a) ken is facing decision under uncertainty
b) the best criterion should be used is Maximax
c) the best alternate to choose is Sub 100 because it has the best possible outcome
a) the type of decision model should be used should be
method that selected the
What are some inherent challenges in using decision trees
effectively in today's organizations? How can these challenges
Decision trees help decision makers to predict possible
outcomes of their decisions. Most of organizations use decision
Which business functions are more likely to use decision analysis
models than others, and why?
Decision analysis would be used mostly for making decisions in
more risky situations. There are some factors, which make
situation more risky such as limited in
Describe the key differences between simulation models and the
models covered in previous modules, not only from the
perspective of their applications, but also from the perspective
of computing/solving the models.
The key differences between simulation m
using the GCU Library and/or Internet resources, find an
example of a linear optimization model used in industry.
Describe which industry it is or was used in and briefly discuss
the problem or challenge it addressed.
The risk explicit linear optimization
Refer to "Forecasting Practices in U.S. Corporations: Survey
Results." Which point was most interesting and why?
One of the most interesting point in the article Forecasting
Practice in U.S. Corporations: Survey Results. is the forecasting
method would al
Discuss the strategic importance of forecasting. What strategic
decisions do organizations need to make in terms of forecasting?
What are some examples?
According to textbook, forecasting is based on some certain
assumptions in the future. Forecasting is
Which business functions are more likely to use optimization
models than others and why?
The business functions, which are more likely to use
optimization models than others are the ones that integrate two
separate issues would likely use decision analysi
Running Head: Process Improvement Project-Phase II and III
Process Improvement Project
Phase I: Improvement Opportunity
The supply chain management process is an important aspect of any company. It
integrates various levels, suppliers, manufacturers, di
Running Head: INTERNAL PROCESSES
Internal processes focus on all the activities and main processes necessary for a company
to succeed in providing its customers with the value they expect. The strength of a company is a
Analytics Exercise: An MRP explosion-Brunswick Motors
Formulas have been used for the charts are listed below:
Gross requirement= forecasted demand period by period
Net requirements (t)= gross requirement (t) projected inventory (t-1) schedule receipt
The evaluation of the costs is prescribed in the table below:
The costs (Ford motor company)
Sales commision paid to sales force (Dell company)
Wood glue consumed in the manufacturing of fur
Running Head: SUPPLY CHAIN INTEGRATION
Supply Chain Integration
Supply chain integration cites to a close-knit coordination and alignment inside a supply
chain of an organization normally making use of common management information systems.
Explain the importance of correctly stating the objective
function and constraints in linear optimization problems. Provide
a few examples of the problems that could result if the objective
function and constraints are not stated properly. Why would
What types of business situations or problems might best lend
themselves to multiple linear regression? What types may not?
The linear regression is used in business when we need to
predict consumption spending, inventory investment, fixed
A health researcher is interested in determining whether or not
the speed at which people walk is related to their cholesterol
levels. He picks 100 adult volunteers at random, checks their
cholesterol levels, and then times each one while they walk a
Based on the given data below
First grade average
a) by using the formula below, we can calculate coefficients for first test grade as:
b_1=(x-x )(y-y )/(x-x )^2)
For comparing the two methods with each other, we can use the MAD formula:
Where the forecast error= Actual value- Forecast value, and n is the number of errors.
when the n=3, the moving average and absolute error are as listed in t
a) formulation of LLP of the given portfolio:
Minimizing staff required= X_1+X_2+X_3+X_4+X_5+X_6
X_1+X_2 12 maximum dept capacity
b) solving the LLP problems:
In this problem each air conditioner takes three hours of wiring and two hours of drilling
and each fan takes two hours of wiring and one hour of drilling, so
Maximize profit= $25X_1+$15X_2
Subject to 3X_1+2X_2240
By using the corner
a) based on the table below:
Numbers of programs
Interval of random numbers
01 to 15
16 to 37
38 to 61
62 to 82
83 to 00
based on the data on the table on the
Running head: DECISION MAKING
Grand Canyon University: Quantitative Methods
February 2, 2016
An organization become an analytics contestant due to using information to wring
maximum value fro
Give an example based on your experience of a situation in
which using a multiple regression model or nonlinear regression
model may have helped you make a better decision
The example based on my experience of a situation in which
using a multiple regress
Multiple models are often used in supporting business decision
making. Why might this be the case and what factors may
dictate the need for multiple models?
The decision making process is different for each business
because business managers make their de
What types of business situations or problems might best lend
themselves to simple linear regression and what types may not?
Why and why not?
Linear regression model is used for analyzing the relationship
between dependent variables with a set of independ
Present an example of a business situation that you believe
would lend itself to the use of a quantitative business model.
Clearly explain how the model could be used in this situation.
The business model that would lend itself to the use of a
Provide one example each of a workforce scheduling, a blending,
and a logistics linear optimization problem not discussed in the
textbook. What is being optimized in each of your examples and
Workforce scheduling example in linear programming as it w
Running Head: MANUFACTURING AND SERVICE PROCESS MAPS
Manufacturing and Service Process Maps
A manufacturing company is one that transforms raw resources into finished products. It
usually involves the use of large-scale machinery while a service company