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

Attributes for the role of operations manager, 1. List the following 10 att...

1. List the following 10 attributes in the order you consider them necessary for the role of operations manager: people skills; eye-for-detail; mathematical skill; strategic thinke

Define the investigation of the purchasing department, Q. Define the invest...

Q. Define the investigation of the purchasing department. Investigation of a purchasing department: It is the responsibilities of a purchasing department. a. Receiving material

Explain company is operating at full capacity, Develop a decision tree for ...

Develop a decision tree for the case of a company is operating at full capacity and with product demand rising. The choice is between new equipment and overtime. A 20% rise in sale

Explain lean prospective and identify the types of waste, Think about any c...

Think about any class (undergraduate or graduate) in which you worked on a class project. Think about the process you went through in order to complete this final project. a. li

Benefits of indicators for quality improvement, Question 1: Describe th...

Question 1: Describe the goals and programs of strategic plan. Definition of goals and importance of goals Action plans Characteristics and execution of action plan

Influence training a class of persons, What value would it be to know that ...

What value would it be to know that you were going to be training a class of persons between the ages of 20 to 35? Would it influence the approach you would take? How?

Write some possible entities and attributes, Develop a list of some possibl...

Develop a list of some possible entities and attributes located in chill's restaurant database.

Question 2, Exercise 2: Use of a Grid Analysis (Weighted Scoring Model) to ...

Exercise 2: Use of a Grid Analysis (Weighted Scoring Model) to Help Make the North American Plant Location Decision for the RX 330 This exercise illustrates how when deciding among

Explain investment triple itself, At what rate of interest, compounded annu...

At what rate of interest, compounded annually, will an investment triple itself in (a) 8 years ? (b) 10 years? (c) 12 years?

Define labour turnover, Define Labour Turnover. Labour Turnover: It r...

Define Labour Turnover. Labour Turnover: It refers to the movement of workers in and out of an organisation. It may be defined as the time-to time changes in the number of th

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