Explain the three basic categories of decision environments

Assignment Help Operation Management
Reference no: EM131001413

1. Class, list and explain the three basic categories of decision environments.

A- Certainty: Means that relevant parameters such as costs, capacity, and demand have known values.

B- Risk: Means that certain parameters have probabilistic outcomes.

C- Uncertainty: Means that it is impossible to assess the likelihood of various possible future events.

2. We know the importance of decision trees. Take an example from a current event, create and apply a decision tree. What is the outcome explain?

Decision tree is graphical representation of possible solutions to a decision based on certain conditions.
https://ids355.wikispaces.com/Ch.+5s+Decision+Making

3. Managers using learning curves should be aware of their limitations and potential pitfalls. Name and describe two.

A- Learning rate: It is best to base learning rates on empirical studies rather than assumed rates where possible

B- Using of learning curve: Uses of learning curves sometimes fail to include carryover effects; previous experience with similar activities can reduce activity times, although it should be noted that the learning rate remains the same.

4. Product and service quality is often judged on several dimensions. Explain two.

A- Consistency is the ability to provide the same level of good quality repeatedly.

B- Responsiveness is the willingness of service providers to help customers in unusual situations and to deal with problems.

5. "There can be too much inspection for products and services" Agree or Disagree. Please explain.

6. Innovation in Operations Management include methods for generating ideas. Explain two processes.

7. Explain why inventory management is a core operations management capacity.

https://ids355.wikispaces.com/Ch.12+Inventory+Management

8. The role of project management is.... Please explain.

https://ids355.wikispaces.com/Ch.17+Project+Management

9. Explain the purpose of utilizing Gladwell's book, Blink, into Operations Management. Explain three concepts in which was helpful, and one you still question.

https://en.wikipedia.org/wiki/Blink_(book)#Summary

10. Pick a current event of your choice. Based on what you've learned in this class, forecast outcomes from your current event six months from now.

Reference no: EM131001413

Questions Cloud

The opportunity to draft legislation : Write a short essay. If given the opportunity to draft legislation (law) or policy (operational), how would you address preventing or mitigating the offenses of sexual assault, property crimes, and organized crime? Support your recommendations with ..
Problem regarding the sensitive laboratory equipments : A company that manufactures specialty batteries used as auxiliary back- ups for sensitive laboratory equipments in need of constant power sup- plies claims that its new prototype, brand A, has a longer lifetime (un- der constant use) than the indu..
Find the actuarial present value of an insurance policy : Find the actuarial present value of an insurance policy on the three lives which pays 1 at the moment of death of (z) provided that (x) dies first and (y) dies second.
Thoroughly discuss the organizational structure : Thoroughly discuss the organizational structure related to community policing. Compare decentralization in context with how the department deploys organizational resources.
Explain the three basic categories of decision environments : Class, list and explain the three basic categories of decision environments. Certainty: Means that relevant parameters such as costs, capacity, and demand have known values
How far would it be to the nearest civilization : Suppose there are 10,000 civilizations in the Milky Way Galaxy. If the civilizations were randomly distributed throughout the disk of the galaxy, about how far (on average) would it be to the nearest civilization?
Differentiate between the ideal circumstances identified : Differentiate between the ideal circumstances identified in the bureaucratic model and the generally accepted characteristics of a bureaucracy. How does this differ from the effectiveness of the administrative theory? Which model, bureaucratic or adm..
Fraction of the polymer product : The average chain length of a polymer produced in a batch reactor is given as 200 units, where chain length itself is known to be  a  geometric  random  variable. What fraction of the polymer product is expected to have chains longer than 200 unit..
Law of tort deals with interpersonal relationship : Law of Tort deals with interpersonal relationship. Identify and explain the branch of law that deals with matters criminal cases

Reviews

Write a Review

 

Operation Management Questions & Answers

  Determine the average length of pick up line

Wendys opens a drive through with one cashier and one food preparer. Customers will first enter the "place order" line to meet the cashier and then enter the "pick up" line to get the food from the food preparer.

  Describe the three zones associated with buffers

Identify and describe the three zones associated with buffers. Explain your answer in detail. JIT is a broad philosophy that pursues three main goals. What are they.

  Draw charts and plot values of the sample means and ranges

Twelve samples, each containing 5 parts, were taken from a process that produces steel rods. The length of each rod in the samples was decided. Draw the charts and plot the values of the sample means and ranges.

  Why a business should understand the constituent parts

Why a business should understand the constituent parts of their demand chain A description of how a demand chain is created A description of how a demand chain can be beneficially used An example of a demand chain Choose a Fortune 500 company and ..

  Longest path determine the shortest project length

“The shortest total length of a project is determined by the longest path through the network.” Explain the concept behind this statement. Why does the longest path determine the shortest project length?

  Describe one of the marketing roles in more detail

Based on your understanding of the marketing deliverables and typical roles, go to the discussion board and list the marketing-related roles you need filled. Also describe one of the marketing roles in more detail.

  What are the spot rate and forward rates

Your company possesses only US dollars. You have to make a payment in of 1,000,000 yen in a month. What are the spot rate and forward rates? Which would you choose and why? How many dollars must you spend to acquire to exact amont of yen required?

  What factors are important in understanding this decision

What is the dilemma facing American Express? What factors are important in understanding this decision? What are the alternatives? Which do you recommend? What are some ways to implement your recommendation?

  Training is an essential hr activity

Training is an essential HR activity. Use the Argosy University online library resources and your textbooks to read about employee training programs. On the basis of your learning from the course, including the readings, your written assignments, and..

  Fostering passion and drive to creativity and innovation

If your organization has a vision, how strong is it in fostering passion and drive to creativity and innovation? If your organization does not have a compelling vision, post your version of such a vision.

  Examine and explain what impact this attempt to expand the

a major producer of passenger tires has launched an advertising campaign in which it is trying to market windshield

  How this risk would be offset by a combination

Assume a fifteen-year straight-line amortization of the new Georgetown facility.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd