**Question:**Ever wake up in the morning and wonder how do you solve the final mile problem? Happens to me all the time. If you run a big online retailer such as Amazon, you too are constantly working on solving that delivery problem as well. When we learned about this in class, we also connected this decision-making issue to a super modern approach to making decisions (remember those 5 steps). Which below IS one of those DMAIC protocols?**Options:**- What is causing deviations or defects in what we do- How can we leverage our performance for the future- How are gains reported to government agencies- When wrestling with defects how do we maximize impact- Where do we look to find people to work with

DMAIC is one of the commonly used approaches for problem-solving which mainly has five phases that…

Answered: Ever wake up in the morning and wonder…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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The CEO of a car manufacturing company is about to launch new car. However, there are opposite views regarding the launch. The marketing manager expects that the car will generate high revenue and profit. However, the lead designer reported that although the design met required industry and law standards and requirements, tests showed a low risk that the car could malfunction (), possibly injuring a user. By deciding to launch the car as designed, what criterion of decision making was ignored ( )? A Economic Feasibility. B Rationality. C) Ethicalness. D Legality. E Practicality
State the differences between decision making under certainty, under risk, and under uncertainty.
Bias in decision-making happens without a thought in most decisions. Identify a recent or current event in which you think bias was evident in the decision-making process surrounding that event.
From the statment below respond why she made the right decision at the time? I remember when Covid first started making its way around the United States. We had a protocol in place at work that if any of our co workers or clients ( or anyone in the household) tested positive that the people involved would have to quarantine then test negative to come back to the clinic. Also the owners would send out an email letting us know that someone tested positive so that if we had contact with that person but were not told prier, that we would be able to follow the above stated steps. The owner of our clinic was not informing us of anything and we were finding out about positive cases in our office just by talking with one another. I was going to meet with my boss solo and have a conversation stating that i was uncomfortable with the situation she has put me in. However i found that there were many others that were going to approach her as a group in a meeting requested by the staff. Since the…
2 true or false If the decision doesn’t involve risk and uncertainty, utility is the numerical score to measure the attractiveness of a course of action.
Which aspect of decision making is NOT ALWAYS part of a decision tree? the sequence of the decision making the states of nature and their probabilities the outcomes of an experiment O the individual decisions involved « Previous
Answer question in photo pls
Mr. King's small consulting firm specializes in providing internal control advice to his clients. All of his staff are certified internal auditors (CIAs) and want to gain expertise in a variety of industries. Jonas, his most senior consultant, always brings a less-seasoned associate with him for efficiency, training, and general camaraderie. Jonas first assesses a situation in about 4 hours and then will brainstorm ideas the client could use to address its internal control risks. The less-seasoned associate follows Jonas, listens to the half- day assessment ritual, and then helps to brainstorm improvements for the client. Jonas's labor rate is billed at $580/hour, while the associate's billing rate is half that amount. (a). Mr. King believes Jonas operates on a 90% learning curve for the "assessment" portion of his work, while his associate operates on a 95% learning curve. Create a chart outlining the number of hours each of these individuals is likely to spend on the next assessment…
Construct a decision tree and answer the following questions: What is the EMV of each decision alternative? Which action should be selected? What is the expected value with perfect information? What is the expected value of perfect information?
Describe a problem or decision you might face in your personal or professional life and share which decision-making method from chapter 3 of your textbook you would use to resolve it. Why is it important to ask questions when problem-solving? Why do many employers specifically seek employees who are excellent problem-solvers?
Construct and submit a Decision Tree that depicts the information provided in the case to either continue developing a new software product or to abandon the project due to its high cost and uncertain market potential. In addition, you must provide an explanation of your decision tree and support your decision with the literature.
Imagine that you have the following pair of concurrent decisions. First examine both decisions, then indicate the options you prefer. Decision 1: Choose betweenA a sure loss of 1500B a 75% to lose £2000 and 25% chance to lose nothing Decision 2: Choose betweenC a sure gain of £480D a 25% chance to gain £2000 and 75% chance to gain nothing How do you think respondents in a laboratory experiment would decide in Decision 1 and Decision 2? most participants will choose 1B and 2C most participants will choose 1A most participants will choose 1B and 2D most participants will choose 1A and 2D 2) Which of the following can explain the behavior in the lab for decision 1? preference for certainty underestimation of large probabilities individuals are risk loving in the loss domain overweighting of small probabilities concavity of the value function in the gain domain 2. individuals are risk loving in the loss domain

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