Operations Management-With Myomlab Access
11th Edition
ISBN: 9780133130768
Author: HEIZER
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter F, Problem 9P
Summary Introduction
To determine: The average number of failed boxes per month.
Introduction: Simulation is the model that can be used in operations, which would imitate the real world process. Simulation uses random sampling for the generation of realistic variability.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
QUESTION A
The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table:
State of Nature
Favourable Stable Unfavourable
Product 0.2 0.7 0.1
Widget $ 120,000 $ 70,000 $ –30,000
Hummer 60,000 40,000 20,000
Nimnot 35,000 30,000 30,000
Determine the best decision, using the following decision criteria
Maximax
Maximin
LaPlace
QUESTION A
The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table:
State of Nature
Favourable Stable Unfavourable
Product 0.2 0.7 0.1
Widget $ 120,000 $ 70,000 $ –30,000
Hummer 60,000 40,000 20,000
Nimnot 35,000 30,000 30,000
Compute the expected value for each decision and select the best one.
Develop the opportunity loss table and compute the expected opportunity loss for each product.
QUESTION A
The Miramar Company is going to introduce one of three new products: a widget, a hummer, or a nimnot. The market conditions (favorable, stable, or unfavorable) will determine the profit or loss the company realizes, as shown in the following payoff table:
State of Nature
Favourable Stable Unfavourable
Product 0.2 0.7 0.1
Widget $ 120,000 $ 70,000 $ –30,000
Hummer 60,000 40,000 20,000
Nimnot 35,000 30,000 30,000
Compute the expected value for each decision and select the best one.
Chapter F Solutions
Operations Management-With Myomlab Access
Ch. F - Question: 1 State the seven steps, beginning with...Ch. F - Question: 2. List the advantages of simulation.Ch. F - Prob. 3DQCh. F - Question: 4. Explain the difference between...Ch. F - Question: 5. What is the role of random numbers in...Ch. F - Prob. 6DQCh. F - Question: 7. What is Monte Carlo simulation? What...Ch. F - Question: 8. List six ways that simulation can be...Ch. F - Question: 9. Why is simulation such a widely used...Ch. F - Prob. 10DQ
Ch. F - Prob. 11DQCh. F - Prob. 12DQCh. F - Prob. 13DQCh. F - Prob. 1PCh. F - Prob. 2PCh. F - Prob. 3PCh. F - Prob. 4PCh. F - Question F.5 Arnold Palmer Hospital is studying...Ch. F - Prob. 6PCh. F - Question: F.7 A warehouse manager at Mary Beth...Ch. F - Prob. 8PCh. F - Prob. 9PCh. F - Question: F.10 The number of cars arriving at...Ch. F - Prob. 11PCh. F - Prob. 12PCh. F - Prob. 13PCh. F - Question: F.14 Refer to the data in Solved...Ch. F - Question: F.15 Connecticut Tanning has two...Ch. F - Prob. 16PCh. F - Prob. 17PCh. F - Prob. 18PCh. F - Prob. 1CSCh. F - Prob. 2CS
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
- Question 20 We want to compare the quality of three Tablet products: Tablet Product A has a Mean Time Between Failures (MTBF) 10,000 hours, and a Mean Time To Repair (MTTR) or 10 hours. Product B has a MTBF of 11,000 hours and a MTTR of 11 hours. Product C has a MTBF of 12,000 hours and MTTR of 12 hours. Which tablet has better Availability? Group of answer choices a. Tablet A b. Tablet B c. Tablet C d. The Availability of Tablets A, B and C are equal e. Impossible to determinearrow_forwardQUESTION Rockwater management added two financial measures. Project profitability provided focus on the project as the basic unit for planning and control, and sales backlog helped reduce uncertainty of performance. Rockwater wanted to recognize the distinction between its two types of customers: Tier I customers, oil companies that wanted a high value-added relationship, and Tier II customers, those that chose suppliers solely on the basis of price. A price index, incorporating the best available intelligence on competitive position, was included to ensure that Rockwater could still retain Tier II customers’ business when required by competitive conditions. The company’s strategy, however, was to emphasize value-based business. An independent organization conducted an annual survey to rank customers’ perceptions of Rockwater’s services compared to those of its competitors. In addition, Tier I customers were asked to supply monthly satisfaction and performance ratings. Rockwater…arrow_forwardQUESTION Rockwater management added two financial measures. Project profitability provided focus on the project as the basic unit for planning and control, and sales backlog helped reduce uncertainty of performance. Rockwater wanted to recognize the distinction between its two types of customers: Tier I customers, oil companies that wanted a high value-added relationship, and Tier II customers, those that chose suppliers solely on the basis of price. A price index, incorporating the best available intelligence on competitive position, was included to ensure that Rockwater could still retain Tier II customers’ business when required by competitive conditions. The company’s strategy, however, was to emphasize value-based business. An independent organization conducted an annual survey to rank customers’ perceptions of Rockwater’s services compared to those of its competitors. In addition, Tier I customers were asked to supply monthly satisfaction and performance ratings. Rockwater…arrow_forward
