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

Explain competitive strategy relate to value chain structure, How does comp...

How does competitive strategy relate to value chain structure?

Column minima method, Column Minima Method: Step 1: Determine  the  ...

Column Minima Method: Step 1: Determine  the  smallest cost in  the first  column  of the  transportation  table. Let it be  C1j  . allocate  Xi1= min ( ai bi ) in the cell

Number of defects - control chart, Number of Defects - Control Chart S...

Number of Defects - Control Chart Sometimes the attribute of concern is the number of defects (c) in an item rather than the number of defective items in a sample: for example

How several hours of production time would you schedule, For the four basic...

For the four basic configurations that follow, assume that the market is demanding product that must be processed by both Resource X and Resource Y for Cases I, II and III. For Cas

Explain what is the role of participation in goal setting, What is the role...

What is the role of participation in goal setting? Answer Participation is positively correlated with performance Participation provides more goal clarity Participation

Explain increasing the level of confidence, All other things held constant,...

All other things held constant, increasing the level of confidence for a confidence interval estimate for the difference between two population means will result in a wider confide

Explain assessment of the quality of the decision, Watch the video, how to ...

Watch the video, how to perform a SWOT Analysis, and then conduct a SWOT analysis using the Starbucks' Global Quest 2006: Is the Best Yet to Come? Case provided in the Course Mater

Explain framework of the general model of planned change, Describe the fram...

Describe the framework of the general model of planned change. Include a discussion of each activity and a typical sequence of events.

Define a person stole a car from a car rental agency, A person stole a car ...

A person stole a car from a car rental agency. The police spotted the car and gave chase. The thief hit another car, seriously injuring that driver. The person who stole the car fl

Explain the strategic supply wheel according to cousins, Q. Explain the str...

Q. Explain the strategic supply wheel according to Cousins? The 'strategic supply wheel' suggests that this is imperative to keep an alignment of corporate goals along with the

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