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 what is managerial problem solving, What is managerial problem solv...

What is managerial problem solving and how does it affect a business job?

Describe census of population as a measure of education, 1. Education is of...

1. Education is often used as an indicator of a person's socioeconomic status. Historically, the number of years of schooling completed has been recorded in the census of populatio

Develop a hypothesis test that can be used to what, According to a study, t...

According to a study, the mean price of a gallon of unleaded gasoline in the United States is 4.15. a sample of 25 Chicago area gas station shows the mean price of 4.95. the standa

Explain the linear program, The linear program MAX 3A+4B St. -1A + 2b ? ...

The linear program MAX 3A+4B St. -1A + 2b ? 8 1A+2B ? 12 2A+1B ? 16 A,B ? 0 1-write this problem in the standard form ? 2-Solve the problem using the graphical solution proced

What are the pros and cons of cumulative voting, Discuss the pros and cons ...

Discuss the pros and cons of cumulative voting vice regular voting for Directors of a company. Why would a company choose one over the other? Who benefits from each type: sharehold

Explain what is risk, What is risk? How does risk differ from uncertainty? ...

What is risk? How does risk differ from uncertainty? How does it impact a business?

Describe different steps needed for proper decision making, Question: O...

Question: Oceania Hospitals has recorded demand for heart transplant surgery over the past few years. The data is given in the following table: a) You have been hired

Explain how the government can implement information plan, Propose a plan f...

Propose a plan for how the government can implement information security plans to ensure its critical information is safe and protect.

Explain competitive position through differentiation, In both Europe and No...

In both Europe and North America, established airlines are desperately cutting costs in order to compete with the increasing number of budget airlines. However, it is highly unlike

After working for 30 years, In the table given below the Distribution Manag...

In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what woul

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