- Question 1.2AB Food Processing company has proposed you as a management consultant. The firm seeks to implement the balanced scorecard tool in an attempt to monitor performance. The management of AB has no idea about the balanced scorecard model and has approached you for guidance regarding the approach to implement it and the challenge such a model presents. c) Evaluate why the cost of implementing the balanced scorecard can outweigh the benefits derived from the use of the model. d) Comment on the four (4) perspectives of the balanced score cardarrow_forwardQUESTION TWO Stephen Jones is the CEO of WISKY Contractors that has been in existence for the past 15 years. WISKY Contractors has acquired itself a good position in society through the leadership of Stephen Jones who realizes that his standing thrives on retaining a caliber of team members. The company has been awarded a new contract besides the two contracts that are currently running concurrently. To meet this demand, Stephen Jones needs to hire team leader that should be able to navigate a crowded construction site, read and write in order to keep up with the paper work, should have a high school diploma in construction and should have a minimum of 3 years practical work experience on a project, with supervisory roles as an added advantage. The team leader will be required to be on sight. Stephen Jones has thrived on the good name he has built for his organization on the basis of his commitment to undertaking and completing high quality projects within or under the project…arrow_forwardQUESTION THREE A company has prepared a design for a new product which it can either sale for K100 000 or develop into a marketable product at a cost of K150 000. The chances of success if the product is developed are 0.7. If this attempt fails the design can only be sold at K20 000. If the attempt succeeds the business has the choice of either selling the design and developed product for K180 000 or marketing the product. If the product is marketed then there is a 0.6 probability that the product will generate a cash inflow of K800 000 and a 0.4 probability that it will generate a cash outflow of (K100 000). Both figures exclude items previously mentioned. Draw a decision tree and advise management as to their best course of action. Assume that the cost of capital is 10 % and it took one year to develop the designs and a further year before the contribution was received, what would be the position now? Supposing there is a small change in the estimated probabilities of…arrow_forward
- QUESTION 2 One of the employees at eden co ltd,described working at the company as to work at eden,you've got to be interested in a lot of stuff. you've got to be prepared to catch people when they fall,because people are trying stuff all the time and you've got to be prepared for unexpected because part of the way we work is almost liberately created chaos by doing more stuff than we've possibly got time to do,which means more junior members have more chances to become leaders because the senior ones can't do it all. you've got to be optimistic and smiley and damed hardwork. one of the senior managers connected,we try not to be prescriptive about defining talent and we try to encourage people to take individual responsibility for their own career path here as much as we can help them to a career path (a) in your own opinion what factors have contributed to organization citizenship behaviour among staffs at eden? elaborate your answers (b)discuss the leadership style that has help to…arrow_forwardQuestion #2 Case 10.5 Green or Greenwashing? A small business (thirty-five employees) in the highly competitive greeting card business is faced with a challenging issue. The company makes artistic, handmade greeting cards that are sold to local retails stores, who then sell them to consumers. The customer’s base of the retail stores is composed mainly of tourists and other affluent buyers looking for something more unique than what a local supermarket or discount store typically carries. The company markets the card as environmentally friendly, usually with a note on the back indicating the cards are made from 100 percent recycled paper. The cards themselves also have a ruff-hewn quality to them that give a distinctive look and fingertip feel of being recycled and organic. Business has been on a downward trend the past few years. Both the recession and increased competition have cut into market share. The owners of the business (a husband and wife) were recently approached by a…arrow_forwardQuestion: You are working as a Project Manager for a leading IT Service Provider company. During the deployment of one of the optical fiber cabling project, your team required a testing equipment called fluke. This machine is used for testing the termination of copper and optical fiber nodes. The machine cost approximately PKR 450,000/- plus you need to a hire a technician to handle the equipment. Technician would be hired for 3 months at a salary of Rs. 30,000/- per month (For 2 months). The total number of nodes to be tested are 345. Another solution is to outsource this project to a subcontractor which will charge Rs. 1,500/- per network node. As a project manager, what will be your decision (based on your experience), whether to buy the device or go for outsourcing this job to the subcontractor? Give justification to support your decision.arrow_forward
- Question: Calculate the Early Start; Late Start; Early Finish & Late Finish for allactivities.arrow_forwardA boutique hotel chain employs 200 persons in each hotel. They want to hire a front desk person to check-in guests. If the candidate is a person who is the most qualified and disabled, what should the hotel GM do? Question 8 options: a) Hire the person and make workplace accommodations. b) Not hire the person because one of the qualifications is that the person can communicate with the guest. c) Offer them an alternative position. d) Hire the person, review their performance within 2 weeks, and document compliance with the job requirements.arrow_forwardQuestion Carry out a K. T. Situation analysis on the Exxon Valdez spill that is discussed as attached;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,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.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.
Forecasting 2: Forecasting Types & Qualitative methods; Author: Adapala Academy & IES GS for Exams;https://www.youtube.com/watch?v=npWni9K6Z_g;License: Standard YouTube License, CC-BY
Introduction to Forecasting - with Examples; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=98K7AG32qv8;License: Standard Youtube License