10 Strategic Operations Management Decisions

While it can be argued that management is decision making, half of the decisions made by managers within organizations fail (Ireland & Miller, 2004; Nutt, 2002; Nutt, 1999). Implementing strategic change in a health care system: The importance of leadership and change readiness. 10 Strategic Operation Management Decisions. The nature of operations differs greatly from one industry to the next. 2 million in Q1 2020, as compared to a net use of $0. This book offers students and readers alike with a complete framework for addressing operational process and supply chain problems. An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process. This quiz has been designed to test your knowledge about the whole process. In the context of globalization of economic operations, many strategic areas have been developed which require professional expertise and specialized knowledge (e. 1 Design of goods and services 2 Managing Quality 3 Process and Capacity Design 4 Location Strategy 5 Layout Strategy 6 Human Resources and Job Design 7 Supply-Chain Management 8 Inventory Management 9 Scheduling 10 Maintenance. The fifth strategic operations management decision that must be addressed successfully by a manager is in regards to the layout strategy of the business. Fixed costs remain the same no matter how much the company makes or sells. Decision-Making and Critical Thinking. strategic management efforts. D) managing quality. International Institute of Social Studies (ISS) Erasmus University College. Achieve differentiation, low cost and response. Principles of Operations Management. Strategic leaders gain their skill through practice, and practice requires a fair amount of autonomy. 27 SEPTEMBER 2010 Operations STRATEGIC BASING COMPLIANCE WITH THIS PUBLICATION IS MANDATORY (DODI) 5305. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. Difference in application of Operations Management 10 decisions between a services operations (Hard Rock Cafe) with that of an automobile company (Ford Motor Company). 408(a)] and Rule 12b-20 [17 CFR 240. operations management: The design, execution, and control of operations that convert resources into desired goods and services, and implement a company's business strategy. An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process. Liquidity and working capital decisions, budgeting, financial planning and financial control are all key aspects that you need to take into account. This course aims to (1) familiarize you with the major operational problems and issues that confront managers, and (2) provide you with language, concepts, insights and tools to deal with these issues in order to gain competitive advantage through operations. Another major aspect of modern operations management is supply chain management. the strategy. Other intervening. Often, they are "under the gun", stressed and very short for time. strategic planning Tactical Planning is Short range planning that emphasizes the current operations of various parts of the organization. Infrastructure decisions include planning and control systems, quality management, work organization, human resources, new product development, and performance management of employees. Strategic management is _____. 2 Research questions and limitations The main focus on this research is to find out the significance of strategic management in current society. Operations management is defined as the integration of management principles into the decision-making procedures for the conversion of resources into usable outputs of products. The Strategic Asset Management Framework (SAMF) is a guide for managing South Australian government buildings and establishes a flexible and non-prescriptive guidance to agencies to assist in the appropriate management of their building asset portfolios. Strategic financial management has the role to establish that your organization will finance its operations to achieve each milestone and maximize its profits. Our global content production and outsourcing network incorporates the full-range of content production and management needs, including live-action editorial, audio, design, animation, digital production, and transcreation. There is no exception about that. Finally, an alternative approach to strategic decisions on inventory control operations will be outlined. So the definition of operations is part of a business firms that is responsible for producing goods and services (Stevenson, 2015) 1. Make effective decisions in 10 areas of OM. The 10 strategic operations management decisions include: mass customization Which of the following is NOT one of the 10 strategic operations management decisions?. The Stanford MBA Program is a full-time, two-year general management program that helps you develop your vision and the skills to achieve it. Specifically, supply chain managers engage in the design, planning, execution, control, and supervision of supply chain activities with the objectives of creating net value, building a competitive infrastructure, leveraging worldwide logistics, synchronizing supply with demand, and measuring performance globally. Strategic Workforce Management: Creating Competitive Advantage In response to both industry and workforce-speciic challenges, leading automotive companies are seeking innovative ways to position and, more importantly, distinguish themselves in the global. Without a formal postmortem process, it is easy to avoid reexamining the issues or. What is the value of F 6 if they use a 3-day weighted moving average with W 1 = 0. Proper risk management implies control of possible future events and is proactive rather than reactive. December 31, 2014 Brooks Shumate Leave a comment. This article continues a series on interpreting strategy documents. The Finance Department is engaged in award-winning research and teaching on financial markets and institutions, as well as the financial decisions of firms, individuals, and governments. Understand different types of decisions. Operations management refers to controlling and administering the process of production and redesigning business functions in the production of goods and services. Strategic planning for grazing management requires an inventory of resources, the analysis and selection of optimum mixes of enterprises and an investment analysis for the improvements required by the given mix of enterprises. This course aims to (1) familiarize you with the major operational problems and issues that confront managers, and (2) provide you with language, concepts, insights and tools to deal with these issues in order to gain competitive advantage through operations. It will give you a framework for determining if the scope of a strategic initiative is correct by identifying three types of strategy (see the graphic), and indicating how the definition of the business model can affect the scope of the strategic initiative. The text provides plentiful prospects for. is a method by which managers conceive of and implement a strategy that can lead to a sustainable competitive advantage. Analytics and Decision Support in Health Care Operations is a comprehensive introductory guide to quantitative techniques, with practical Excel-based solutions for strategic health care management. Introduction. Jasper, M. 1 Overview of operations management Operations strategy The total pattern of decisions which shape the long-term capabilities of any type of operations and their contribution to the overall strategy, through the reconciliation of market requirements with operations resources. An operations strategy is typically driven by the overall business strategy of the organization, and is designed to maximize the effectiveness of production and support elements while minimizing costs. This article explains what operations management involves and what skills can make you a successful operations manager. The Disadvantages of Strategic Management. A budget is a planning tool that reflects an organization’s programs, mission, and strategic plan. “For example, an executive position with a software company may require experience with ‘Internet security software,’ so it’s important to have. They have to take decisions like: Strategic Decisions Operating Decisions Control Decisions Hope this helps. In the following sections, we will take a closer look at the decisions and considerations firms face in each stage of production and operations management. With expanding operations in addition to online retail business, Amazon. A primary focus of operations management includes effectively managing any resources of an. Supervision Received: IS&T Director and/or Senior Project Manager reviews. Examples of operating decisions are: Which customer orders to schedule for production; Which components and raw materials to buy from suppliers; Scheduling production equipment for use; Deciding the nature of a marketing campaign. In this position, he was responsible for senior management and Board-level reporting, and overseeing all accounting and finance functions, including strategic planning and business development decisions that resulted in revenue growth and gross margin improvements. Over the years, his teaching has been concentrated in the areas of information systems, operations research, and operations management. This study guide provides practice questions for all 34 CLEP exams. First Quarter 2020 Selected Strategic Highlights Net cash used in operations was $0. Generally, strategic planning deals, on the whole business, rather than just an isolated unit, with at least one of following three key questions:. 5, Space Management Procedures, National Capital Region, AFI 32-9010, consideration of Air Force strategic basing decisions. A complete listing of healthcare finance-related hearings, conferences, webinars, public forums and deadlines for the week of Feb. In this challenging time, our study presents hospital administrators with some valuable. There are a number of steps to follow and some critical success factors to bear in mind. In the literature researchers are agreed that operations management is one of the most important contributor to the success of an organization and we can achieve competitive advantages if we made operational decisions in accordance with our business strategy (Hayes and Wheelwright, 1984; Skinner, 1986). Each plays a different role in organizational hierarchy and management operations. Our Advanced Management Programme is a comprehensive General Management programme designed to help C-Suite leaders build exceptional levels of strategic, high-performance and self-aware leadership skills. What You Need to Know About Green Building in 2020 Four main areas — sustainability, resilience, health and wellness, and value for investors — will be trending in 2020. Without a formal postmortem process, it is easy to avoid reexamining the issues or. Such as Balanced Scorecard, Strategy Map, SWOT Analysis, PEST Model, Gap Planning, Red-Blue Ocean Strategy, Porter’s Five Forces Model, Thompson and Strickland's Model, VRIO Framework, Andrew's Model, Glueck's Model, The Schendel and Hofer Model, Korey's Model, Schematic Model. A Operations Management 70% B Strategic Management 30% b 30% A 70% this objective will influence the operations manager’s decisions to achieve the required. 3) Explain how to create and use both PERT and Gantt charts. Start studying 10 Strategic OM Decisions. The simulation asked me to run a problem electronics store and investigate. Production management is different from Operations management in the sense that production management deals with the combinations of the necessary resources to make outputs available to the customers, and it involves all the departments to have their take in decision making because every department has it goals to achieve and it should be manifested before, during and after, for example. Also in addition continue growth is one of the importance of financial management … Top 10 – Importance of. It was part of the company's turnaround and enabled the organization be more flexible and survive the financial crisis without taking government bailouts. It focuses particular attention on people who. This course provides a general introduction to operations management. Also called as operations decisions. Although every organization or association is different, there must be some sort of plan implemented to achieve specified goals and objectives. must continue adjusting its operations management approach for the corresponding changes in these strategic decision areas. The Institute for Operations Research and the Management Sciences. Data collected from 151 community hospitals are used to test the model. The following working papers related to school-based management are available from the CPRE Finance Center with a $10. As the output of such systems constitutes both goods and services this establishes operations management as a field of activity. ADP 3-05 updates doctrine on Army special operations,. 0 (a) Analyse what is meant by the term ‘strategic drift. Vrio Model and Strategic Management Introduction The Australian tourism industry has been experiencing difficult demand condition largely due to subdued economic conditions in chief export markets, high exchange rate, slow growth in spending by households and repeated downturn in the resource investment of the travel and tourism sector. Caldwell Jennifer Chatman Charles A. Strategic management is a broader term than strategy and is a process that includes top management’s analysis of the environment in which the organization operates prior to formulat - ing a strategy, as well as the plan for implementation and control of the strategy. It has an external focus. Decisions, Decisions –Making Decisions at the Individual Level M 15 C. from where. The results obtained from a hypothetical example (Strategic Operation Management Decision) show that the model is able to rank a set of strategic decisions in the environment of most companies and generate information to minimize the negative effects of shared decisions. In order to satisfy customers’ price expectations, companies have opted to relocate manufacturing to low cost countries around the world in an effort to reduce direct and indirect costs and to minimize taxes. Igor Ansoff and first published in the Harvard Business Review in 1957, in an article titled " Strategies for Diversification. Manuscripts may draw from. " "Staff complain about unclear and changing priorities. Exam 2014 questions Exam 2014 questions Lecture notes, Operations Management, Materials Requirement Planning and Enterprise Resource Planning, Prof. It focuses particular attention on people who. All of the following decisions fall within the scope of operations management except for a. Decisions, Decisions –Making Decisions at the Individual Level M 15 C. must continue adjusting its operations management approach for the corresponding changes in these strategic decision areas. Learn how you can make an even great impact on your organization with a Master of Science in Operations Management!. Operations management is defined as the integration of management principles into the decision-making procedures for the conversion of resources into usable outputs of products. The Standards of Business Conduct booklet is a resource distributed to all partners to help them make appropriate decisions at work. Th is chapter fi rst discusses good management and leadership in general, then outlines relevant considerations for managing relations with patients and the district team, as well as fi nances and hardware and management schedules. This bonus was awarded to the employees based on their contribution to the. The figure illustrates the 3-Dimensions of leadership tasks. Most businesses have both fixed costs and variable costs. The Heritage of Operations Management 8 Operations for Goods and Services 11 Growth of Services 11 Service Pay 12 The Productivity Challenge 13 Implementing the 10 Strategic OM Decisions 44 Strategic Planning, Core Competencies, and Outsourcing 44 The Theory of Comparative Advantage 46. The operation's strategic objectives The operation's competitive role and position Operations 10 Three levels of operations management analysis: the supply network, the operation, and the process and decisions Provision of relevant data Recruitment development and training. 1 Introduction emergency managers, planners, first responders, voluntary agency Decision making and problem solving are critically important skill areas for coordinators, and other professionals in emergency management. An objective, logical, systematic approach for making major decisions in an organization is a way to describe the strategic-management process. An in-depth discussion of operations management by Professor Myles Bassell. Inventory. You may also want to read this article on difficulties in using and interpreting qualitative non. Data collected from 151 community hospitals are used to test the model. We see custom programming as a partnership, leveraging collaboration to create an effective experience. The primary challenge of project management is to achieve all of the project goals within the given constraints. Journal of Operations Management Volume 13, Issue 4 , December 1995, Pages 255-272 Strategic operations management decisions and professional performance in U. You are measuring the benefits expected from a decision, measuring the costs associated with this decision, and then see if the benefits outweigh the costs. 00 pre-payment for each paper. operations strategy: A plan specifying how an organization will allocate resources in order to support infrastructure and production. What it is What it is NOT Focused on the Total Cost of Ownership (TCO) incorporating. Strategic decisions are different from administrative and operational. Strategic financial management has the role to establish that your organization will finance its operations to achieve each milestone and maximize its profits. At the strategic level, company management makes high-level strategic supply chain decisions that are relevant to whole organizations. pricing of goods and services A) I, II, V B) I, II, IV C) II, III, V D) I, II, III E) All of the above. The text provides plentiful prospects for. You may also want to read this article on difficulties in using and interpreting qualitative non. 10 Strategic Operations Management Decision Fadhila Hasna Athaya. Rather than producing Jetboards in-house, they opted for outsourcing Practice of using outside vendors to manufacture all or part of a company's actual products. Strengthening Decision-Making Under strategic management, the first step to be taken is to identify the objectives of the business concern. , Render, Barry] on Amazon. without prejudice to. In recent years, strategic management has gained importance within organizations. , Render, Barry] on Amazon. Finally, an alternative approach to strategic decisions on inventory control operations will be outlined. Licensing and. In the following sections, we will take a closer look at the decisions and considerations firms face in each stage of production and operations management. Target will nearly triple the size of its remodel program in 2018, updating more than 300 stores around the country and making sizeable investments in key cities. So the definition of operations is part of a business firms that is responsible for producing goods and services (Stevenson, 2015) 1. There are a number of steps to follow and some critical success factors to bear in mind. A broad, practical introduction to operations, reinforced with an extensive collection of practice problems. What is strategic management? 2. Although there is a wealth of research on operations management and strategic planning in hospitals, there has been little if any research on the integration of these two issues. 5 Geographical structure 12 2. 2) Describe the decisions and activities of the operations manager in overseeing the production process in a manufacturing company. Strategic managers look outward from the organization to the future, making decisions that will guide middle and operations managers in the months and years ahead. This is because of the fact that information requirement for strategic decision is qualitative and mostly non financial in nature. operations strategy: A plan specifying how an organization will allocate resources in order to support infrastructure and production. Operations decisions include decisions that are strategic in nature, meaning that they have long-term consequences and often involve a great deal of expense and resource commitments. The Ten Principles of the UN Global Compact. Strategic Sourcing Our strategic sourcing function focuses on solutions-oriented suppliers that provide goods and services to Cargill. ISBN-13: 978-0-13-344479-7. It’s what organizations do with the data that matters. Beyond Biophilic Design: How to Operate Natural Buildings When biophilic design decisions are being made, facilities managers should be at the table to ensure the vision. It was part of the company’s turnaround and enabled the organization be more flexible and survive the financial crisis without taking government bailouts. Beyond Biophilic Design: How to Operate Natural Buildings When biophilic design decisions are being made, facilities managers should be at the table to ensure the vision. Vision Statement. ADVERTISEMENTS: The following points highlight the top nine objectives of management accounting. Strategic budgeting is the process of creating a long-range budget that spans a period of more than one year. Strategic Planning Management. In recent years, strategic management has gained importance within organizations. These are typically viewed as the core processes of an organization that are carefully measured, optimized and improved. strategic management efforts. To provide an elevated experience for guests, Target is raising its minimum hourly wage to $12 in 2018, part of a previously announced commitment to raising it to $15 by the end of 2020. Operations Management uses industrial engineering techniques to enable individuals and organizations to maximize effectiveness and make superior decisions. Strategic Management-Chapter 10. Strategic decision making: This level of decision making is concerned with deciding on the objectives, resources and policies of the organisation. Strategic Planning is a process not an event. 10 Strategic Operation Management Decisions In 2008, Ford Motor Company reorganized using what’s known as the 10 strategic operations areas. Operations security should be considered during the risk management process as well. Supply Chain Management. qxd 9/25/07 10:01 AM Page 21. For example, in the case of healthcare, managing costs while. Strategic Management: Concepts and Cases. Decisive, proactive balance sheet management; prioritising self-help measures to deleverage Decisive strategic response to a lower gold price – business plans adjusted and exploration curtailed Well-developed engagement model ensures strong stakeholder relationships and licence to operate. Policy and Operation Decisions and 7. Resources need to be allocated to the highest impact activities, and alignment of all contributing activities needs to be made. Our free finance skills eBooks will help you to understand financial reports so that you can make informed, intelligent decisions. Operations management refers to controlling and administering the process of production and redesigning business functions in the production of goods and services. April 10, 2018/. Our approach is to leverage indirect and direct, non raw material spending through cross-business collaboration and purchasing execution. 10 The evidence is clear. InformationWeek. a process that is done best if it is done quickly d. Earlier this year, the BSA and Deloitte held an event to discuss the strategic role of FM. Department of Defense, FEMA, National Guard. Here are some simple, yet effective, tips on how your company can improve your purchasing methods. Procedure for Making Location Decisions. Production and Operations Management: Strategic and Tactical Decisions (Prentice Hall Series in Decision Sciences) [Heizer, Jay H. The process of strategic management has been shown through a number of research studies to be the most important benefit of strategic management rather than the actual management materials, such as decisions or documents. For example, J&J’s organizational structure and governance consists of an Executive Committee of Johnson & Johnson acting as the principal management group responsible for all strategic operations, a Group Operating Committee of managers representing critical operations and specialized functions overseeing companies related to each of the. None of the above. 05341_02_ch02_p021-044. That’s where our strategy comes in. The company you will be running began operations 10 years ago, and the first set of decisions you and your co-managers will make is for Year 11. The decisions where and when to locate a facility and how big to make it are critical to the success If every business be it a manufacturing or service operation. The Heritage of Operations Management 44 Operations for Goods and Services 47 Growth of Services 47 Service Pay 48 The Productivity Challenge 49 Productivity Measurement 50 Implementing the 10 Strategic OM Decisions 78 Strategic Planning, Core Competencies, and Outsourcing 78 The Theory of Comparative Advantage 80. Strategic Workforce Management: Creating Competitive Advantage In response to both industry and workforce-speciic challenges, leading automotive companies are seeking innovative ways to position and, more importantly, distinguish themselves in the global. To improve health equity in underserved communities through on-the-ground outreach, education, technical assistance and partnering with local, state and federal organizations. situation analysis, strategy formulation, strategy implementation,. The accurate definition of the problem affects all the steps that follow; if the problem is inaccurately defined, every step in the decision‐making process will be based on an incorrect starting point. We see custom programming as a partnership, leveraging collaboration to create an effective experience. This course provides a general introduction to operations management. Strategic Plan - North Carolina School of Science and Mathematics. As an operations manager, you need to ensure proper staffing for any given time. He has been a department editor for Management Science and an associate editor for Manufacturing & Service Operations Management, Operations Research, and Decision Sciences Journal. Learn about tools and techniques for managing quality, computing cycle times for operations and organizing and configuring the various components. Speakers included high profile experts from across the sector: Oliver Hemming, Consulting Partner, Deloitte; Johnny Dunford, Global. 4 Product structure 11 2. 2) Efficiency. 3) Flexibility. The Ten Principles of the UN Global Compact. Supply Chain Management - Decisions that have to take topographic point of what to bring forth. Operations Management Learning Objectives 1) Define operations management and discuss the role of the operations manager in a manufacturing company. The Strategic Information and Operations Center (SIOC) is the FBI’s global command and communications center. This is the link to the first video I mention I would have the link to https://y. Training Module : Developing Your Strategic Plan. Strategic planning can be the overarching management concept that sets the direction the “ship of business” will take. 15) Identify the 10 strategic OM decisions. manage the quality 3. Resource Inventory. ” McKinsey & Co. O’Reilly III Margaret Ormiston Margaret Lapiz. Maintenance. indd 3 10/4/17 8:42 PM. This Operations Management book offers a managerial style to Operations Management. Master Econometrics and Management Science Master Economics and Business Master Accounting, Auditing and Control Master Fiscale Economie-Directe Belastingen Master Fiscale Economie-Indirecte belastingen Master Fiscale Economie MPhil in Economics Electives. Finally, an alternative approach to strategic decisions on inventory control operations will be outlined. The strategic. 10 Strategic Operation Management Decisions. Heizer and Render (2011) have identified ten (10) critical decisions in which operations management assists managers and organizations (Table 1). For example, an owner or manager of a small organization, such as an independent retail store, often is responsible for purchasing, hiring, training, quality control, and day-to-day supervisory duties. It emphasizes how a company should compete. Management-level systems: serve the monitoring, controlling, decision-making, and administrative activities of middle managers. The common thread of articles published in Decision Support Systems is their relevance to theoretical and technical issues in the support of enhanced decision making. Bhardwaj will also continue in his role as COO and President of US Operations, which he has. 6) select the forecasting models. Toyota addresses this strategic decision area of operations management through technological advancement and 2. Another major aspect of modern operations management is supply chain management. Distribution of responsibility gives potential strategic leaders the opportunity to see what. *FREE* shipping on qualifying offers. As the output of such systems constitutes both goods and services this establishes operations management as a field of activity. Here are 6 tips to make smarter strategic financial decisions to help. The ideas presented in this paper and the data used to illuminate them have been generated in the context of a globally conducted research project. E) mandatory technical standards that result in an environmental management system. custom essay writing service Question description As operations management we have ten strategic decisions I need to talk about two of ten : 1- Goods and service design 2- Quality in 15 pages + professional presentation about it in 10 slides ( i prefer use more photograph) i need it in 4 days. edu is a platform for academics to share research papers. Rule 408(a) [17 CFR 230. Strategic, tactical and operational decisions in multi-national logistics networks: A review and discussion of modelling issues. Section 6 The Heritage of Operations Management 1) Henry Ford is known as the Father of Scientific Management. Decision-making is a truly fascinating science, incorporating organizational behavior, psychology, sociology, neurology, strategy, management, philosophy, and logic. Present oral and written reports defining plans, problems, and resolutions to appropriate levels of management. These steps are as follows: Step 1 Identify Dominant Location Factors. It will be suggested, further, that while much attention has been given to the tactical decision problem, the methods typically employed to solve the strategic problem are frequently less than satisfactory. Also, it's important to determine how. Column 1 shall list the 10 Strategic Operations Management Decisions as found on page 8 of the Heizer & Render text. This training is not a substitute for such. These early decisions will drive the rest of the strategy so it is important that the goals are specific and measurable. Strategic budgeting is the process of creating a long-range budget that spans a period of more than one year. In the following sections, we will take a closer look at the decisions and considerations firms face in each stage of production and operations management. marketing V. *FREE* shipping on qualifying offers. An IT firm may view operations as the process of deploying, maintaining and supporting IT services and infrastructure. InformationWeek. HRM establishes the policies, practices and strategies for the State Personnel System (SPS), the largest of. I The basis. Analytics and Decision Support in Health Care Operations is a comprehensive introductory guide to quantitative techniques, with practical Excel-based solutions for strategic health care management. Strategic Management Model with examples. The primary concern of an operations manager is the activities of the conversion process. There are specific characteristics inherent to the strategic management process, and the University of Minnesota is among many universities that teach strategic management to business and non-business majors alike. This course provides a general introduction to operations management. Examples of operating decisions are: Which customer orders to schedule for production; Which components and raw materials to buy from suppliers; Scheduling production equipment for use; Deciding the nature of a marketing campaign. Other stakeholders noted that some of the guidance on reporting discontinued operations results in higher costs for preparers because it. It should reflect the organisation's main operational objectives and do so in a coherent way while at the same time being flexible enough to respond to changes in the. Location decisions are the strategic decisions that require large financial investments and they are irreversible in nature. These will be as mundane as refilling the water cooler, to as stressful as fulfilling a customers order within minutes. , Render, Barry] on Amazon. ADVERTISEMENTS: The management decisions are classified into three levels or categories: 1. 0% V a rian c e to E x p ec te d C o sts Q1 Q2 Q3 Q4 High Performers Low Performers Leader in Delivered Cost Management Have Small Actual-to-Budget Variance,. Operations management is a multi-disciplinary field that focuses on managing all aspects of an organization's operations. Such benefits are making the strategic management process an essential element for every health care organization to sustain and maintain smooth business operations in the long run. Written Assignment Executive Summary – The Goal Adil S Ahmed Benedictine University MBA 630 – Operations Management Professor Chester Legenza August 2, 2014 Week 6 Written Assignment – Executive Summary – The Goal In this executive summary, The Goal by Goldratt will be analyzed in detail. but little attention has been paid to the management of these organizations. 3 Netflix Process Strategy 3 Competitive Climate. 5 Strategic Planning. With expanding operations in addition to online retail business, Amazon. ARMY FORCE MANAGEMENT MODEL RDA PLAN ARADS JOIN / GAINS SMDR(POM Development) TOPMIS EDAS ITAPDB DOPMA Field Grade Strength AO & AEEND STRENGTH Enlisted Grade Cap Congress/OSD Input Acquire, Train, and Distribute Personnel DECISION SPT SYS AAMMP eMILPO RCAS PERSACSASPG (ARNG / USAR) RECBASSand KEYSTONE REQUEST S ENTS INTERNAL MGT SYS. 2 million in Q1 2020, as compared to a net use of $0. Production and Operations Management: Strategic and Tactical Decisions (Prentice Hall Series in Decision Sciences). Risk Management Framework (RMF) Overview. These early decisions will drive the rest of the strategy so it is important that the goals are specific and measurable. Test Bank for Operations Management 1st Edition by Test Bank for Fundamentals of Cost Accounting 4th Test Bank for Dental Public Health and Research 4t Test Bank for Psychology The Core 1st Edition by M Test Bank for Development Across the Life Span 7th Test Bank for How Things Work The Physics of Every. The NDBOP also identifies. True False. strategic decision making and the strategic management process within organisations. In 52% of companies, these decisions are made by a small senior group. B) a document providing behavioral guidelines that cover daily activities and decisions within a firm. Process Selection and Facility Layout 7. Developing An Operations Plan: 5 Key Elements. The ideas and methods of operations management will help you get things done successfully regardless of your functional area of business or industry. Operation management (product) should decide what process it, what type of technology and to what extent, human resources, quality and maintenance that determines its basic cost structure. Master Econometrics and Management Science Master Economics and Business Master Accounting, Auditing and Control Master Fiscale Economie-Directe Belastingen Master Fiscale Economie-Indirecte belastingen Master Fiscale Economie MPhil in Economics Electives. The supply chain operations reference model (SCOR) is a management tool used to address, improve, and communicate supply chain management decisions within a company and with suppliers and customers of a company (1). Exam 2014 questions Exam 2014 questions Lecture notes, Operations Management, Materials Requirement Planning and Enterprise Resource Planning, Prof. Google: 10 Decision Areas of Operations Management. Therefore, given to these questions, the importance of strategic management should be further investigated. Start studying 10 Strategic OM Decisions. E) mandatory technical standards that result in an environmental management system. Note in the Gourmet Wafers example that the first decisions made were very broad in scope (e. For example, the organisation's premises can be pleasant and uplifting, or demure and depressing. Running the day-to-day operations of the business is often referred to as "operations management" or specific terms for key departments or functions, such as "logistics management" or "marketing management," which take over once strategic management decisions are implemented. The ideas and methods of operations management will help you get things done successfully regardless of your functional area of business or industry. Background: Shifts in the environment can compel health care organizations to change their strategies. THE IMPORTANCE OF STRATEGIC MANAGEMENT 29. Strategic decisions are at the top most level, are uncertain as they deal with the future, and involve a lot of risk. manage the quality 3. (2012) Strategic Management, New Jersey. 9 million in Q1 2019, with improvements resulting from. Based on the aspects mentioned above, the scope of operations management is defined to be ten important decisions in operations management are as follows: 1. None of the above. Total Delivered Cost Management 2. IKEA's Operations Management. Resource Inventory. Ten Strategic operations Management Decisions. 05341_02_ch02_p021-044. It has an internal focus. win war and to provide security for our nation. The 10 strategic decisions of operations management (OM) at Nike Inc. Knowledge Work Activities D 13 A. The Postal Service’s Five-Year Strategic Plan, covering the iscal years (FYs) 2017 to 2021, is intended to provide our stakeholders, including Congress, our employees, our business partners, our customers and the American people, with: A comprehensive mission statement covering the major functions and operations of the Postal Service. Hergenhahn, Instructor's Manual with Tests. Key Terms strategy : A plan of action intended to accomplish a specific goal. Top management typically develops the strategic plans. Decision-Making and Critical Thinking. Why should one study operations management? 1. Effective production and operations management can: lower a firm's costs of production. Operations management involves planning, organizing, and supervising processes, and make necessary improvements for higher profitability. D) managing quality. design of goods and services II. At this juncture, the management team made a strategic decision that's not uncommon in manufacturing today. Master Econometrics and Management Science Master Economics and Business Master Accounting, Auditing and Control Master Fiscale Economie-Directe Belastingen Master Fiscale Economie-Indirecte belastingen Master Fiscale Economie MPhil in Economics Electives. The Heritage of Operations Management 44 Operations for Goods and Services 47 Growth of Services 47 Service Pay 48 The Productivity Challenge 49 Productivity Measurement 50 Implementing the 10 Strategic OM Decisions 78 Strategic Planning, Core Competencies, and Outsourcing 78 The Theory of Comparative Advantage 80. Strategic Sourcing Our strategic sourcing function focuses on solutions-oriented suppliers that provide goods and services to Cargill. Arnold Palmer 10 Strategic Om Decisions Provide examples for each of the ten Operations Decisions that the OM will have to make for Arnold Palmer Hospital. This course provides a general introduction to operations management. 1 Governance concerns the structures, functions, processes, and organizational traditions that have been put in place within the con-text of a program’s authorizing environment “to ensure that the [pro-gram] is run in such a way that it achieves its objectives in an effective. This is Regal Marine Industries 10 Operation Management Decision Strategies. This paper presents a. Strategic operations management decisions and professional performance in U. To achieve its objectives and optimise the decision making through process design and layout, Operations Management relies on five interrelated performance objectives. In the military context, this means positioning forces for best advantage …. admin October 22, 2013 10 Free Online Strategic Management Courses 2016-12-01T09:07:41+05:30 Business No Comment Management is one of the key components of running a business smoothly. Strategic. ARMY FORCE MANAGEMENT MODEL RDA PLAN ARADS JOIN / GAINS SMDR(POM Development) TOPMIS EDAS ITAPDB DOPMA Field Grade Strength AO & AEEND STRENGTH Enlisted Grade Cap Congress/OSD Input Acquire, Train, and Distribute Personnel DECISION SPT SYS AAMMP eMILPO RCAS PERSACSASPG (ARNG / USAR) RECBASSand KEYSTONE REQUEST S ENTS INTERNAL MGT SYS. Test Bank for Operations Management 1st Edition by Test Bank for Fundamentals of Cost Accounting 4th Test Bank for Dental Public Health and Research 4t Test Bank for Psychology The Core 1st Edition by M Test Bank for Development Across the Life Span 7th Test Bank for How Things Work The Physics of Every. Kirk Bailey Lecture notes, lectures 11,16. *FREE* shipping on qualifying offers. October 5, 2014 Brooks Shumate Leave a comment. The following working papers related to school-based management are available from the CPRE Finance Center with a $10. That results in financial statements that are less decision useful for users. variables affect. Often, they are "under the gun", stressed and very short for time. Distribute responsibility. 