StudentShare solutions
Triangle menu

Management science - Essay Example

Not dowloaded yet

Extract of sample
Management science

Combinations 2, 4, and 5 will result in the project being one day late. Combinations 3,6,7,8 and 9 will result in the project being two days late. As per the formula, the probability of each result for the project will be the sum of the probabilities of the individual combinations of events that cause that result.
Now as far as the third independent company is concerned as per the given information the probabilities of the timeliness of the project are equal for all three events. i.e. the probability of the project being on time is 1/3 or 0.33. The probability of the project being one day late is 1/3 or 0.33 and the probability of the project being two days late is 1/3 or 0.33.
Now when we compare the two choices from the probabilistic viewpoint, we can see that the probability that the project will be on time eitherways ( if we have Everconc and Steelfix as suppliers or if we switch to the third supplier which supplies both concrete and re-bar steel) is 1/3 or 0.33. However the probability that the project will be two days late is higher in the case of multiple suppliers 0.38 as compared to 0.33 in the case of the single supplier. Hence the option of the single supplier is a better one from the probabilistic viewpoint.
When we look at the issue apart from the probabilistic viewpoint we bring into it other factors like risk. ...Show more

Summary

The issue here is to calculate the probabilities of each of the scenarios mentioned in the problem i.e the probabilities of the project being completed on time, one day late and two days late. To calculate these probabilities we will use basic probability formulas as below:
Author : tanya36
Management science Essay essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Management science Essay"
with a personal 20% discount.
Grab the best paper

Related Essays

Science essay
Heat is a form of energy which created by the motion of atom and molecules. Atoms and molecules are engaged in random motion inside all matters. In solids these motions are small and hence solids have a finite shape. On the other hand in liquids and gases these atomic and molecular motions are large and hence it is difficult to assume particular shape to liquids and gases.
3 pages (750 words) Essay
Project Management Bachelor Essay
From a coherent review of the case study and the network diagram it is possible to discern and identify the many concerns facing the Scantel Management with regard to this project.The product has a considerable potential given that it is skilfully developed.
10 pages (2500 words) Essay
Strategic Management Bachelor Essay
They belonged to the Prescriptive school where they espoused the theory of look before you leap. They did not analyze nor were intuitive, Their failure was due to their being too static for this era of our rapidly changing environment. b) The second school was the planning school.
9 pages (2250 words) Essay
Public Management Essay
They are the principal means by which a system of the government can achieve its collective purposes. But, political institutions also exert a formative effect on a regime. A community that seeks to govern itself through representatives must create a representative assembly, and in doing so the people give the assembly a particular character.
10 pages (2500 words) Essay
Science Essay
Why The oxygen in the air reacts chemically with the apple and causes a color change. Another example is the burning of a candle. The wax candle melts down into liquid wax. This is a physical change. At the same time, some of the liquid wax changes to a gas which burns.
4 pages (1000 words) Essay
Computer Science: Professional Ethics Essay
They can enhance their capabilities by following certain professional ethics meant for helping them understand their professional implications to the fullest. In order to serve the society at large, their colleagues and their employer in the most effective way, they should always abide by these set guidelines.
9 pages (2250 words) Essay
Management Science
A number of benefits are associated with the use of spreadsheet based business models: We can describe spreadsheet modeling as a document
6 pages (1500 words) Essay
Management Science
I was a very motivated and dedicated student. In high school I always demonstrated my leadership abilities in group settings. Another activity that I liked to perform is market research. In business
1 pages (250 words) Essay
Management essay
hat managers and human resource personnel are continuously applying the use of personality measures to understand their staff and their suitability for the jobs for which they are being evaluated.1 Moreover, Heller (2005) in a research observed that in 2003, 30% of American
8 pages (2000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation