Nobody downloaded yet

Decision of Uncertainty Paper - Essay Example

Comments (0) Cite this document
Summary
The company places high importance to quality of the end product. In order to test the strength and the durability of the weights produced, the…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.2% of users find it useful
Decision of Uncertainty Paper
Read TextPreview

Extract of sample
"Decision of Uncertainty Paper"

Download file to see previous pages In case of any manufacturing defects or the product failing within the period, the company will replace them with fresh ones. Meanwhile the customer service team has recently been receiving complaints from customers that some of the weights are not able to take the load and are developing cracks. This has caused more concern to the marketing department. The marketing team wants to ensure that the campaign will be profitable to the company.
As a response to this concern, the quality department has proposed that the testing methodologies have to be made more advanced and the current practices are inadequate. The quality team has proposed a laser testing machine which can replace the current destructive testing. The laser machine can scan all the weights manufactured by the company and can notify defects in an effective manner.
The laser testing method involves higher costs in terms of machinery, installation, maintenance and training. The quality has estimated a total investment of about $ 100,000 towards these expenses. The management however feels that the current testing methods are sufficient and the campaign will be profitable. However the decision is still uncertain.
In order to reduce the uncertainties in making the decision, a research is designed and carried out. The last 200 batches that were sold by the company were chosen as the sample. Each batch contains 50 weights and hence a total of 1000 products are considered for this research. After collecting data from the customer service department, it has been found that 40 instances were reported where weights have developed cracks, i.e., a total of 40 weights out of 1,000 were reported broken. Hence the probability of a defective weight (impact testing) is 0.04. The quality team has informed that the laser machine will be very accurate and help identify the defective weights and will bring down ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Decision of Uncertainty Paper Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Decision of Uncertainty Paper Essay Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/miscellaneous/1557731-decision-of-uncertainty-paper
(Decision of Uncertainty Paper Essay Example | Topics and Well Written Essays - 750 Words)
Decision of Uncertainty Paper Essay Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/miscellaneous/1557731-decision-of-uncertainty-paper.
“Decision of Uncertainty Paper Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/miscellaneous/1557731-decision-of-uncertainty-paper.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Decision of Uncertainty Paper
..., and with no extra pocket expense. The Bayes’ theorem helps me to deduce the probability that my life will be canceled together, and to determine whether or not I should pay the additional 25% fee so that I can be booked on another flight if my flight was canceled after. The risk of my flight being canceled together with only 2%. Otherwise, I would be on a flight later that day because the airline would find another plane to take me, or I would arrive in the Swiss Alps on time and with no extra expense. Because the risk of my flight being canceled together and that I wouldn’t need to read booked my flight was only 2%. Decision: I decided with the chances that my flight would be canceled together, and then I would have to...
3 Pages(750 words)Research Paper
Business Statistics: Decision of Uncertainty Paper
...?Running Header: Business Research and Decision Making Module: The decision to invest or not to invest in a certain security, bond or stock, is of particular importance in a business scenario. Investors are usually faced with the dilemma whether they should invest or divest a particular security. From my experience, I have found out that using probability theory is a very good means of assistance if investors use it properly. However, one must be extremely careful in selecting the right data. If the right data is not selected then the results obtained from computing that data will be nowhere near accurate and this will lead to wrong business decisions. All businesses thrive on right and...
3 Pages(750 words)Essay
Decision Paper
...?Case Study, Stage 4: Decision Paper for System Deployment Business Problem Information and communication technology is fast advancing and this is nohidden fact. But as far as Hillside School is concerned, this claim may be quite doubtful. This is because Hillside School; the Midwestern United States Private School that has existed for over twenty (20) years now does not have an information system that ranks the standard of modern technology. It is not surprising therefore that the school seems to struggle with overall growth. This is said because the present information system does not satisfy the pedigree of advanced administration and this is indeed a mature weakness of the existing information system....
8 Pages(2000 words)Case Study
Investment appraisal under uncertainty
