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

Statistical aspects of variability, Statistical Aspects of Variability  ...

Statistical Aspects of Variability  Consider a pharmaceutical process producing paracetamol tablets, for which the weight of the active ingredient (nominally 500 mg per tablet

Explain an increased velocity in sensing and responding, Discuss an example...

Discuss an example of an unknown-unknown risk that proved damaging to a supply chain. Explain how the following strategies might have mitigated this risk: • Investment in redund

Explain risks identified in the project charter, Risks identified in the pr...

Risks identified in the project charter include events that if they occur will have either a positive or a negative effect on a project's objectives.

What are the restrictions of the enterprise-wide systems, Q. What are the r...

Q. What are the restrictions of the enterprise-wide systems? Limitations of enterprise-wide systems (ERP): a.     Insufficient investment into training for end users. b.

Explain identify an ethical framework that applies, Discuss the legal and e...

Discuss the legal and ethical issues surrounding Solyndra, the California based solar panel manufacturer. Incorporate two to three specific laws or ethical codes that apply to the

What are strategies for creating an open environment, 1 Develop an ld score...

1 Develop an ld score for the current layout. What problems can you identify with the current layout? 2. Use trial and error to come up with a better layout that lowers the ld s

Explain benifit program in a large organization, How would you oversee the ...

How would you oversee the design (or redesign) of a benifit program in a large organization? What issues would you consider?

Describe some training needs in the work place, Discuss some training needs...

Discuss some training needs in the work place to create a positive cultural diversity work environment.

Describe turnaround at the preston plant, CASE STUDY; Turnaround at the Pre...

CASE STUDY; Turnaround at the Preston Plant SPC is an operational level technique of ensuring quality conformance. How many of the benefits of bringing the plant under control wou

Non-registered investment assets, They have set up two TFSAs for long-term ...

They have set up two TFSAs for long-term savings. One has a balance of $10,123 ($10,000 contributions, $123 in interest income for one year ). These funds are currently earn

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