Which of the following is NOT an appropriate measure of good inventory management?
a. order fulfillment lead time
b. item fill rate
c. inventory accuracy
d. amount of seasonal inventory
d. amount of seasonal inventory
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Louise and Cecile want to start an online matchmaking service. They decide who will assume the various roles in the company, evaluate who their target customers will be, research their competitors and how they will differentiate themselves, assess the financial and regulatory issues they might expect to face, and anticipate the future risks they might encounter. Which of the following situations is most likely to happen as a result of Louise and Cecile forgetting to include certain elements in their business plan?
A. They may realize they have not decided how to get their message out to customers. B. They might find that they are not well suited for the roles they have assumed.They might find that they are not well suited for the roles they have assumed. C. They might find that there are too many matchmaking services already operating. D. They may realize they have not made accommodations for rules for online services. E. They may realize that the competition is offering the same service at a lower price.
To achieve maximum profit, the owner of a new gourmet kitchenware shop wishes to determine how many days and evenings to keep the shop open. The owner arrives at four decision alternatives on the number of days and evenings per week the shop should be kept open under three different demand conditions. The various quarterly profit payoffs (in $1000s) are indicated in the table below.
Decisions Alternative States of Nature s1High Demand s2Average Demand s3 Low Demand d1 30 20 10d2 30 10 10d3 20 20 40d4 20 25 45? Assume the probabilities of the three states of nature are P(s1) = .60, P(s2) = .30, and P(s3) = .1. a.Determine the expected value of each alternative and indicate which decision alternative is the best.b.Determine the expected value with perfect information about the states of nature.c.Determine the expected value of perfect information. What will be an ideal response?