Describe different steps needed for proper decision making, Operation Management

Assignment Help:

Question:

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

182_Describe 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 (years 4 & 5 only for 3-year moving average). Which method would you recommend?

f) What forecast will you make for year 6?


Related Discussions:- Describe different steps needed for proper decision making

Calculate mad for each forecast, Weekly sales of copy paper at Cubicle Supp...

Weekly sales of copy paper at Cubicle Suppliers are in the table below. Forecast week 8 with a three-period moving average and with a four-period moving average. Compute MAD for ea

ERP, DETAIL THE WORKFLOW OF HRM THAT DEPLOYES ERP

DETAIL THE WORKFLOW OF HRM THAT DEPLOYES ERP

What is usefulness of materials requirement planning, Q. What is usefulness...

Q. What is usefulness of materials requirement planning first to manufacturing operations? Materials requirement planning (MRP I) is an inventory control system that gives an a

Explain why is forecasting important in organizations, Why is forecasting i...

Why is forecasting important in organizations, especially as related to understanding the relevant time horizon to develop a forecast against? What are some examples from industry?

Explain generally unnecessary to have every single function, It is generall...

It is generally unnecessary to have every single function represented on the core team of the project as that would make the team large than necessary and difficult to communicate

Explain strategic and budgetary decisions, Identify and discuss factors tha...

Identify and discuss factors that can increase the size and complexity of the information system structure (beyond those discussed in the text). •Make at least three recommendation

Explain ocean spray brand products is an example of a, The stylized blue an...

The stylized blue and white waves in an oval shape that appear on every package of Ocean Spray brand products is an example of a copyright trade name service mark brand

Objectives to draw the differing expectations of club member, Q1 Evaluate t...

Q1 Evaluate the service to club members and casual flyers by completing a table similar to Table 3.1. Q2 Chart the five performance objectives to show the differing expectations

Describe what you understand by supply chain management, Question : (a)...

Question : (a) Describe what you understand by supply chain management. (b) An important decision facing most purchasing managers is whether to source each individual produc

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