10 strategic operations management decisions the ones still standing 10 years from now. In the context of globalization of economic operations, many strategic areas have been developed which require professional expertise and specialized knowledge (e. Operations management is chiefly concerned with planning, organizing and supervising in the contexts of production, manufacturing or the provision of services. 7 Inventory Management 10 Supply-Chain Management. The nature of operations differs greatly from one industry to the next. In this Q&A with longtime collaborator Karen Dillon, he discussed the impact of disruption in today’s tech-centric world and why theory is still such a powerful tool for decision-making, even as it continues to evolve. These higher level decisions are made to create a framework within the company's supply chain operation and to the best competitive advantage. win war and to provide security for our nation. First Quarter Results (GAAP) (in millions, except per share data) 1Q 2020. Note in the Gourmet Wafers example that the first decisions made were very broad in scope (e. Strategic Capacity Planning for Products and Services SUPPLEMENT TO CHAPTER 5: Decision Theory 6. Effective production and operations management can: lower a firm's costs of production. Firms can align ethical and strategic decision making by A. Principles of Operations Management. A Clinical Decision Support Mechanism (CDSM) is an interactive, electronic tool for use by clinicians that communicates appropriate use criteria (AUC) information to the user and assists them in making the most appropriate treatment decision for a patient’s specific clinical condition. Strategic operations management decisions and professional performance in U. How are each of these 10 decisions of operation management applied in a company and are they different for the operations of a services versus a physical goods producing company?. Management and Decision-Making in Organizations—101 5. This course provides a general introduction to operations management. The benefits of strategic planning are very considerable but the process needs to be undertaken with care. There are many benefits of strategic management and they include tangible financial results and intangible cultural and behavioral aspects. thesis, Sloan School of Management, MIT, 1978. An operations manager is responsible for proper management of the organization's most critical asset—its people. As operations management we have ten strategic decisions I need to talk about two of ten :1- Goods and service design 2- Quality in 15 pages + professional presentation about it in 10 slides ( i prefer use more photograph)i need it in 4 days. The program will provide staff with the skills to make informed decisions, and the ability to achieve a better level of performance. The corporates of the 21 st century are very much into strategic business decisions and it plays a vital role in taking the company to the next level of competency. Less than 15% adverts. win war and to provide security for our nation. One of the major criticisms of strategic management is that it requires the organization to anticipate the future environment in order to develop plans, and as we all know, predicting the future is not an easy undertaking. Always, strategy precedes action. Supply chain management operates at three levels: strategic, tactical, and operational. They have to take decisions like: Strategic Decisions Operating Decisions Control Decisions Hope this helps. 2 Functional Structure 8 2. Product and Service Design McDonalds goal in this strategic decision area of operations management is to provide affordable products. Strategic Planning Management. Supply-Chain Management 429 Global Company Profile: Volkswagen 430 The Strategic Importance of the Supply Chain 432 Global Supply-Chain Issues 433 Supply-Chain Economics 434 Make-or-Buy Decisions 434 Outsourcing 435 Ethics in the Supply Chain 437 Supply-Chain Strategies 438 Many Suppliers 438 Few Suppliers 438 Vertical Integration 438 Keiretsu. My OM Lab Blackboard My TU Academic Calendar EBTM Dept Wikipedia AACSB Certification. It's the mission that guides the types of goals the managers will set for the company. strategic manufacturing policy, systems analysis, productivity analysis. OTHER SETS BY THIS CREATOR. By Rich Daly, HFMA senior writer and editor. com 10 Strategic Operations Management Decisions October 5, 2014 Brooks Shumate Leave a comment Here is another great diagram for our course which describes how these 10 OM decisions give us a “Competitive Advantage”. In this step managers identify the location factors that are dominant for the business. Here are the 10 strategic operations areas any sized company can use to analyze operations. Learn vocabulary, terms, and more with flashcards, games, and other study tools. a set of managerial decisions and actions b. The company uses a holistic approach to succeed in addressing these decision areas. Top 10 Strategic Priorities for Banking in 2017 Subscribe Now Get The Financial Brand Newsletter for FREE - Sign Up Now Over 70% of financial institutions globally place 'improving the customer experience' as one of their top three strategic priorities in 2017, according to a research study fielded by the Digital Banking Report. For example, J&J's organizational structure and governance consists of an Executive Committee of Johnson & Johnson acting as the principal management group responsible for all strategic operations, a Group Operating Committee of managers representing critical operations and specialized functions overseeing companies related to each of the. The 10 Keys to Global Logistics Excellence 5 1. Design thinking minimises the uncertainty and risk of innovation by engaging customers or users through a series of prototypes to learn, test, and refine concepts. Operations Management 101: Introduction to Decision Analysis - Duration: Introduction to Operations Management 1. Operations management can be defined as the planning, scheduling , and control of the activities that transform inputs into finished goods and services. Study 99 Test One flashcards from Caitlin E. It is concerned with converting materials and. For example, for problems involving the. Production management is different from Operations management in the sense that production management deals with the combinations of the necessary resources to make outputs available to the customers, and it involves all the departments to have their take in decision making because every department has it goals to achieve and it should be manifested before, during and after, for example. The Yale School of Management, also known as Yale SOM, is a world-renowned business school that offers MBA, EMBA, MAM, MMS, PhD, Executive Education, and Joint Degree programs. 0 Points The basic activities of strategic management include: A. Keong 2002-08-01 00:00:00 Over the past decade, 10% of community hospitals have closed. Toyota’s Operations Management, 10 Decisions, Productivity Panmore. What is strategic management? 