Different steps needed for proper decision making, Operation Management

Assignment Help:

Quesrion:

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

1772_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. Which method would you recommend?

f) What forecast will you make for year 6?


Related Discussions:- Different steps needed for proper decision making

Explain who is most likely to win the business, A Chicago-based manufacture...

A Chicago-based manufacturer is looking for someone to handle its shipments to the West Coast. In order to evaluate potential transportation providers, the manufacturer has develop

Explain theory of negligence or strict liability, Architect Bob Berryman pu...

Architect Bob Berryman purchased a late model car from Fred's Ford dealership. Three months after he purchased the car, he had to replace two of the tires because he ran over nails

OPERATIONS RESEARCH, Discuss the methodology of operation research

Discuss the methodology of operation research

Simulation, Which of the following distributions cannot be simulated a) U...

Which of the following distributions cannot be simulated a) Uniform b) Poisson. c) Normal. d) All of these can be simulated.

#titCAREING FOR TODDLERle.., HOW TO CARE FOR A TODDLERn #Minimum 100 words ...

HOW TO CARE FOR A TODDLERn #Minimum 100 words accepted#

Benchmarking - performance and productivity measures, Benchmarking - Perfor...

Benchmarking - Performance and Productivity Measures Benchmarking is the practice of comparing business practice and in particular performance between companies. It has become

Explain delegation of authority, Explain delegation of authority. Dele...

Explain delegation of authority. Delegation of authority: Delegation may be described as the entrustment of responsibility and authority to the other and the creation of acco

Define labour turnover, Define Labour Turnover. Labour Turnover: It r...

Define Labour Turnover. Labour Turnover: It refers to the movement of workers in and out of an organisation. It may be defined as the time-to time changes in the number of th

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