Different steps needed for proper decision making, Operation Management

Assignment Help:

Quesrion:

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

1772_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. Which method would you recommend?

f) What forecast will you make for year 6?


Related Discussions:- Different steps needed for proper decision making

Explain lincoln electric and southwest airlines, Compare and contrast Linco...

Compare and contrast Lincoln Electric and Southwest Airlines with regard to the following • Views of management regarding union representatives of their workers. •

Explain the leadership characteristics, Provide two examples of current lea...

Provide two examples of current leaders and describe how they demonstrate their leadership characteristics. What separates these characteristics from management techniques? How eff

How maximize total advertising revenue, A local television station plans to...

A local television station plans to drop four Friday evening programs at the end of the season. Steve Botuchis, the station manager, developed a list of six potential replacement p

Explain methods companies use to train their employees, 1. What is the sequ...

1. What is the sequence of steps that should occur before you are hired for a full-time position ? 2. Describe the types of methods companies use to train their employees. 3.

How reduce the safety stock, The annual demand for a product is 15,600 unit...

The annual demand for a product is 15,600 units. The weekly demand is 300 units with a standard deviation of 90 units. The cost to place an order is $31.20, and the time from order

Why jobs needed to produce the shopping carts, A company that makes shoppin...

A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labour content of the jobs needed to produce the shoppi

Construct a markov chain and its steady-state probabilities, Suppose that a...

Suppose that at any period of time a photo-copier machine can either be working properly, in need of maintenance, in need of minor repair, or in need of major repair. If the photoc

Types of process designs, Types of Process Designs The basic type of p...

Types of Process Designs The basic type of production system and the finished goods inventory policy to be used must be decided at the earliest stages of process planning. The

Explain profit sharing plans have no criticism, All of the following statem...

All of the following statements about profit sharing are true/ except/1.profit sharing plan reward staff based on organization profits/2.profit reward a person according to measure

What are some of the advantages or disadvantages of members, Define the use...

Define the use of regional trade organizations in international business. Identify the Regional Trade Organization of which the United States is a member. What are some of the adva

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