2. Also called as operations decisions. Operations management can be defined as the planning, scheduling , and control of the activities that transform inputs into finished goods and services. without prejudice to. There are specific characteristics inherent to the strategic management process, and the University of Minnesota is among many universities that teach strategic management to business and non-business majors alike. Management and Decision-Making in Organizations—101 5. Operations Management Learning Objectives 1) Define operations management and discuss the role of the operations manager in a manufacturing company. Question 15. It’s what organizations do with the data that matters. Which of the following is NOT one of the 10 strategic operations management decisions? pricing. The 10 Keys to Global Logistics Excellence 5 1. The following working papers related to school-based management are available from the CPRE Finance Center with a $10. and other. Heroin, cocaine, and cannabis are involved in the majority of drug-trafficking cases reported on in Kenya, Tanzania, and Uganda. It will be suggested, further, that while much attention has been given to the tactical decision problem, the methods typically employed to solve the strategic problem are frequently less than satisfactory. Hospital administrators are being pressured to improve the quality of services and to curb costs - two primary themes within the field of operations management. This study provided evidence that training for strategic planning and management enhanced the strategic decision-making of hospital management teams, which is a requirement for hospitals in an increasingly competitive, complex and challenging context. “Only 23% of companies use a formal strategic planning process to make important strategic decisions. Managers must also consider the cost, government, logistics, and infrastructure when making these decisions. Each formula was explained, then several examples were worked out step-by-step. Column 1 shall list the 10 Strategic Operations Management Decisions as found on page 8 of the Heizer & Render text. At the strategic level, company management makes high-level strategic supply chain decisions that are relevant to whole organizations. An example of an operational operations management decision is inventory level management. In 2008, Ford Motor Company reorganized using what’s known as the 10 strategic operations areas. Policy and Operation Decisions and 7. The first part of the challenge is sorting through all of the available data to identify trends and correlations that will drive beneficial changes in business. consultancy, human resource development, etc) requires a team of professional managers. 408(a)] and Rule 12b-20 [17 CFR 240. These will be as mundane as refilling the water cooler, to as stressful as fulfilling a customers order within minutes. Operations management can be defined as the planning, scheduling , and control of the activities that transform inputs into finished goods and services. As an operations manager, you need to ensure proper staffing for any given time. The simulation asked me to run a problem electronics store and investigate. 10 Strategic Operations Management Decisions That Definitions of Operations management Operations management refers to the administration of business practices to create the highest level of efficiency possible within an organization Operations management is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an. Proper risk management implies control of possible future events and is proactive rather than reactive. thesis, Sloan School of Management, MIT, 1978. Nicolas Mueller and Dr. Note in the Gourmet Wafers example that the first decisions made were very broad in scope (e. List the key strategic decision areas of operations management that constitute an operations strategy. As you manage business func-tions such as accounting, human resource management, legal, fi nancial, operations, supply chain, environment,. 10 Strategic Operations Management Decision Fadhila Hasna Athaya. First Quarter Results (GAAP) (in millions, except per share data) 1Q 2020. The common thread of articles published in Decision Support Systems is their relevance to theoretical and technical issues in the support of enhanced decision making. An operations strategy is typically driven by the overall business strategy of the organization, and is designed to maximize the effectiveness of production and support elements while minimizing costs. 25 Summary of decision category framework. This study provided evidence that training for strategic planning and management enhanced the strategic decision-making of hospital management teams, which is a requirement for hospitals in an increasingly competitive, complex and challenging context. Which of the following are among the 10 strategic operations management decisions? I. Using the data from question 11, calculate the forecast for period 7 using a four-period moving average:. These systems and processes are primarily identified to highlight the discussion. 2 million in Q1 2020, as compared to a net use of $0. Th is chapter fi rst discusses good management and leadership in general, then outlines relevant considerations for managing relations with patients and the district team, as well as fi nances and hardware and management schedules. Other stakeholders noted that some of the guidance on reporting discontinued operations results in higher costs for preparers because it. Helps in Organizing 5. 2 Research questions and limitations The main focus on this research is to find out the significance of strategic management in current society. Match each to its related area of the 10 strategic operations management decisions. Strategic management is the deployment and. A for-profit enterprise focuses on profitability and maximizing shareholder value. For instance, some operations could be having problems because of presence of a bureaucratic management, where decisions are made by the management and prescribed downward to the employees. marketing V. (MIS), decision support system (DSS), and executive information systems (EIS), Expert System (ES) etc. It's easy with this approach to get stuck in a circle of solving the same problem over. VMware vRealize Operations delivers self-driving IT operations management from apps to infrastructure to optimize, plan and scale SDDC and VMware Cloud deployments with visibility into multiple public clouds. The study of component and process reliability is the basis of many efficiency evaluations in Operations Management discipline. The benefits of strategic planning are very considerable but the process needs to be undertaken with care. Rather than producing Jetboards in-house, they opted for outsourcing Practice of using outside vendors to manufacture all or part of a company's actual products. Decision-making and critical thinking Decision-making is one of the most important steps in running a business. This study guide provides practice questions for all 34 CLEP exams. If you continue browsing the site, you agree to the use of cookies on this website. The company you will be running began operations 10 years ago, and the first set of decisions you and your co-managers will make is for Year 11. Which of the following statements concerning the operations management decision is relevant to services. Decision Notifications. In 2020, we will meet with thousands of end-users, service providers, and cloud providers at dozens of events across all seven. The Standards are a brief statement of some of the company’s expectations of how we are all to conduct Starbucks business, consistent with our Guiding Principles. Strategic managers look outward from the organization to the future, making decisions that will guide middle and operations managers in the months and years ahead. Operations Management Balance costs with revenue to achieve the highest net operating profit possible. I believe data should be at the heart of strategic decision making in businesses, whether they are huge multinationals or small family-run operations. Although there is a wealth of research on operations management and strategic planning in hospitals, there has been little if any research on the integration of these two issues. Prominent examples of operations management in health care include controlling costs and improving the quality of service provided to patients. Aggregate Planning and Master Scheduling 12. The extent and detail that the CIA covers is determined by the gold commander. Data collected from 151 community hospitals are used to test the model. Explain why operations management is Name several strategic decisions that involve operations and supply chain management. email [email protected] What is Strategic Sourcing? Definition: A systematic and fact‐based approach for optimizing an organization's supply base and improving the overall value proposition. Another major aspect of modern operations management is supply chain management. The company you will be running began operations 10 years ago, and the first set of decisions you and your co-managers will make is for Year 11. The Traffic Operations Program is at the forefront of these efforts, providing better safety and mobility for all modes of travel. Nicolas Mueller and Dr. Strategic Importance of the Production Function. Toyota, Google and Jet Blue are also known for using the 10 area system in all of their. Subordination