OM FINAL EXAM Multiple Choice || with 100% Error-free Solutions.

Choose the option for which the expected value criterion is the most suitable approach for decision making. Select one: A. On the last Friday of each month the manager of a clinic can choose from a dozen alternative staffing plans for the next month. Each staffing plan has costs and benefits, and these values have been calculated. There are six different scenarios for demand during the next month. Similar decisions are made every month. B. The manager of a hospital with a 100 beds has to decide on the location a second facility with 150 beds, part of a major, high-risk expansion program. A bad decision could result in financial failure of the company. C. The supply chain manager for a small manufacturing facility faces a decision to select the preferred supplier for a component. There are many choices and tariffs and trade disputes loom on the horizon. There is only vague and unreliable data for probabilities of the correct answers A. In the basic EOQ model, (D (annual demand), S is ordering cost/order, and H (holding cost/unit/year). The EOQ is _____________________ Select one: A. inversely proportional to annual demand. B. proportional to annual demand C. inversely proportional to the square root of annual demand D. proportional to the square root of annual demand. E. none of the other choices correct answers D. In the basic EOQ model, (D (annual demand), S is ordering cost/order, and H (holding cost/unit/year). The EOQ is _____________________ Select one: A. inversely proportional to the square root of holding cost/unit/year B. proportional to the square root of holding cost/unit/year C. proportional to the square of holding cost/unit/year D. inversely proportional to the square of holding cost/unit/year E. None of the other choices correct answers A. The ____________ method of forecasting is used for short term demand forecasts under stable conditions. Select one: A. Delphi B. Regression based forecast (Causal, quantitative, internal and causal data) C. Time series forecast (quantitative, internal data) D. all of the above E. None of the above correct answers C.