d) Calculate the expected value of perfect information (EVPI)- the most that should be paid CWD for prediction of the uncertain outcomes e) What is the efficiency of sample information?4
Q: Discuss the importance of Operation Management in a company. What are the things to consider in orde...
A: Operations management is critical in a business since it aids in the efficient management, control a...
Q: demong view on supplier relationship 7 deming view on supplier relationship
A: Deming - was one of the notable advocates of quality, & his principles regarding the managerial ...
Q: 1. Sketch the network diagram described above. 2. Identify the possible path(s) with their durations...
A: The critical path is the path with the longest duration.
Q: Question 2 A farmer in the Blue Mountains area of Jamaica wants to decide on the crop to plant next...
A: Joint probability = Prior probability×Conditional Probability Revised probability = Joint probabilit...
Q: Are there any negative aspects to procrastination and if so what are they?
A: Deferring or postponing responsibilities until the last feasible minute or after the deadline has go...
Q: Question 2 A farmer in the Blue Mountains area of Jamaica wants to decide on the crop to plant next ...
A: Revised probabilities are calculated using Baye's theorem and the calculations are as follows. Joint...
Q: A recent report on executive awareness of and involvement in corporate pandemic preparedness by Mich...
A: Not exclusively are HR experts worried about employees' wellbeing and prosperity during the pandemic...
Q: PharmaCo wants to determine how to deploy sales representatives across its Western U.S. region to su...
A: 1. Let X = number of sales rep deployed i = home city, j = city served Minimize Z = Xij ...
Q: Ruphone Ltd has a choice of 3 mutually exclusive projects. The profits of the respective projects un...
A: IRR estimates use a relatively similar formula as NPV calculations. Consider the fact that the IRR i...
Q: Consider the project with 9 activities below: 10 3 13 G 358 B 82 10 D |12 2 15 308 |15 3 18 H 80 10 ...
A: Given- Project schedule-
Q: What considerations should a corporation take into account while implementing an ERP system? What ca...
A: ERP (Enterprise Resource Planning) system is one of the business software the class company is used ...
Q: What is PURCHASING in supply management? and examples of it.
A: Purchasing is the process by which materials, components and services are acquired from another firm...
Q: Min 4x1 + 6x2 s.t 2x1 + 2x2 ≥ 3, x1 + 3x2 ≥ 2, x1 + 3x...
A: In mathematics, a linear programming problem is a system for determining the maximum or lowest value...
Q: What are the processes for dealing with disruptions, and how do they impact machine operation?
A: The term disruption can be understood as disturbances or interruption which causes a situation of di...
Q: allowed to implement. As HR professional, explain all the options that the organization can take for...
A: The probation letter is usually given to freshers, before their full-time conversion. Probation peri...
Q: Samson Electronics assembles and then tests two models of notebook computers, FLEX and ION. For th...
A: Objective Functions and Constraints: Based on the given details, the objective funct...
Q: A Taguchi loss determination: A component has a target dimension value of 50 mm. It is considered a ...
A:
Q: Define conceptualizations?
A: In this part, we'll look at conception, which is one of the first steps in the measurement process. ...
Q: 6-45 The Hardware Warehouse is evaluating the safety stock policy for all its items, as identified b...
A: Given data Economic Order Quantity (EOQ) = 80 units Holding cost (H) = $3 Daily demand (d) = 5 uni...
Q: 1.What is Scope Verification 2. Define Scope Change Control 3. Purpose of Scope Change Control 4. E...
A: (1) Scope verification is the process of obtaining formal stakeholder acceptance of the project scop...
Q: Although organizations will have different business strategies, they will generally follow the same ...
A: An organisational structure is a set of its job positions created in the organisation which is fulfi...
Q: For the Toy Car table above, what are the Planned Order Receipts in the week of 8/31? For the Toy Ca...
A: Instructions and formula used: Net requirements = Gross requirements - previous period Project...
Q: (a) Calculate the order quantity and reorder point. (b) Determine the annual holding and ordering co...
A: Holding cost is the cost incurred during the holding, storing and managing of the inventory stock in...
Q: The accompanying dataset provides data on the monthly usage of natural gas (in millions of cubic fee...
A: Given data is Alpha = 0.6 Gamma = 0.8
Q: A real estate investor has the opportunity to purchase land currently zoned residential. If the coun...
A: Given data is
Q: Marianne Schwartz, the owner of Handy Man Rentals, rents carpet cleaners to contractors and walk-in ...
A: Forecasting is a strategy that uses historical data to make estimates that are predictive in taking ...
Q: Ray is planning to open a small car-wash operation for washing just one car at a time. He must decid...
A:
Q: You are managing a business that design products for specific medical purposes. Your potential deman...
A:
Q: The following data are for calculator sales in units at an electronics store over the past nine week...
A: Given Sales data-
Q: LahLa Mub Delivery a logistics operator process the packages for shipment. The items arrive at the s...
A: Given- Arrival rate (λ) = 50 per hour = 5060= 0.833 per minute Service rate μ = 1 per minute
Q: How can surveys be used to address descriptive and/or causal research questions? What are some of th...
A: Survey research method is quite helpful in answering the description questions with the help of gath...
Q: Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local comm...
A: Formulas for weighted average forecasting- 3-week weighted moving average forecast =At-1×W1+At-2×W2+...
