a statistical process that helps in…
Q: Formulate and solve the following linear program: You are trying to create a budget to optimize the…
A: Maximize Z = 2F + 3S + 5E subject to F + S + E <= 1500 F + S <= 1100 S <= 800 E…
Q: Use the Hungarian method to obtain a plan that will minimize the processing costs in the following…
A: Undesirable combination means Job that should not to be sent on a particular machine. Job 3 cannot…
Q: explain in detail what is an operation strategy
A: Strategy:- Managers use strategy to accomplish one or more of the organization's goals. A overall…
Q: s false regarding control charts? Select one: a. Control charts that have values above the upper…
A: Option a is false Control charts that have values above the upper control limits imply that…
Q: a. Define the decision variables b. Write a linear programming model for this problem. c. Use the…
A: The transportation model is used to calculate the minimum cost of the route by selecting different…
Q: A process sampled 20 times with a sample of size 8 resulted in = 28.5 and R = 1.8. Compute the upper…
A: The detailed solution is given in Step 2.
Q: The Peachtree Airport in Atlanta serves light aircraft. It has a single runway and one air traffic…
A: Service rate is the number of transactions served per hour. Here transaction can be customers,…
Q: Optimal Prime is leading its group of AMPLbots into battle against Gigatron and the Deceivacons,…
A: Find the Given details below: Given details: A B C D E Capacity Unit cost 1 15 20 10…
Q: Illustration 5.3 Volkswagen's governance crisis Spring 2015 saw a boardroom battle at one of the…
A: To what extent does Volkswagen reflect the strengths and weaknesses of the stakeholder model of…
Q: we Need the following: Quantify Labor requirements. (Detail how many employeesyourbusiness will…
A: Main important points to design organizational plan is 1) The association, or how your business is…
Q: Outlook Gateways has a demand of 75 Lakhs per year. Setup cost and holding cost are 29 and 35 per…
A:
Q: For the following problem, what would be the constraint that limits the capacity of Machine 1…
A: Given: The total capacity for Machine1 as mentioned = 500 hr. It takes 2hr, 3hr, 4hr,& 2hr for…
Q: CASE 3. Burger Doodle The manager of a Burger Doodle franchise wants to determine how many sausage…
A: Given data is Biscuit Labor(hr) Sausage(lb) Ham(lb) Flour(lb) Sausage 0.010 0.10 0.04 Ham…
Q: Assume you’ve been promoted to Executive Chef, and a new employee is having trouble understanding…
A: The prime objective of the restaurant and food services chains or establishments is to offer good or…
Q: of a descriptive mod
A: descriptive model
Q: Is distribution a cost or a benefit? Using one example of your choice, briefly explain how a…
A: Product distribution is the last process of a supply chain and also an integral process. Companies…
Q: step
A: The control process is the framework that permits setting, measure, match and change any business…
Q: costs associated with transporting a single unit of product between cities can be found in the table…
A:
Q: How is project management used to govern the scope, time, and cost of a project?
A: Project management is an activity that assists in listing down all the aspects which are associated…
Q: 1. A furniture company manufactures two products, P1 and P2, through a two-fold operation: automatic…
A:
Q: Draw the network (AON) and calculate and calculate the Critical Path
A: A network diagram related to the project shows the sequence of the task that is performed to…
Q: The Warren W. Fisher Computer Corporation purchases 8,000 transistors each year as components in…
A: Given Data Annual demand (D) = 8000 transistors or units Ordering cost (S) = $30 per order Cost of…
Q: The government is auctioning off oil leases at two sites. At each site, 150,000 acres of land are to…
A: Find the Given details below: Given details: Cliff Ewing Blake Barnes Alexis Pickens Total…
Q: (a) Formulate a BIP model for this problem. (b) Display this model on an Excel spreadsheet.
A: Linear programming is a mathematical technique that is also used in operations management…
Q: You have solved a 3-variable maximisation Linear Program with the objective function of z = 4x1 +…
A: Objective function: Maximize Z = 4x1+3x2+7x3 x1 = 7 x2 = 0 x3 = 0 Optimal value of Z =…
Q: A process sampled 20 times with a sample of size 8 resulted in = 28.5 and R = 1.8. Compute the upper…
A: Given data Sample size (n) = 8 x¯¯=28.5R¯=1.8
Q: 10 5 Raw Material Capacity= units/day Information: The illustration above is an example of a produc…
A: The DBR strategy attempts to beat this issue by utilizing the current framework and methods to…
Q: How is the exponential smoothing method used to predict future sales?
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Step by step
Solved in 6 steps with 8 images
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?
- EX2-7 (Algo) The Custom Bike Company... The Custom Bike Company has set up a weighted scoring matrix for evaluation of potential projects. Following are five projects under consideration. Criteria Weight Project 1 Project 2 Project 3 Project 4 Project 5 Project 1 Project 2 Project 3 Project 4 Project 5 Strong sponsor 2 2 4 6 = 10 8 Supports business Which project would you choose first? strategy 3 3 5 4 2 0 10% of sales from Urgency new products Competition Fill market gap 1 4 0 2 1 1 7 Using the scoring matrix above, what score would you give to each project? 3 2 5 1 8 5 7 6 10 1 10 1 5 6 6 1 14. Spears Rowbuck has recorded the following sales figures. Calculate the seasonal indices for Thursday and Friday. Week 1 Week 2 Week 3 Week 4 Monday 43 51 40 66.0 Tuesday 45 41 57 58.6 Wednesday 22 37 30 34.7 Thursday 25 22 33 36.7 Friday 31 25 37 25.0 a. Thursday = 29.18, Friday = 29.50 b. Thursday = 0.2074, Friday = 1.1632 c. None of the other options. d. Thursday = 0.7678, Friday = 0.7763 e. Thursday = 0.6142, Friday = 0.6211Spectrum Hair Salon is considering expanding itsbusiness, as it is experiencing a large growth. Th e question iswhether it should expand with a bigger facility than needed,hoping that demand will catch up, or with a small facility,knowing that it will need to reconsider expanding in three years.Th e management at Spectrum has estimated the followingchances for demand:• Th e likelihood of demand being high is 0.70.• Th e likelihood of demand being low is 0.30.Estimated profi ts for each alternative are as follows:• Large expansion has an estimated profi tability of either$100,000 or $70,000, depending on whether demand turnsout to be high or low.• Small expansion has a profi tability of $50,000, assuming thatdemand is low.• Small expansion with an occurrence of high demand wouldrequire considering whether to expand further. If thebusiness expands at this point, the profi tability is expected tobe $90,000. If it does not expand further, the profi tability isexpected to be $60,000.
