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Operations Management and Statistical Analysis: Practical Applications in Business Decision-Making

Discusses operations management and statistical analysis for business decisions.

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    Operations Management and Statistical Analysis: Practical Applications in Business Decision - Making Jane wants to setup a photo shop. The cost to rent an office is $150 per week. The variable cost of making one photo is $20 and she can sell it for $50. 5.0 Points Jane has to sell 5 photos per week to break even. (Please only enter an integer and include no units.) If Jane sells 10 units, her profits would be 150 dollars. (Please only enter an integer and include no units.) Mark for Review What's This? Paul wants to choose one of the two investment opportunities over three possible scenarios. Investment 1 will yield a return of $10,000 in Scenario 1, $2,000 in Scenario 2, and a negative return of - $5,000 in Scenario 3. Investment 2 will yield a return of $6,000 in Scenario 1, $4,000 in Scenario 2, and zero in Scenario 3. The probability for Scenario 1 is 0.2, for Scenario 2 is 0.3, and for Scenario 3 is 0.5. Question 1 of 2 5.0 Points If you were to choose the investment that maximizes Paul's Expected Money Value (EMV), then you should choose __________. A. Investment 1 B. Investment 2 C. Indifferent Reset Selection If Paul is uncertain about the return for Investment 1 in Scenario 1, then this return has to be 21500 dollars in order to make Paul indifferent between these two investments (i.e. the two

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    investments would have the same EMV.) (Please only enter an integer and include no units.) Mark for Review What's This? Sam has a cleaning service. To better allocate his resources, he would like to forecast his weekly orders based on the order number he received in the past 13 weeks as shown in the following table. Week Demand Week 1 11 Week 2 14 Week 3 16 Week 4 10 Week 5 15 Week 6 17 Week 7 11 Week 8 14 Week 9 17 Week 10 12 Week 11 14 Week 12 16 Week 13 15 Question 1 of 3 5.0 Points Using a three week moving average, Sam's forecast for his Week 14 order number is 15 . (Please round to two decimal points and include no units.) Mark for Review What's This? Question 2 of 3 5.0 Points Using a three week weighted moving average with weights 3, 2, and 1 given to the most recent, second most recent, and third most recent week, respectively, Sam's forecast for his Week 14 order number is 15.17 . (Please round to two decimal points and include no units.) Mark for Review What's This? Question 3 of 3 5.0 Points If the MAD for moving average is 4.17 and the MAD for weighted moving average is 2.38, then which forecast is more accurate? A. Moving average B. Weighted moving average

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