Several decision-making situations during a typical project

Assignment Help Operation Management
Reference no: EM131641969

A construction company faces several decision-making situations during a typical project. Classify each of the following cases as decision making under certainty, decision making under uncertainty, or decision making under risk, explaining your reason for each classification.

(a) Budgeting costs for a new type of project for which the company has no historical data

(b) Budgeting costs for a project when the company has done many similar projects before

(c) Budgeting costs for work to be done by a subcontractor under a firm fixed-price contrac

Reference no: EM131641969

Questions Cloud

What is the unit cost for this operation : The operator is paid $10 00/hr and each machine costs $20.00/hr to operate. What is the unit cost for this operation?
Discuss the given situation related to the football game : The following situation actually occurred in a 2009 college football game between Washington and Notre Dame. With about 3.5 minutes left in the game.
Determining which preschool education blogs : Determining which preschool education blogs are most frequently linked to, to identify potential sites for advertising the new toy line.
Prepare the journal entry to establish the petty cash fund : Alsalam Center had the following petty cash transactions in July of the last year: Prepare the journal entry to establish the petty cash fund
Several decision-making situations during a typical project : A construction company faces several decision-making situations during a typical project.
Produce a design report for one design of the product : Draw a plan view of the front panel to show the mounting of the various controls, etc. A photograph of an example of an existing circuit trainer
What is the definition and significance of sovereignty : What is the definition and significance of: Sovereignty , UN Convention on the Law of the Sea (UNCLOS) in relation to International Law and Politics.
Discuss the development of lower urinary tract obstruction : A 51-year-old woman diagnosed with multiple sclerosis (MS) five months prior is distressed that she has had several recent episodes of urinary incontinence
What are the advantages of the doctrine of precedent : What are the advantages of the doctrine of precedent? Are there any disadvantageous aspects to the doctrine of precedent?

Reviews

Write a Review

Operation Management Questions & Answers

  Enrolled patient population on capitation basis

Your organization has enrolled a patient population on a capitation basis. Although some patients will use substantial services and some will use few, the payments your organization will receive will almost certainly cover all the care this populatio..

  Major differences between knowledge and information

What, if any, are the major differences between knowledge and information? Describe the distinct components of stand-alone decision support systems (DSS) and provide some specific examples of these systems and how they may be used in the health care ..

  What should be your competitive priorities

You are designing a grocery delivery business. What should be your competitive priorities?

  Defining special and common causes of process variation

Discuss variation by defining “special” and “common” causes of process variation. Provide an example of each. Discuss what your response of correction would be for each example.

  Determine staffing policy-minimizes total operating cost

The supervisor at the precision machine shop wants to determine the staffing policy that minimizes the total operating cost. The average arrival rate at the tool crib, where tools are dispensed to the workers, is 5 machinists per hour.

  Why is cooperation so hard

WHY IS COOPERATION SO HARD? Briefly describe whether events in this case support or refute the resource dependence, collaborative network, population ecology, and institutional perspectives. Why or why not?

  Research social media marketing strategies

Use the Internet to research social media marketing strategies. Next, imagine that you are a manager of a retail store in a major mall with decreasing sales. Suggest two (2) ways that you can use social media in order to increase sales and promote yo..

  What are the key elements to a company having successful

Operating a business in an ethical manner takes time, effort and commitment. What are the key elements to a company having successful organizational ethics? What can we do as managers to encourage ethical behavior and to raise ethical standards in..

  What are the basic components of health systems

What are the basic components of health systems? How do they tend to be organized? What are some of the key factors that shape effectiveness of health care delivery?

  Operational sustainability

Defines in your own words the terms "operations management", "operational efficiency", "operational effectiveness", "operations strategy", and "operational sustainability."

  Describe the nature of organizational conflict

Describe the nature of organizational conflict, its sources, and the way it arises between stakeholders and subunits.

  Compare the strengths and limitations of multiple platforms

Your organization has decided to update their elearning platform, you have been asked to research 10-20 learning technology platforms. You remember the ODL system and elements, Gagne five varieties of learning and Sadler-smith and smith discussion of..

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