...? Investment Appraisal under Uncertainty 4th December Capital budgeting decisions Real option valuation Real option valuation is a form of capital budgeting techniques that applies option valuation technique to value the future worth of an investment portfolio. Real options are different from other convectional financial options such as call and put options since they are not typically traded as securities in stock futures market. Corporate decisions today can only be made when a set of alternative strategies on investments are obtained. Literature review Real option valuation calls for an elaborate and a firm strategy to form a conceptual tool to make the decision for...
5 Pages(1250 words)Essay
A Decision of Uncertainty
...? A Decision of Uncertainty To Diversify the Range of Products or Open a New Branch The last financial year was a rather successful time for the enterprise I work for part time. It is a new business enterprise that has been in existence for three years. It deals with service of coffee and coffee products. It started on a slow pace and showed stunted growth and little chances of success for the first six months. In fact, the proprietor thought of closing it down during its seventh month of existence. That was the moment I appeared in the scene and was assigned the duty of marketing the coffee shop. Within a period of two months, changes became apparent. I lured classmates and more clients streamed in. By...
2 Pages(500 words)Research Paper
Managing under uncertainty
...? MANAGING UNDER UNCERTAINTY By of the of the of the School 17 June, Summary of Observation There are numerous companies that have continued to perform well in the changing economic situation of the world. Some had been reluctant in their past performances, but today, they stand out for being very organized and profitable. Tables have turned; companies and their management have to adjust with the economic and technological changes, to reinforce their decision making. This contributes to the different performances of companies that deal with products or services in a similar field. However, urgencies, as well as external and internal conditions influence the decision making of the management in organizations, whose effect could... , but more...
6 Pages(1500 words)Essay
Managing uncertainty
...? Dealing with a multigenerational workforce One of the core issues arising among HR professionals is how to deal with a diverse workforce that comprises of millennial, also known as generation Y, and septuagenarians. These two groups are differentiated by age, attitudes, way of thinking among other factors and these make it difficult to create synergy in an organization. In any case, an organization cannot ignore or undermine the purpose of either group as they are both advantageous where the millennial- born between mid-1980s to early 1990s- are known for their dynamism and ‘thinking outside the box’ mentality while the septuagenarians are known for their experience along with expertise necessary with training new employees... Dealing with...
4 Pages(1000 words)Essay
Decision Making Research Paper
...Decision making involves analyzing various criteria based on which any decision corresponding to the problem can be taken. (Bazerman 2009). A companyhas bought a machine from Big Machines Inc last year. This production equipment has been beneficial and it has been in use. A sales person from that company came out with some new services available for that machine. The sales person brought the details regarding the additional items. The presentation clearly explained the features and its advantages of including the additional piece of that equipment. Ron felt the cost of buying that additional equipment is higher. As the machine has been bought a year back inclusion of these items should be of some use. It...
3 Pages(750 words)Research Paper
Decision Making Paper
...Running Head: Decision Making Process A Decision Process Employed at Exxon Mobile Security This paper aims to present an important decisionrecently made at Exxon Mobile Security. The steps involved in the decision making process would be assessed in terms of its applicability in the scenario at hand. The decision, per se, would be critiqued in terms of its strengths and weaknesses. Finally, an evaluation of any dissonance that possibly emerged from the decision making process would also be identified. Introduction All individuals are faced with situations that require making a decision. Even children, at very young...
6 Pages(1500 words)Essay
(Continuous Uncertainty)
...Continuous Uncertainty – Assumptions and their Effects in Dhahran Roads Project Dear Hassan Malik Thank you for your cooperation in taking out the time to review the forecasted cash flows for Dhahran Roads project. I tried to put my best efforts with realistic views to answer your concerns and issues regarding the assumptions that have been made while projecting these cash flows. Kindly take a closer look towards the following justifications that have been produced in the form of a report. Regards Hira Khurshid Introduction Since Net Present Value technique is an absolute cash flows forecasting technique which requires certain assumptions. These assumptions are based upon the expected and foreseeable global and local...
3 Pages(750 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Decision of Uncertainty Paper for FREE!
Contact Us