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 0.75 Storage 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 0.7
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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 does the Institute of Supply Management code of ethics say about financial conflicts of interest?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?
- 2. Come up with a decision using each of the different criteria under conditions of uncertainty using the table below. The payoff values are expressed as LOSSES and alpha = 0.5 State of Nature (Production Rate) Alternatives Very Low Low Moderate High Machine Brand A Machine Brand B Machine Brand C Machine Brand D Machine Brand E 163 125 -87 -19 58 128 -90 -59 36 40 185 -21 13 -56 -71 106 11 48 -55 107 Machine Brand F -98 -94 -24 Machine Brand G -33 176 165 165. Business Feasibility Analysis of the demand (include highlights of the findings of the market feasibility study), risk (include business and market risks), environmental impact. 6. Justification of the Business Economic, social and personal benefits.1. Decision Rules. A company is choosing a motorized mechanism for a new toy, a dancing ballerina (TippiToes) that is currently under development. Demand is uncertain. but the company is confident that demand will be: Light (25,000 units), Moderate (100,000 units) or Heavy (150,000) units. The payoff table for each mechanism (in $) is given below. Action: Choice of Mechanism Event Gears and Levers Spring Weights and Pulleys Pneumatic Light 25,000 -10,000 -125,000 -300,000 Moderate 400,000 440,000 400,000 300,000 Heavy 650,000 740,000 750,000 700,000 Questions: (1) Apply Maximax, Maximin, Minimax Regret, and EMV rules (assuming that the probability of Light demand is 0.1, Moderate demand is 0.7, and Heavy demand is 0.2) to decide what mechanism should the company choose? (2) What is the expected value of perfect information? (3) Draw a decision tree to solve this problem.
- Summarize examples 1.1 by determining the statement of the problem, objectives, choice of the response, variable, factors, design process. thank youRubatex Corporation manufactures rubber and foam for a variety of products, including artificial turf housing and insulation, hockey helmet liners, scuba diving suits, sports sandals and mouse pads. The company was purchased by an investment firm called American industrial partners (AIP) that has so far earned only a 1 percent return on its investment. Obviously the company is having problems. Its sales are up but earnings are down. In the first three months after acquisition, the company lost $2 million on $68 million in sales. Understandably, AIP wants to know why and is demanding aggressive action. Employees at the Bedford, Virginia, plant say they know something’s wrong. The plant is hot and dirty and crumbling, and they are working harder to produce items of poorer quality. Fewer than 7 of 10 orders are shipped on time, and 2% of sales are returned as defective. Built in 1924, the plant sprawls over 14 buildings, with only the offices and lunchroom air-conditioned. Equipment is…Ashby Associates is an architectural firm located in Barbados that has been in practice only a few years. The market for architectural services is very competitive. To compete successfully, Ashby must deliver quality services at a low cost. Ashby presents the following data for 2018 and 2019.2018 20191. Number of jobs billed 40 502. Selling price per job $32,000 $30,0003. Architect labour hours 24,000 27,0004. Cost per architect labour hour $35 $365. Architect/software support capacity (number of jobs the firm can do) 60 606. Total cost of software-implementation support $168,000 $180,0007. Software-implementation support-capacity cost per job (row 6/row5) $2,800 $3,000Architect labor-hour costs are variable costs. Architect (software) support costs for each year depend on the Architect support capacity that Ashby chooses to maintain each year (that is, the number of jobs it can do each year). Architect support costs do not vary with the actual number of jobs done that year. i. Is…
- Ritz Products’s materials manager, Tej Dhakar,must determine whether to make or buy a new semiconduc-tor for the wrist TV that the firm is about to produce. Onemillion units are expected to be produced over the life cycle.If the product is made, start-up and production costs of themake decision total $1 million, with a probability of .4 thatthe product will be satisfactory and a .6 probability that itwill not. If the product is not satisfactory, the firm will haveto reevaluate the decision. If the decision is reevaluated, thechoice will be whether to spend another $1 million to redesignthe semiconductor or to purchase. Likelihood of success thesecond time that the make decision is made is .9. If the secondmake decision also fails, the firm must purchase. Regardlessof when the purchase takes place, Dhakar’s best judgment ofcost is that Ritz will pay $.50 for each purchased semiconduc-tor plus $1 million in vendor development cost.a) Assuming that Ritz must have the semiconductor…A summary of total charges from a small café's natural gas bills is provided below: Month kJ Cost October 17 November 16 December 28 36 32 January February March O a. $294 O b. $90 O c. $232 O d. $172 17 $186 187 235 265 280 207 Using regression analysis, the expected cost at 40 kJ would be3. What is benchmarking?
