Bus 660 topic 1 decision Study guides, Class notes & Summaries

Problem4-25: TheGormanManufacturingCompanymustdecidewhethertomanufactureacomponentpartatitsMilan, Michigan, plant or purchase the component part from a supplier. The resulting profit isdependentuponthedemandfortheproduct.Thefollowingpayofftableshowstheprojectedprofit(inthousandsofdollars): Thestate-of-natureprobabilitiesareP(s1)=0.35,P(s2)=0.35,andP(s3)=0.30. a. Useadecisiontreetorecommendadecision. b. UseEVPItodeterminewhetherGormanshouldattempttoobtainabetterestimateofdemand. c. A test mar...

Problem4-25: TheGormanManufacturingCompanymustdecidewhethertomanufactureacomponentpartatitsMilan, Michigan, plant or purchase the component part from a supplier. The resulting profit isdependentuponthedemandfortheproduct.Thefollowingpayofftableshowstheprojectedprofit(inthousandsofdollars): Thestate-of-natureprobabilitiesareP(s1)=0.35,P(s2)=0.35,andP(s3)=0.30. a. Useadecisiontreetorecommendadecision. b. UseEVPItodeterminewhetherGormanshouldattempttoobtainabetterestimateofdemand. c. A test mar...

BUS 660 Topic 1 Decision Analysis - Homework

Problem4-25: TheGormanManufacturingCompanymustdecidewhethertomanufactureacomponentpartatitsMilan, Michigan, plant or purchase the component part from a supplier. The resulting profit isdependentuponthedemandfortheproduct.Thefollowingpayofftableshowstheprojectedprofit(inthousandsofdollars): Thestate-of-natureprobabilitiesareP(s1)=0.35,P(s2)=0.35,andP(s3)=0.30. a. Useadecisiontreetorecommendadecision. b. UseEVPItodeterminewhetherGormanshouldattempttoobtainabetterestimateofdemand. c. A test mar...

BUS-660: Topic 1 DQ 1 & DQ 2 DQ 1: Apply a business decision model to something you do every day, such as selecting an outfit, ordering lunch, or determining your exercise routine. Be creative in your approach. How did you select the model? Include rationale with support from the readings. DQ 2: Create a decision tree for the scenario you outlined in Topic 1 DQ 1. Attach the decision tree to your response and include insights into how you crafted it. How would you apply this decision-making ex...

BUS-660: Topic 1 DQ 1 DQ 1: Apply a business decision model to something you do every day, such as selecting an outfit, ordering lunch, or determining your exercise routine. Be creative in your approach. How did you select the model? Include rationale with support from the readings.

Problem4-25: TheGormanManufacturingCompanymustdecidewhethertomanufactureacomponentpartatitsMilan, Michigan, plant or purchase the component part from a supplier. The resulting profit isdependentuponthedemandfortheproduct.Thefollowingpayofftableshowstheprojectedprofit(inthousandsofdollars): Thestate-of-natureprobabilitiesareP(s1)=0.35,P(s2)=0.35,andP(s3)=0.30. a. Useadecisiontreetorecommendadecision. b. UseEVPItodeterminewhetherGormanshouldattempttoobtainabetterestimateofdemand. c. A test mar...

BUS-660: Topic 1 DQ 2 DQ 2: Create a decision tree for the scenario you outlined in Topic 1 DQ 1. Attach the decision tree to your response and include insights into how you crafted it. How would you apply this decision-making experience to larger scale decisions at an organizational level?

BUS-660: Topic 1 DQ 1 & DQ 2 DQ 1: Apply a business decision model to something you do every day, such as selecting an outfit, ordering lunch, or determining your exercise routine. Be creative in your approach. How did you select the model? Include rationale with support from the readings. DQ 2: Create a decision tree for the scenario you outlined in Topic 1 DQ 1. Attach the decision tree to your response and include insights into how you crafted it. How would you apply this decision-making ex...

BUS 660 Topic 7 DQ 1 and DQ 2 DQ 1: Describe a waiting line situation that you regularly face in your daily life. Explain how you would improve the structure of that system by applying waiting line analysis. DQ 2: What are the economic costs of waiting lines? How might these costs be measured? What decision criteria can be used to justify expanding services to reduce waiting times?