- Spectrum Hair Salon is considering expanding itsbusiness, as it is experiencing a large growth. Th e question iswhether it should expand with a bigger facility than needed,hoping that demand will catch up, or with a small facility,knowing that it will need to reconsider expanding in three years.Th e management at Spectrum has estimated the followingchances for demand:• Th e likelihood of demand being high is 0.70.• Th e likelihood of demand being low is 0.30.Estimated profi ts for each alternative are as follows:• Large expansion has an estimated profi tability of either$100,000 or $70,000, depending on whether demand turnsout to be high or low.• Small expansion has a profi tability of $50,000, assuming thatdemand is low.• Small expansion with an occurrence of high demand wouldrequire considering whether to expand further. If thebusiness expands at this point, the profi tability is expected tobe $90,000. If it does not expand further, the profi tability isexpected to be $60,000.Draw a…The owners of Sweet-Tooth Bakery have determined thatthey need to expand their facility in order to meet their increaseddemand for baked goods. Th e decision is whether to expand nowwith a large facility or expand small with the possibility of havingto expand again in fi ve years.Th e owners have estimated the following chances for demand:• Th e likelihood of demand being high is 0.70.• Th e likelihood of demand being low is 0.30.Profi ts for each alternative have been estimated as follows:• Large expansion has an estimated profi tability of either$80,000 or $50,000, depending on whether demand turnsout to be high or low.• Small expansion has a profi tability of $40,000, assumingdemand is low.• Small expansion with an occurrence of high demand wouldrequire considering whether to expand further. If the bakeryexpands at this point, the profi tability is to be $50,000.(a) Draw a decision tree showing the decisions, chanceevents, and their probabilities, as well as the profi tabilityof…Problem 4-11 (Algorithmic) Following is the payoff table for the Pittsburgh Development Corporation (PDC) Condominium Project. Amounts are in millions of dollars. State of Nature Decision Alternative Strong Demand S₁ Weak Demand S₂ Small complex, di 6 Medium complex, dz Large complex, d3 8 14 20 3 -8 Suppose PDC is optimistic about the potential for the luxury high-rise condominium complex and that this optimism leads to an initial subjective probability assessment of 0.78 that demand will be strong (S₁) and a corresponding probability of 0.22 that demand will be weak (S₂). Assume the decision alternative to build the large condominium complex was found to be optimal using the expected value approach. Also, a sensitivity analysis was conducted for the payoffs associated with this decision alternative. It was found that the large complex remained optimal as long as the payoff for the strong demand was greater than or equal to $17.1 million and as long as the payoff for the weak demand…
- Given is a decision payoff table. Alternatives Low Future Demand Moderate High 91 130 102 81 Small Facility 111 Medium Facility 51 Large Facility -12 124 126 a) The best decision under uncertainty using MAXIMAX is to select Blank 1 facility b) The best decision under uncertainty using MAXIMIN is to select Blank 2 facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select Blank 3 facility d) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the expected monetary value (EMV) for the large facility Blank 4. e) If the probabilities for Future Demand when it is Low = 0.35, Moderate = 0.30, and High = 0.35, the best decision under risk is to select Blank 5 facility.Given is a decision payoff table. Alternatives Small Facility Medium Facility Large Facility Low 26 18 -7 Future Demand Moderate 21 31 30 High 18 22 42 a) The best decision under uncertainty using MAXIMAX is to select Blank 1 facility b) The best decision under uncertainty using MAXIMIN is to select Blank 2 facility c) The best decision under uncertainty using LAPLACE/EQUALITY LIKELY is to select Blank 3 facility d) If the probabilities for Future Demand when it is Low-0.35, Moderate -0.30, and High-0.35, the expected monetary value (EMV) for the large facility-Blank 4.Dwayne Cole, owner of Florida firm that manufactures display cabinets, develops an 8-month aggregate plan. Demand and capacity (in units) are forecast as follows: Сараcity Jan Feb Mar Apr Маy Jun Jul Aug Source (Units) Regular 235 255 290 300 300 290 300 290 Time 30 19 Overtime 20 Subcontract 12 24 26 24 30 28 30 16 15 17 17 19 20 Demand 255 294 321 301 330 320 345 340 The cost of production each unit is $1000 on regular time, $1300 on overtime, and $1800 on a subcontract. Inventory carrying cost is $200 per unit per month. There is no beginning or ending inventory in stock, and no backorders are permitted from period to period. Let the production workforce vary by using regular time first, then overtime and then subcontracting. a) Set up a production plan that minimizes cost by producing exactly what the demand in each month. This plan allows no backorders or inventory. What is this plan's cost? b) Through better planning, regular time production can be set at exactly the same amount,…