(d) Recommend a decision based on the use of the optimistic, conservative, and minimax regret approaches. The recommended decision using the optimistic approach is ---Select--- ---Select-- The recommended decision using the conservative approach is ---Select--- The recommended decision using the minimax regret approach is
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- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?
- Muñoz Corporation's decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long-run demand as low, medium, or high. The following payoff table shows the projected profit in millions of dollars. Long-Run Demand Plant Size Low Medium High Small 250 300 300 Large 150 300 600 (a) What is the decision to be made, and what is the chance event for Muñoz problem? The decision is to choose the best plant size . There are 2 alternatives. The chance event is the market demand for the new product line There are 3 possible outcomes. (b) Construct an influence diagram. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet. (c) Construct a decision tree. (Submit a file with a maximum size of 1 MB.)…A firm plans to begin production of a new small appliance. The manager must decide whether to purchase the motors for the appliance from a vendor at $7 each or to produce them in-house. Either of two processes could be used for in-house production; one would have an annual fixed cost of $160,000 and a variable cost of $5 per unit, and the other would have an annual fixed costof $190,000 and a variable cost of $4 per unit. Determine the range of annual volume for which each of the alternatives would be best.After deciding to have three machines to meet the forecast demand for the coming five years, you are considering the following information to decide on the best machines to buy. Alternative Economic life Investment/machine Salvage value/machine Capacity Italian 9 $200000 12000 100 unit/hour German 9 $250000 25000 100 unit/hour Japanese 9 220000 30000 100 unit/hour You are expecting to sell 2500 units a day 5 days a week at a unit cost of $3 with annual incease of 1%. Labor per hour per machine is $10 and expected to remain the same over the whole period. Annual material cost (including waste) is expected to be $250000 for the German machine, $220000 for the Italian and $200000 for the Japanese. Maintenance and other operating expenses (excluding depreciation) are expected to total $180000 per year with annual increase of 3%. Which machine would you buy if the the cost of capital (discount rate is 12%).
- Deforrest Marine Motors manufactures engines for the speedboat racing circuit. As part of their annual planning cycle, they forecasted demand for the next four quarters. The number of available days of production and the anticipated demand are given below. Employees Production Rate Production Cost Backorder Cost Overtime Cost Overtime Limit Demand Q1 2,400 6,019,000 They also estimated many of the costs required to conduct operations planning. Some of these key figures are listed below. 30 70 units/employee/quarter Q2 2,200 $1,000/unit $200/unit/quarter $1,500/unit <= 25% of Reg. Production Q3 1,700 Q4 1,800 Hire Cost Fire Cost Subcontracting Cost Subcontracting Limit Inventory Cost Initial Inventory $1,200/employee $800/employee $1,800/unit 400 units maximum $100/unit/quarter 280 units Deforrest Marine Motors wishes to maintain the current number of employees for the entire year to follow a level strategy balanced with inventory and backorders as needed. What is the total cost of this…A manager has received an analysis of several cities being considered for a new order fulfillment center (warehouse) for the Shop at Home Network. The scores (scale is 10 points = best) are contained in the table below. Factor Business services Community services Real estate cost Construction costs Operating costs Business taxes Transportation costs W 7 5 7 8 5 6 8 X 9 7 3 6 4 9 6 Y 5 6 7 5 7 6 7 Z 4 7 6 5 6 4 8 i. If the manager weights the factors equally, how would the locations be ranked? ii. If transportation costs and real estate costs are given weights that are triple the weights of the others, should the locations be ranked differently?The lease of Theme Park, Inc., is about to expire. Management must decide whether to renew the lease for another 10 years or to relocate near the site of a proposed motel. The town planning board is currently debating the merits of granting approval to the motel. A consultant has estimated the net present value of Theme Park’s two alternatives under each state of nature as shown on the following page. What course of action would you recommend using?a. Maximaxb. Maximinc. Laplaced. Minimax regretOptionsMotelApprovedMotelRejectedRenew $ 500,000 $4,000,000Relocate 5,000,000 100,000
- Problem#1 Tom Schmid is thinking about buying a Nordic ski machine. The three factors important to him are price, ease of use, and the ability to store the exercise equipment in a closet when he is done using it. Given the following data, help Tom determine the best machine for him: FACTOR WEIGHTS FACTOR IMPORTANCE WEIGHT Price 0.9 Ease of use Storage 0.75 0.6 FACTOR EVALUATIONS FACTOR PROFESSIONAL NORDIC SKIER ECONO NORDIC SKIER Price 0.5 0.8 Ease of use 0.95 0.6 Storage 0.9 0.72a. An analysis of Revere Beach Corporation's operating income changes between 2021 and 2022 show the following: Operating income for 2021 $4,750,000 Add growth component 180,000 Deduct price-recovery component (60,000) Add productivity component 285,000 Operating income for 2022 $5,155,000 Required: Is Revere's operating income gain consistent with the product differentiation or cost leadership strategy? Explain briefly. 2b. An analysis of Terbolt Corporation's operating income changes between 2021 and 2022 show the following: Operating income for 2021 $4,750,000 Add growth component 75,000 Add price-recovery component 398,000 Deduct productivity component (50,000) Operating income for 2022…Q1: Based on the current situation develop a strategic plan for Rolling Plains Golf Club that may be implemented in 2021. Justify the rationale for your plan.
