Question

1.       Provide some examples of how you might use decision models in your personal life or in the context of current or prior work experience.

Answer 1

solution:

Some example of how you might use decision models are as follows

1)

In deciding on the amount of inventory to stock, the decision maker must take into account the trad-off between the increase level of customer service that additional inventory would yield and the increase costs required to stock that inventory. In selecting equipment, a decision makar must evaluate the merits of extra features. And in the scheduling of overtime to increase output, the manager must weight the value of the increase output against the higher costs of overtime (e.g., higher labor costs, lower productivity, lower quality, and greater risk of accidents).

2)

If the upcoming model of an automobile will add antilock brakes, a designer must take into account how customer will view the change , instructions for using the braes, chances for misuse, the cost of producing the new brakes, installation procedures, recycling worn-out braes, and repair procedures. In addition, workers, will need training to make and/or assemble the brakes, production scheduling may change,inventory procedures may have to change. quality standard will have to be established, advertising must be informed of the new features, and parts suppliers must be selected.

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