Explain probabilities of various caseloads to be unreliable, Operation Management

Assignment Help:

The director of social services of a county has learned that the state has mandated additional information requirements. This will place an additional burden on the agency. The director has identified three acceptable alternatives to handle the increased workload. One alternative is to reassign present staff members, the second is to hire and train two new workers, and the third is to redesign current practice so that workers can readily collect the information with little additional effort. An unknown factor is the caseload for the coming year when the new data will be collected on a trial basis. The estimated costs for various options and caseloads are shown in the following table

Assuming that past experience has shown the probabilities of various caseloads to be unreliable, what decision would be appropriate using each of the following criteria?

1. Maximin

2. Maximax

3. Minimax regret

4. Laplace


Related Discussions:- Explain probabilities of various caseloads to be unreliable

Describe difference between significance and meaningfulness, What is the di...

What is the difference between significance and meaningfulness? Which one is more important to experimental results and why do you think so?

Explain supermarket is monitored using a range, Checkout time at a supermar...

Checkout time at a supermarket is monitored using a range and mean chart. Six samples which contain 20 observations per sample have been collected and the sample means and sample r

Explain risks to a broad generic business strategy, What are some drawbacks...

What are some drawbacks and risks to a broad generic business strategy? To a focused strategy?

Explain what is the market value of the bond, Knight, Inc., has issued a th...

Knight, Inc., has issued a three-year bond that pays a coupon of 5.00 percent. Coupon payments are made semi-annually. Given the market rate of interest of 3.70 percent, what is th

Why job redesign requires organizational change, Job redesign requires orga...

Job redesign requires organizational change. What barriers to change exist within most organizations, and how might they be overcome? I know these are some barriers, but I don't fe

Explain which goal is same to lead to the best performance, if the average ...

if the average worker can produce 15 wedges an hours/which goal is like to lead to the best performance/ which id the correct answer a.10/ b.15 c.15 c.do you best d. 18 e.

When good faith bargaining requires, Good faith bargaining requires the par...

Good faith bargaining requires the parties to come to an agreement about both mandatory and permissive items

Explain strategies and techniques of knowledge management, Information is s...

Information is so important that owning one could be the sole deciding factor in gaining advantage or winning, may it be in academics or market share. Acquiring information is not

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