Quantitative approach to decision modeling using spreadsheet

Assignment Help Operation Management
Reference no: EM131647959

The quantitative approach to decision modeling using spreadsheets helps with many of today’s business problems, such as how many inventory items to order based on a given demand forecast or the amount of money to allocate for important projects in the current year’s budget. IBM, for instance, has used the management science approach for decision making to improve the productivity of its sales force (Balakrishnan, Render, & Stair, 2013, p. 4). As a result, the company expects to increase revenue by several hundreds of millions of dollars each year based on analytical decision models. However, this quantitative approach to decision making does not account for qualitative factors such as perceptions and opinions. How do you think qualitative factors might influence the managerial decision-making process? For example, could one use them to evaluate approving and funding projects to determine their return on investment and exposure to risk? What are other examples?

Reference no: EM131647959

Questions Cloud

What is the economic order quantity : Discount-Mart, a major East Coast retailer, wants to determine the economic order quantity for its halogen lamps. What is the economic order quantity?
Did the process for the ethical analysis make sense : Did the process for the ethical analysis make sense? Did you like the result? What are the problems with the process? What are the sticking points?
What is the number of heaters and air conditioners : The Attaran Corporation manufactures two electrical ?products: portable air conditioners and portable heaters. What is the number of heaters and air conditioner
Universal studios and six flags for competitors in the cpm : Prepare EFE and CPM matrixes for Disney's Parks and Resorts division. Use Universal Studios and Six Flags for competitors in the CPM
Quantitative approach to decision modeling using spreadsheet : The quantitative approach to decision modeling using spreadsheets helps with many of today’s business problems,
In analyzing trends that present challenges for organization : In analyzing trends that present challenges for organizational behavior, which of the following is INCORRECT?
Outsourcing may provide tremendous advantages for firms : Outsourcing may provide tremendous advantages for firms. what they source from outside is not a key component of their value proposition.
Required by law on client-signed release of information from : What life areas of the client do we assess? What information is required by law on a client-signed release of information form?
Difference between business continuity and crisis management : Describe the difference between business continuity and crisis management.

Reviews

Write a Review

Operation Management Questions & Answers

  Book review - the goal

Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..

  Operational plan in hospitality enterprise

Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  Evolution and contributor of operations management

Briefly explain Evolution and contributor of Operations management.

  Functions and responsibilities of an operations manager

A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..

  Compute the optimal order quantity

Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.

  Relationship to operations practice in the organisation

Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.

  A make or buy analysis

Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.

  Prepare a staffing plan

Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Risk management tools and models

Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.

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