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You are considering the possibility of starting a company to produce sailboats. Because of the expense involved in developing the initial molds and acquiring the necessary equipment to produce the boats, you have decided to conduct a market study to make sure that the market for the boats will be adequate. You estimate that the market study will cost you $10,000. Furthermore, the market study can be either successful or not successful. Your basic decisions are to build a large manufacturing facility, a small manufacturing facility, or no facility at all. With a favorable market, you can expect to make $90,000 from large facility or $60,000 from the smaller facility. If the market is unfavorable, you would lose $30,000 with a large facility, and lose $20,000 with a small facility. You estimate that the probability of a favorable market, given a successful market study result, is estimated to be 0.8. The probability of an unfavorable market, given an unsuccessful market study result, is estimated to be 0.9. You feel that there is a 50-50 chance that the market study will be successful. You may bypass the market study and simply make the decision whether to build a large plant, a small plant, or no facility at all. Without doing any market study, you estimate the probability of a successful market is 0.6. Build a decision tree and make your decision.
Determine the absolute shortest length of time in which the telemedicine project can be completed if none of the activities are crashed.
Can a factory be fast, dependable, flexible, produce high- quality products also still give poor service from a customer's perspective.
Devise the operaional definitions you would need.What would you say in your instructions to the observers you plan to use?. How might you sample this shopper traffic?
How do different probability distributions impact business inventory strategy? Would your decision change based on the change to the distribution model?
Marketing efforts of companies What evidence are you seeing of the kind of strategies that we are discussing this week? Do this by taking one business and follow them across all advertising channels. That means look a their Facebook page, Twitter fee..
Discuss some forecasting issues that you encounter in your daily life. How do you make your forecasts? Are your forecasts accurate? What improvements can you make in the forecasting process. Be specific
Explain why decision making is a distinct management function and why it is linked to all other management functions. Identify the three managerial decision classifications and give examples of each. What conditions initiate problem solving? Discuss ..
Should benching be a matter of concern at Delta and what are the risks involved in moving from a project-centric mode to a mix of projects and products?
Many musicians and performers make a distinction between "good nervousness" and "bad nervousness". What do you think this distinction means? How does it apply to public speaking?
Quality Management Capability Study
Explain how Bayes formula can be used to predict that individual jurors in the O.J. Simpson criminal trial are more likely to vote not guilty, but individual jurors in the civil trial are more likely to vote guilty.
Obviously, there are trends, issues, etc. in the external environment (economic, demographic, sociocultural, political/legal/regulatory and technological) for your organization?
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