1. Identify the heuristics that decision makers might use in making estimates in the situations listed
below. Explain how biases might emanate from the use of these heuristics. (250 word limit for
each scenario please)
For this question, there are normall
Homework 3 Part 1
1. Utility Theory
a. Use the following questions to assess your own utility function for money values between
$0 and $5000. You should assume that all sums of money referred to will be received
immediately.
i. You are offered either a su
INTRODUCTION TO ENGINEERING
MANAGEMENT
What is Management?
Control Manage: To handle
Authority Management: process for managing
training or directing
Planning and allocating resources
Leading teams of people
Organize
Delegate
Decision making
Holdi
Lecture 2 Introduction to
Project Management
Introduction to Project Management
What is a project?
A project is a temporary endeavor undertaken to
create a unique product, service or result.
Temporary: definite beginning and definite end
Unique: no tw
Lecture 3
Project Management: Initiation &
Planning
Project Management
OVERVIEW of CONCEPTS
What is a project
Project life cycle
Begin to end of project
Triple constraint
What is a process?
Ex: plan do check a act
Ex2: pm process
Might repeat duri
Lecture 7
Decision Analysis: Decision Trees &
Bayes Theorem
DECISION TREES
Decision Trees
Useful for multi-stage problems
What is an example of a multi-stage problem?
Decision Trees
Why useful for multi-stage problems?
Visual display of sequential dec
Lecture 8
Decision Analysis: Bayes Theorem &
Game Theory
BAYES THEOREM
Probability Review
Topics that build up to Bayes Rule:
Conditional Probability
Independent Events
Multiplication Rule
Law of Total Probability
Bayes Rule
If you would like to un
Lecture 10
Monte-Carlo Simulation
Agenda
Homework Discussion
Lecture
Monte-Carlo Simulation
MONTE CARLO SIMULATION
Simulation Types
Static or Dynamic
Static: Not based on time
Dynamic: Passage of time/clock
Stochastic or Deterministic
Stochastic:
IE2005
Assignment 9
Due November 11,2015
Due is on wednesday, November 11th before the class.
Problem 1
a.) Textbook, Chapter 7, Problem 30
b.) Assume that the number of items sold in each week can be modeled by the following distribution:
P (N = k) =
( +