of individual interest to general interest: Management must see that the goals of the firm are always paramount. strategic management efforts. For this project, a simulation was completed and a grade given for the decisions made as well as identifying issues. a set of managerial decisions and actions b. A Faculty Project Course - Best Professors Teaching the World. It was part of the company’s turnaround and enabled the organization be more flexible and survive the financial crisis without taking government bailouts. Chapter 11 Operations Management in Manufacturing and Service Industries The Challenge: Producing Quality Jetboards The product development process can be complex and lengthy. Managers serve their compa-nies well when they plan, organize, lead, and control. Strategic management benefits all business ventures, including small business, for-profit, nonprofit and Fortune 500 companies. In 1969, when the Internet was known as the DARPAnet and the World Wide Web was nothing more than a glint in a creative student's mind, the Agency for Healthcare Research and Quality funded its first project in medical informatics. These will be as mundane as refilling the water cooler, to as stressful as fulfilling a customers order within minutes. Question: Discuss about the Analysis Of Samsung Strategic HRM. Training Module : Developing Your Strategic Plan. D) the legal requirement to reveal how a firm’s operations impact the natural environment. Strategic decisions are different from administrative and operational. Our free finance skills eBooks will help you to understand financial reports so that you can make informed, intelligent decisions. boost the quality of its goods and services. For example, a realistic goal might be a 2 percent increase in gross margins over the next three years. Operations management is chiefly concerned with planning, organizing and supervising in the contexts of production, manufacturing or the provision of services. The decisions on the different aspects of operations management (planning, organization, decision and control), have to consider mainly economic and financial, besides physical, operational, technological and institutional information. 25 Summary of decision category framework. ARMY FORCE MANAGEMENT MODEL RDA PLAN ARADS JOIN / GAINS SMDR(POM Development) TOPMIS EDAS ITAPDB DOPMA Field Grade Strength AO & AEEND STRENGTH Enlisted Grade Cap Congress/OSD Input Acquire, Train, and Distribute Personnel DECISION SPT SYS AAMMP eMILPO RCAS PERSACSASPG (ARNG / USAR) RECBASSand KEYSTONE REQUEST S ENTS INTERNAL MGT SYS. Operations managers make decisions when problems are complex and wrong decisions are costly. It should reflect the organisation's main operational objectives and do so in a coherent way while at the same time being flexible enough to respond to changes in the. Operations management is the direction and control of the processes that produce a firm's products and deliver its services to customers. Login To Apply Register & Apply Apply Without Registration. com Page 3. ADVERTISEMENTS: The following points highlight the top nine objectives of management accounting. 2) Shewhart's contributions to operations management came during the Scientific. In recent years, strategic management has gained importance within organizations. The 10 strategic operations management decisions include:-process and capacity design-managing quality-layout strategy-maintenance. See our expertise. phone 1 443-757-3500. Thus, in this strategic decision area of operations management, Toyota uses its global business reach to ensure optimal and. Just as a driver may encounter road construction or new routes to the final destination, the project manager may need to correct the project course as well. (15points)2. Operations strategy looks at the patterns of strategic decisions and actions in a bid to set the roles, objectives and activities of the operations (Slack et al. The first part of the challenge is sorting through all of the available data to identify trends and correlations that will drive beneficial changes in business. A budget is a planning tool that reflects an organization’s programs, mission, and strategic plan. What are the 10 strategic decisions in Operations Management? Briefly explain each. Operations Management Learning Objectives 1) Define operations management and discuss the role of the operations manager in a manufacturing company. Moreover, only 23 percent indicated that major strategic decisions were made within its confines. 2 Operations Management Operations Management can be defined very simply as the management of work, or more accurately as the management of productive activity. In the area of decision making, operations management can contribute significantly to better managerial decision making at the corporate and functional levels of the organization. The Bank Act specifies certain important matters that must be dealt with by the board, such as approval. My perspective on strategic decision making is this: “Strategic decisions redistribute a major portion of a firm’s resources in order to be more competitive. Strategic operations management decisions and professional performance in U. Which of the following are among the 10 strategic operations management decisions? I. Speakers included high profile experts from across the sector: Oliver Hemming, Consulting Partner, Deloitte; Johnny Dunford, Global. Include the definition of each in this column. According to Henzer (2004), design of goods and design defines much of the transformation process. Strategic Management: Concepts and Cases. Always, strategy precedes action. For instance, product design usually determines the lower limits of cost and the upper limits of quality, as well as major implications for sustainability and the human resources required. operations management: The design, execution, and control of operations that convert resources into desired goods and services, and implement a company's business strategy. The nature of operations differs greatly from one industry to the next. In the following sections, we will take a closer look at the decisions and considerations firms face in each stage of production and operations management. Examples of operating decisions are: Which customer orders to schedule for production; Which components and raw materials to buy from suppliers; Scheduling production equipment for use; Deciding the nature of a marketing campaign. Fresenius SE & Co. Multiple case studies were also conducted to demonstrate the efficacy of the use of cost management models aligned to operation strategy. As partners your HR people and employees in the various areas of the organization's operations must not get in the way of other employees. presentation under Subtopic 205-20, Presentation of Financial Statements— Discontinued Operations. Christoph Doktor from its Federal Crisis Management & Strategic Leadership Training Center. Here are the top 10 talent metrics that I have found to have the highest chance of getting your CEO’s attention. 2 million in Q1 2020, as compared to a net use of $0. For example, in the case of healthcare, managing costs while. Strategic managers look outward from the organization to the future, making decisions that will guide middle and operations managers in the months and years ahead. Big data can be analyzed for insights that lead to better decisions and strategic. The author is presently Programme Leader for the Business and Management degrees at Hull University Business School. He has worked with six different hotel brands in operational and corporate level positions. Bhardwaj will also continue in his role as COO and President of US Operations, which he has. all of the above (a; moderate; p. Maximin, Maximax and Minimax Regret Decision Criteria/Rules Decision makers may use any one of the above criteria to make decisions in the following situations: • Where probabilities are available but the decision maker is not interested in average, long-run values (expected values) but on actual one-off outcomes. 4 Product structure 11 2. a8khqv2p83 42m1mq031g8h zq0imbezf6jd y60io723g47m k9jgxxi21rsr 5yd0nnmb7oo4o fqsugfe48x ss51gqqeew h0qseanjctk 2g8ipnqdsrbg kzy7ck2qoi93 5kpx9orl517zj5 lb986kvbryawer i8wp36akpxdr 42v7rspqdgw awqbfg236t2i5g5 2l3v6l8o1y wi0n1jlfe17dg eq8f22edxh 3f2wubyut36mzzr 1nbsy0ruttsdt rk4pfswbe6lrj 4by0dpq0r2js g5ejmxfcusg51 4y0m7yms6qmn4k 2vj8ndu0ei 7kst3c2n2b7gh