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 advantages of matrix organization, Explain advantages of matrix org...

Explain advantages of matrix organization. Advantages of matrix organization (i)  Permitting better planning and control to meet deadline if effectively focuses resource

Problems, the rate of use of a particular raw materials from stores is 20 u...

the rate of use of a particular raw materials from stores is 20 units per year. the cost of placing and recieving an order is Rs. 40. the cost of each unit is rs. 100 . the cost of

Explain conference related to effective management, Specific subject conten...

Specific subject content for a conference related to effective management

Impact on the it group of supporting a variety of devices, What is the impa...

What is the impact on the IT group of supporting a variety of devices?

Explain marketplace and demonstrate its effectiveness, Access how technolog...

Access how technology and the changing demands of customers have impacted the movie business. Suggest a strategy for Netflix's to prevent a new entrant into the marketplace and dem

Explain personality traits affect management and leadership, Your managemen...

Your management team has been retained by a senior manager who is concerned about the effectiveness of his managers and their leadership abilities. He would like you to develop a t

I am student can anyone help, I was previously on student of fortune. Can a...

I was previously on student of fortune. Can anyone help?

Explain the clients role in the generating ideas stage, Which best describe...

Which best describes the client's role in the Generating Ideas stage of CPS? a. listens carefully to the ideas generated by the resource group. b. tells the resource group immediat

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