Reference no: EM131001413
1. Class, list and explain the three basic categories of decision environments.
A- Certainty: Means that relevant parameters such as costs, capacity, and demand have known values.
B- Risk: Means that certain parameters have probabilistic outcomes.
C- Uncertainty: Means that it is impossible to assess the likelihood of various possible future events.
2. We know the importance of decision trees. Take an example from a current event, create and apply a decision tree. What is the outcome explain?
Decision tree is graphical representation of possible solutions to a decision based on certain conditions.
https://ids355.wikispaces.com/Ch.+5s+Decision+Making
3. Managers using learning curves should be aware of their limitations and potential pitfalls. Name and describe two.
A- Learning rate: It is best to base learning rates on empirical studies rather than assumed rates where possible
B- Using of learning curve: Uses of learning curves sometimes fail to include carryover effects; previous experience with similar activities can reduce activity times, although it should be noted that the learning rate remains the same.
4. Product and service quality is often judged on several dimensions. Explain two.
A- Consistency is the ability to provide the same level of good quality repeatedly.
B- Responsiveness is the willingness of service providers to help customers in unusual situations and to deal with problems.
5. "There can be too much inspection for products and services" Agree or Disagree. Please explain.
6. Innovation in Operations Management include methods for generating ideas. Explain two processes.
7. Explain why inventory management is a core operations management capacity.
https://ids355.wikispaces.com/Ch.12+Inventory+Management
8. The role of project management is.... Please explain.
https://ids355.wikispaces.com/Ch.17+Project+Management
9. Explain the purpose of utilizing Gladwell's book, Blink, into Operations Management. Explain three concepts in which was helpful, and one you still question.
https://en.wikipedia.org/wiki/Blink_(book)#Summary
10. Pick a current event of your choice. Based on what you've learned in this class, forecast outcomes from your current event six months from now.
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