The director of career advising at Grand Valley Commu-nity College wants to use decision analysis to provide in-formation to help students decide which two-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and suc-cessful degree programs at GVCC that shows the estimated five-year gross income ($) from each degree for four futureeconomic conditions:Determine the best degree program in terms of projectedincome, using the following decision criteria:a. Maximaxb. Maximinc. Equal likelihoodd. Hurwicz ( .25) Economic ConditionsDegree Program Recession Average Good RobustGraphic Design 115,000 155,000 190,000 220,000Nursing 140,000 175,000 210,000 225,000Real Estate 95,000 135,000 230,000 350,000Medical Technology 120,000 180,000 210,000 270,000Culinary Technology 85,000 125,000 180,000 290,000Computer InformationTechnology 125,000 160,000 200,000 260,000
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
The director of career advising at Grand Valley Commu-
nity College wants to use decision analysis to provide in-
formation to help students decide which two-year degree
program they should pursue. The director has set up the
following payoff table for six of the most popular and suc-
cessful degree programs at GVCC that shows the estimated
five-year gross income ($) from each degree for four future
economic conditions:Determine the best degree program in terms of projected
income, using the following decision criteria:
a. Maximax
b. Maximin
c. Equal likelihood
d. Hurwicz ( .25)
Economic Conditions
Degree Program Recession Average Good Robust
Graphic Design 115,000 155,000 190,000 220,000
Nursing 140,000 175,000 210,000 225,000
Real Estate 95,000 135,000 230,000 350,000
Medical Technology 120,000 180,000 210,000 270,000
Culinary Technology 85,000 125,000 180,000 290,000
Computer Information
Technology 125,000 160,000 200,000 260,000
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