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

Define conditions which exist globally that are contributing, Please answer...

Please answer both questions fully to have points awarded, Thanks! Decreasing the Incidence of CVD" Please respond to the following: 1. Propose the steps that might be taken

Define what is the probability that the battery will perform, An undergradu...

An undergraduate business student has purchased a laptop computer for use during exams. This laptop is perfectly reliable except for two parts: its microchip, which has a failure r

Explain why is direct line so successful, Why is Direct Line so successful ...

Why is Direct Line so successful and how has operations supported the business growth? 2. How do (if at all) the products offered by Direct Line differ from its competitors? 3. Ana

Explain traditional and horizontal organization structure, Identify the mai...

Identify the main types of traditional and horizontal organization structure. Using an organization of your choice as an example how is the structure of the organization a reflecti

Explain impact far beyond their firm boundaries, Multinational enterprises ...

Multinational enterprises (MNEs) have an impact far beyond their firm boundaries. Assume you are working for a small firm that supplies a product or service to an MNE. How might yo

Explain the component of statistical methodology, The component of statisti...

The component of statistical methodology that includes the collection, organization, and summarization of data is called _____. descriptive statistics analytical statistics

Operation function, meaning of operation function in operation management

meaning of operation function in operation management

Describe cloud computing and web 2.0, In this research paper, you will rese...

In this research paper, you will research cloud computing and Web 2.0 and write a two- to four-page (500-1000 word) research paper explaining the business uses of each. Using the i

Performance criteria for layouts, Outline performance criteria that is impo...

Outline performance criteria that is important in creating a layout . Identify the types of layout performance criteria that might be most important in the following settings. a -

Explain communication is a two-way process, Communication is a two-way proc...

Communication is a two-way process. Communication is a series of loops. A message must be sent and the message must be received. However, the message must also be understood and ac

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