Suppose you are an HR (human resources) manager at a big university, and you sense that the university is becoming too top-heavy with full professors. That is, there do not seem to be as many younger professors at the assistant and associate levels as there ought to be. How could you study this problem with a simulation model, using current and/or proposed promotions, hiring, firing, and retirement policies?

Q: Jerry takes out a mortgage at 5.2%. After a few years, his payment increases and he sees that the…

A: The objective of the question is to identify the type of mortgage that Jerry has, given that the…

Q: Many locations require that renters be paid interest on their security deposits. If you have a…

A: Step 1: Given deposit amount, A = $2000.     Rate of interest, R = 3% = 0.03 Step 2: Interest amount…

Q: rcent for her entire life expectancy. She expects to earn 8 percent on her investments and retire at…

A:

Q: Which of the following gambles has the largest objective risk? 20% chance of winning $100 and 80%…

A: 20% chance of winning $100 and 80% chance of losing $100   In this Option, We have an 80 %…

Q: For a workforce of 1,700 full-time employees who work 40 hours per weeks and 850 part-time employees…

A: Here, full-time cost per hour is given for each component and part-time cost per hour is given for…

Q: You are required to use the IRAC model , in an essay format to answer all questions. Jill is a known…

A: In the realm of landlord-tenant law, disputes often hinge on the legality of lease agreements and…

Q: Adrian is a General Manager for a downtown hotel in a major U.S. city. Angela is the Front Desk…

A: In service industry the employees are the first line of contact with the customers. The behavior of…

Q: As business operations become more complex and competitive, and as data volumes grow, companies are…

A: Companies are looking for methods to use simulation and machine learning to acquire insights and…

Q: Suppose you want to mine for gold. Your decisions are to build a mine or not, and to hire a…

A: THE ANSWER IS AS BELOW:

Q: iness that where you have frequently observed inefficiencies or lack of capacity.  What did you…

A: Government Agencies is of the business where I saw inefficiency and lack of capacity for doing stuff…

Q: What type of information for decision making does simulation typically provide?

A: A decision support system dependent on assembling production is one reasonable arrangement. These…

Q: The table below gives a discrete probability distribution. x Pr{X= x} 2 0.3766 8 0.2546 14 0.1728…

A: Mean = ∑x P(x) Variance = ∑( x^2 . p(x)) - (Mean)^2 Standard deviation = variance

Q: of the applicants are denied on this basis? 5. a. What is the probability that a normal variable…

A: The probability distribution describes the possible value from the random variable. The probability…

Q: Emma can either buy a used car or buy a new car. The used car costs $12,800 with a 40% chance she…

A: Number of alternatives: 2 Alternative 1: Buy a used car Alternative 2: Buy a new car

Q: You are attempting to establish the utility that your boss assigns to a payoff of $1,200. You have…

A: To find out? The utility function of $1200

Q: Porter's value chain comprises five primary activities and four support activities. Which of the…

A: A value chain refers to a combination of many systems a company utizies in order to generate…

Q: Suppose that you have two four-sided dice that are each equally weighted (i.e. equal chance of any…

A: The objective of the question is to determine which of the two four-sided dice has a standard…

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.