Describe different steps needed for proper decision making, Operation Management

Assignment Help:

Question:

Oceania Hospitals has recorded demand for heart transplant surgery over the past few years. The data is given in the following table:

182_Describe different steps needed for proper decision making.png

a) You have been hired as consultant to advise Oceania Hospitals. You are explaining to Oceania Hospitals the necessity of having an analytical and scientific framework with several systematic steps. Can you describe the different steps needed for proper decision making?

b) When Oceania Hospitals started operations 6 years ago a consultant has predicted that the demand in year 1 would be 41 surgeries. Use exponential to develop forecasts for years 2 through 6 with a constant of (i) 0.6 and (ii) 0.9

c) Use a 3-year moving average to forecast demands in years 4, 5 and 6.

d) What smoothing constant would you choose to get results similar to the 3-year moving average?

e) Compute the MAD for each of the three methods above for years 1 to 5 (years 4 & 5 only for 3-year moving average). Which method would you recommend?

f) What forecast will you make for year 6?


Related Discussions:- Describe different steps needed for proper decision making

Dipict the network diagram, Four parts (A, B, C, and D) are processed throu...

Four parts (A, B, C, and D) are processed through a sequence offour operations (1, 2, 3, and 4). Not all parts are processed inall operations. Part A, which has weekly quantities o

Prepare fraud risk factor for company - fraud risk asessment, A formal frau...

A formal fraud risk assessment ("FRA") is an important element of an entity's' antifraud programs and controls. Companies must specifically consider their controls to prevent and d

Explain which of these costs are associated with quality, Identify signific...

Identify significant costs in the organization like Wal-Mart. Which of these costs are associated with quality? Remember, quality costs are not limited to manufacturing organizatio

Explain is the value of the educational programming, Is the value of the ed...

Is the value of the educational programming provided to hospitals and schools worth the price of the commercial messages that accompany it?

Explain different types of decisions, Explain Different types of Decisions....

Explain Different types of Decisions. Different types of Decisions: Decisions may be of various types. Several of the significant types of managerial decisions are explained

Explain the first stage in the new-product process is, The first stage in t...

The first stage in the new-product process is idea generation. screening and evaluation. business analysis. new-product strategy development. concept testing.

Explain what is the present value of each investment, You must choose betwe...

You must choose between two passive investments. Investment A requires an initial investment of $50,000 but will return $71,000 in three years. Investment B requires an initial inv

Operations challenges in an organization, 1. Choose an organisation with wh...

1. Choose an organisation with which you are either interested or familiar (you could select to look at an area of your own or you could look at another organisation where informat

Describe financial leverage and give two examples, Define financial leverag...

Define financial leverage and give two examples to support your definition?

Describe the ethics of continuing to do business, Assume you are a manager ...

Assume you are a manager of a large heavy equipment manufacturing company. Your company currently outsources the manufacturing of a specialized piece of equipment to a firm in anot

Write Your Message!

Captcha
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