Devry BIAM400 All Discussions Latest 2023 May

BIAM400

Week 1: Introduction & Spreadsheet Models

Discuss the following:

1.What is a spreadsheet model?

2.  Can you describe a spreadsheet model you created in real life or in another course?

3.  Often we have an assumptions section of a spreadsheet model.  Why do we include an assumptions section?

4.  What are some best practices for spreadsheet models?

5. Why is it important to develop spreadsheet models?

 

BIAM400

Week 2: Break-Even Model

•Review the Quality Sweaters Company Break-Even Analysis example in Chapter 2.

•Breakeven Analysis Annotated.xlsx fileBB

•Find your exact break-even point using Excel’s Goal Seek.

•Explain why you chose the decision variables and why you think your solution is the best one for this company.

 

BIAM400

Week 3: Compare and Contrast the Main Characteristics that Differentiate these Classes of Problem

Part 1: Classes of LP Problems

The three main classes of LP problems are:

1.activity analysis;

2.blending; and

3.transportation.

 

BIAM400

Week 4: Transportation Model

Discuss the following:

Consider several issues involved with the use of transportation and assignment models. Are transportation models useful for managing supply chains? How might either of these models be useful in the supply chain environment?

 

BIAM400

Week 5: Decision Making and Risk

Below is a decision tree that assists with deciding whether a company should build a big plant or a small plant. The decision variables are the Big Plant or Small Plant decision.  The states of nature (also called chance nodes, or chances) have to do with the expected strength of the economy and are uncontrollable (as all states of nature are).  The economy is expected to be strong or weak, with probabilities of 70% and 30% respectively.  The payoff of each decision alternative under each state of nature is at the end of each tree branch.  For example, the payoff of a Big Plant in a strong economy is $100 million. The payoff of a small plant in a weak economy is $30 million.

The best decision is determined by calculating the total expected monetary value of the pairs of branches at the end of each decision alternative path.

What is the expected monetary value of the Big Plant decision?  What is the expected value of the small plant decision?

 

BIAM400

Week 6: Value of Simulation Modeling

Discuss the following.

What are the advantages and limitations of simulation models? Include specific comparisons to LP models in your comments.

 

BIAM400

Week 7: Queuing Concepts

Discuss the following.

What are the possible queue disciplines that might be used in a simple queuing system? How many can you name? Have you ever been in a situation where FCFS was not used? Why was it implemented? Did it work? There is a fairness argument for FCFS. Are other rules less fair?

 

BIAM400

Week 8: Examine Example 14.2: Estimating Total Cost for a Single Product (Simple Regression)

Discuss the following.

Examine Example 14.2: Estimating Total Cost for a Single Product (Simple Regression), available in the Reading section, Chapter 14 titled Theory With Examples PowerPoint, starting in slide number 37.

Critically evaluate the regression equation developed in this example. Make specific comments on its usefulness as a means of estimating cost. What arguments might a manager make against reliance on this equation for cost estimation?