Practical Operations Management
2nd Edition
ISBN: 9781939297136
Author: Simpson
Publisher: HERCHER PUBLISHING,INCORPORATED
expand_more
expand_more
format_list_bulleted
Question
Chapter 15, Problem 12P
Summary Introduction
Interpretation:
Outcome of decision when people stop discussion.
Concept Introduction:
Overbooking is a practice where excess orders or tickets are sold for a product or event, knowing that at the last minute there could be cancellations or no−shows. Yield management is practiced in price-sensitive products or services, where there is a relatively high fixed cost.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Scenario:
Imagine you are a physician who has been whose patient has the following matter up to you. The patient has an unusual infection, which lasts for a short time. The infection has a 15% chance of causing permanent brain damage. You may undertake a procedure that will prevent the brain damage from the infection (with 100% probability). However, the procedure itself has a 20% chance of causing brain damage itself. Should you undertake the procedure or not?
Question: Identify whether the scenario poses a problem to solve or a decision to be made. Explain HOW and WHY you came to your answer?
Which of the following would make a decision rational?
If there is no cost to the decision
If the benefit outweighs the cost
Good faith bargaining stands for? This result when undesirable behavioral consequences is witheld with the effects of stengthening the probability of the behavior being repeated?
Chapter 15 Solutions
Practical Operations Management
Ch. 15 - Prob. 1DQCh. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - Prob. 5DQCh. 15 - Prob. 1PCh. 15 - Prob. 2PCh. 15 - Prob. 3PCh. 15 - Prob. 4PCh. 15 - Prob. 5P
Ch. 15 - Prob. 6PCh. 15 - Prob. 7PCh. 15 - Prob. 8PCh. 15 - Prob. 9PCh. 15 - Prob. 10PCh. 15 - Prob. 11PCh. 15 - Prob. 12PCh. 15 - Prob. 13PCh. 15 - Prob. 14PCh. 15 - Prob. 15PCh. 15 - Prob. 16PCh. 15 - Prob. 17PCh. 15 - Prob. 18PCh. 15 - Prob. 19PCh. 15 - Prob. 20PCh. 15 - Prob. 21PCh. 15 - Prob. 22PCh. 15 - Prob. 23PCh. 15 - Prob. 24PCh. 15 - Prob. 25PCh. 15 - Prob. 1.1QCh. 15 - Prob. 1.2QCh. 15 - Prob. 1.3QCh. 15 - Prob. 3.1QCh. 15 - Prob. 3.2QCh. 15 - Prob. 3.3QCh. 15 - Prob. 3.4Q
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- The idea that managers make decisions with incomplete information is an example of which term below? Question 33 options: satisficing bounded rationality decision criteria Management by Objectivesarrow_forwardWhich type of the decision is also called important decision? A. Strategic& operational decisions B. Major and minor decisions C. Programmed and non-programmed decisionsarrow_forwardWhen several sectors change simultaneously, the environment becomes _____. Group of answer choices complex turbulent predictable stablearrow_forward
- A manufacturer of microwaves has discovered that male shoppers, on average have lower values for microwave ovens than female shoppers. Additionally, male shoppers attribute almost no extra value to an auto-defrost feature, while female shoppers, on average, value the auto-defrost feature. The manufacturer has determined that men value a simple microwave at $70 and one with autodefrost at $80, while women value a simple microwave at $80 and one with auto-defrost at $150. If there is an equal number of men and women, what pricing strategy will yield the greatest revenue?arrow_forwardAndrew Thomas, a sandwich vendor at Hard Rock Cafe's annual Rockfest, created a table of conditional values for the various alternatives (stocking decision) and states Of nature (size Of crowd ) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardA product is composed of four parts. In order for the product to function properly in a given situation, each of the parts must function. Two of the parts have a .96 probability of functioning, and twohave a probability of .99. What is the overall probability that the product will function properly?arrow_forward
- 32 true or false A rational decision will never fail to provide the best and most successful solution to a problem.arrow_forwardthe first picture is the problem and the second picture is the questionarrow_forwardThe eruption in Reykjanes a year ago was often called a tourist eruption. Now that the eruption is over and perhaps temporarily, various lessons can be learned from what happened in future policy-making if another eruption similar to this happens. The flow of people to see the eruption became enormous. This caused a variety of problems. A micro-queue on the road led to delays. Problems with parking meant that visitors had to park far away and walk long distances to get to the eruption. A large number of people also reduced the stillness of nature and thus reduced the impact of the eruption exhibition for many. Discuss the economic problem here and the nature of the quality that the road to the eruption site, the ability to lay nearby and the area to watch the eruption with experience in mind reflect. At the same time, consider the quality classification in general. What economic solutions are available to enhance people's experience and reduce the impact of the above so that…arrow_forward
- Line positions support staff positions in decision making.;True or Falsearrow_forwardCompany A has successfully launched its product in the market and has reaped rich dividends for the same. S is a top executive of the firm who is planning to move out to start the same business supported by a few investors. 6 months later, despite the product launch S has not been able to replicate the same success as in company A. Which of the following is a possible reason?arrow_forward17- According to a business plan for a startup, the break-even point was calculated at 12,000 units of sales. However, after launch, the average variable cost for the product has gone up. Which of the following is the effect on break-even point? Group of answer choices the effect on break-even point cannot be determined without more information the break-even point will remain the same the break-even point will be higher than 12,000 units the break-even point will be lower than 12,000 units 18- According to a business plan for a startup, the break-even point was calculated at 12,000 units of sales. However, after launch, the unit price for the product had to be lowered. Which of the following is the effect on break-even point? Group of answer choices the break-even point will remain the same the break-even point will be lower than 12,000 units the effect on break-even point cannot be determined without more information the break-even point will be higher than 12,000…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Process selection and facility layout; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=wjxS79880MM;License: Standard YouTube License, CC-BY