Concept explainers
a)
To determine Maximin decision
Introduction:
Maximin is the decision making method which is used to make decision under uncertainty. This method will find an alternative that maximizes the minimum outcome of every alternative or we can say that calculating the minimum outcome within the each alternative.
b)
To determine: Maximax decision
Introduction:
Maximax is the decision making method which come decision making under uncertainty. This method finds an alternative that maximizes the maximum outcome of each alternative or we can say that calculating the maximum outcome within every alternative.
c)
To determine: Minimax regret decision.
Introduction:
Minimax regret is the decision making method were decision is made on the basis of the expected payoff which should be less than expected, this criteria based to avoid the risk or minimizing the minimum regret here regret is opportunity loss or identifying the worst regret for each alternative
d)
To determine: Laplace decision.
Introduction:
Laplace is the decision making method were we will find an average of each alternative and then we select the average best of each alternative.
Want to see the full answer?
Check out a sample textbook solutionChapter 5 Solutions
Operations Management
- XYZ Company has been using a records management system to track where their documents are being delivered and processed. Since the use of this system, they have saved time, have been more productive and efficient. These benefits produced by the system are known as what?a) Economic Benefits b) Intangible Benefits c) Operational Benefits d)Tangible Benefitsarrow_forward5)Compare the type of training and development for (PCNs, TCNs and HCNs) in the organization. 6)Does the organization offer repatriation programs? If yes, identify the repatriation programs offered to employees. 7)Which approach is followed for Compensation and Benefits in the organizationsarrow_forwardWhat are the main differences between the tracking systems used in Amazon fulfillment centers and more traditional monitoring techniques such as human supervisors and time cards?arrow_forward
- Since a needs assessment is an integral part of creating and managing a security awareness program, which of the following represent the basic steps towards conducting a needs assessment? Review of available resource material, analysis of metrics, recommendations from oversight bodies including compliance requirements Analysis of metrics, recommendations from oversight bodies, ensuring countermeasure funding is in place Review of infrastructure changes, review of training and education programs, recommendations from oversight bodies Review of training and education programs, review of system inventory, recommendations from oversight bodies.arrow_forwardThe Chief Information Officer (CIO) and the Managing Director (MD) of Illustrious Limited recently hadthe following conversation regarding the development of a new information system for the company:CIO: The way to go about the analysis is to first examine the old system, such as reviewing keydocuments and observing the workers performing their tasks. Then we can determine which aspectsare working well and which should be preserved.MD: We have been through these types of projects before, and what always ends up happening is thatwe do not get the new system we are promised. Instead we get a modified version of the old system.CIO: I can assure you that will not happen this time. My team just want a thorough understanding ofwhat is working well and what is not.MD: I would feel much more comfortable if we first started with a list of our requirements. We shouldspend more time in determining what exactly we want the system to do upfront. Then your team cancome in and determine what portions…arrow_forwardPoint out the problems that will be fixed as a direct consequence of the university's new management information systems.arrow_forward
- The HR area of Informational Systems has budgeted for a new HRIS system that is sorely needed. HR managers are considering their options: purchase a system based on the recommendation by the Director of IT, purchase a system based on an evaluation by an IT workgroup, or purchase a system based on a joint evaluation of both IT and HR employees. What decision-making process should HR managers employ to come up with the best way forward to decide on their new HRIS system?arrow_forwardWhat systems must be set up to support the booking process, by the way or recording, dealing with enquiries, controlling total numbers, monitoring demand and gathering market research data about attendees?arrow_forwardYou have been hired as a consultant for a mid-size company that produces shoes for adults. The company has a high production capacity but possesses a large number of untrained workers. The region in which the company operates consists of a few small companies that sell similar products. A recent survey revealed that there is a growing demand for footwear for children. Required: In your capacity a consultant, outline the factors from the scenario above that you would consider in each stage of the company’s corporate plan.arrow_forward
- The Chief Information Officer (CIO) and the Managing Director (MD) of Illustrious Limited recently had the following conversation regarding the development of a new information system for the company: CIO: The way to go about the analysis is to first examine the old system, such as reviewing key documents and observing the workers performing their tasks. Then we can determine which aspects are working well and which should be preserved. MD: We have been through these types of projects before, and what always ends up happening is that we do not get the new system we are promised. Instead we get a modified version of the old system. CIO: I can assure you that will not happen this time. My team just want a thorough understanding of what is working well and what is not. MD: I would feel much more comfortable if we first started with a list of our requirements. We should spend more time in determining what exactly we want the system to do upfront. Then your team can come in and determine…arrow_forwardThe Chief Information Officer (CIO) and the Managing Director (MD) of Illustrious Limited recently had the following conversation regarding the development of a new information system for the company:CIO: The way to go about the analysis is to first examine the old system, such as reviewing key documents and observing the workers performing their tasks. Then we can determine which aspects are working well and which should be preserved.MD: We have been through these types of projects before, and what always ends up happening is that we do not get the new system we are promised. Instead we get a modified version of the old system.CIO: I can assure you that will not happen this time. My team just want a thorough understanding of what is working well and what is not.MD: I would feel much more comfortable if we first started with a list of our requirements. We should spend more time in determining what exactly we want the system to do upfront. Then your team can come in and determine what…arrow_forwardDiscuss the Resource Planning for Information System, consisting of the following categories: a. Human Resource Planning b. Enterprise Resource Planning c. Information System Redesigning Strategies d. Business Process with E-business e. Business Process with ERP f. Resource Planning in Logistics and Transportation system g. Planning for Transportation and Information Network Infrastructure h. Planning for Tracing and Tracking Systemarrow_forward
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill EducationOperations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education
- Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage LearningProduction and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.