Q: You have been tasked with the development of an Inventory Control Management Information System as a...
A: Many IT employees get enthralled by the technology and routine problem-solving involved in working w...
Q: e against operational risk where human error is concerned? and why?
A: Errors caused by human mistake, system malfunctions or data inaccuracies are examples of operational...
Q: Product sorting, not wanted (Definition and examples)
A: There's nobody fits-all custom programming solution that will work for each web-based store. Your so...
Q: Who should be accountable for supplier relationship management? Is it better handled by procurement ...
A: Supplier relationship management - it is the organized approach to assessing vendors that deliver go...
Q: Information resources do not decrease any significant amounts of value over time. O True O False
A: Information frameworks help organizations in rivaling different contenders by keeping up with low ex...
Q: LotCode: A unique code that identifies the parking lot LotCapacity: A number with the respective par...
A:
Q: For all the following problems, word-process your solutions within this template. Do not create a ne...
A: Given LP- Maximize Z = 2X1 - 4X2 + 5X3 - 6X4Subject to-X1 + 4X2-2X3 + 8X4 ≤2-X1 + 2X2+3X3 + 4X4 ≤1...
Q: Given the many facets of Human Resources, what do you think is the most difficult aspect to manage a...
A: It's rarely a sluggish day in a typical human resources department. Charged with handling all sorts ...
Q: SOA contains a lot of benefits, but is not considered one of them. O Centralized architecture O Easy...
A: SOA includes a set of design principles that structure system advancement while giving means to coor...
Q: A high level of flexibility and agility is needed in an IT architecture in order to adapt to evolvin...
A: Principles should be not many in number, future-situated, and endorsed and supported by senior admin...
Q: Refer to the Load Balance Diagram. What should be the minimum number of workstations for this opera...
A: To find the number of the workstation we need the sum of talk time and cycle time. The Sum of task t...
Q: “Quality in a service or product is not what you put into it. It is what the customer gets out of it...
A: Quality is a subjective, conditional and perceptual property that can be interpreted differently by ...
Q: Companies A, B, and C supply components to three plants (F, G, and H) via two crossdocking facilitie...
A: Cross-docking is training in coordinated factors of dumping materials from a producer or method of t...
Q: 12.30. The manager of Sarah's Ice-Cream store needs an accurate forecast of the demand for ice-cream...
A: Given-
Q: On projects with a low complexity profile, the project management team typically develops a list of ...
A: A project management is the process of managing activities associated with the project while conside...
Q: One field representative services five customers for a computer manufacturer. Customers request assi...
A: Given- Arrival rate (λ)=14=0.25 calls per day Service Rate (μ)=1 call per day
Q: Discuss how the Ja panese word for card has application inthe study of JJT.
A: The notion is Kanban plus it is confidentially incorporated with Just-in-Time. This tells on visible...
Step by step
Solved in 4 steps with 5 images
- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.
- Problem 7 At Treasure Wine Estates in Napa, CA the Sales and Marketing Department have developed a linear trend equation that can be used to predict sales of its popular wine brands. Ft 90+ 12.5t Where F₁ = Annual sales (000 bottles) t = years A. Are annual sales increasing or decreasing? B. By how much? C. Predict annual sales for year 8 using the equation Note: round your answerQ3: George Kyparisis owns a company that manufactures sailboats. Actual demand for Georg's sailboats during each of the past four seasons was as follows: Year Seasons 1 2 3 4 Winter 1400 1200 1000 900 Spring 1500 1400 1600 1500 Summer 1000 2100 2000 1900 Fall 600 750 650 500 George has forecasted that annual demand for his sailboats in year 5 will equal 5600 sailboats. Based on this data and the multiplicative seasonal model, what will the demand level be for George's sailboats in the spring of year 5?B. The number of disk drives (in millions) made at a plant in China during the past 5 years follows: Year Disc Drives 1 140 160 3 190 4 200 5 210 i. Forecast the number of disk drives to be made next year, using linear regression.
- Sarah has been custom manufacturing sweaters now for 7 years. Her annual sales are shown below. Year Sales 1 178 2 215 3 233 4 301 5 337 6 330 7 361 What are her forecasted sales for year 8 using a 3 year moving average? What are her forecasted sales for year 8 using a 5 year weighted average where w1=.4, w2=.3, w3=.15, w4=.1, w5=.05? What are her forecasted sales for year 8 using exponential smoothing? Assume year 7 forecast was 323. Select your own alpha. Which forecast method is the best for Sarah to use based on MAD? Why?2. Fastway is a parcel delivery company based in Pretoria. It measures demand on a weekly basis in terms of the number of parcels which it is given to deliver (irrespective of the size of each parcel). The forecast for week 20 is 63. The table below shows actual demands for Fastway. Week Actual demand 20 63 21 62 22 67 23 66 24 67 25 69 26 65 27 71 28 68 29 68 30 70 31 72 32 66 33 68 34 67 Predict the forecast for week 35 using an exponential smoothing with a smoothing constant of 0.20.S9. A Co-operative bank QLB grants loansunder the following conditions. -(a) If customer has an account witbank and has no loan outstandingwill be granted.(b) If customer has an account with thebank but some amount is outstandingfrom previous loan, then loan will begranted if special arrangementapproval is obtained.(c) Reject loan applications in all other cases. Draw Decision Tree and Table for the bank . This under System Analysis and Design.