Discussion board 200-300 words.

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Consider some of the examples you have brought up in earlier topics. Describe the key differences between simulation models and the models covered earlier in the course. Outline how the approach to solving this problem would differ in terms of applying and computing/solving the models. Decision tree, Linear optimization, simple regression, multiple regression etc.

See below for some of my posts

In the business world, we do have what is recognized as the linear
optimization. The term linear optimization which is also known as
linear programming refers to the process of maximizing or minimizing a
linear function with the sole intention of finding the optimum value
(maximum or minimum) as far as linear and non-negative constraints are
concerned. In other words, this method is a relatively simple
technique that is highly used to find realistic solutions for a wide
range of optimization problems. In the following paragraphs, we shall
talk about workforce scheduling, blending as well as a logistic
problem facing my current organization, the things that are being
optimized in each and other things revolving around this area.

In the organization of Glanbia Nutritionals, there has been
workforce scheduling especially in the departments of Warehouse,
Quality, and Production. When it comes to the summer months, they
realize that the Production and Warehouse departments work on a full
cycle that is, three shifts but in the area to do with Quality
department, there is only two shift year round. Efficiency is usually
low in the summer months in the Production and Warehouse as the
product cannot be checked during the third shift. Over time, the
organization’s manager has noticed that the third shift is best
used in cleaning the mixers as well as running the big batches of
Monster because they took up the entire or whole shift. This has
allowed for more products to be mixed and blended. The Glanbia
Nutritionals is very much concerned with the classic problem based on
blending or mixing its ingredients in order to obtain a satisfying
product. The organization has also identified another problem that
revolves around the transportation of its nutrition ingredients to the
various destinations. This is due to the increased delays in delivery
hence a big logistics problem. Working on the workforce scheduling is
the means through which efficiency is optimized by dealing properly
with negative operational outcomes. Focusing on the blending problem
helps the organization to maximize the health benefits of protein
supplementation by optimizing the value of its products. Logistics
optimization has turned out as a significant component for Glanbia
Nutritionals for it improves the business efficiency by minimizing cost.

In the decision tree analysis, there is a schematic representation
of several decisions and alongside this are the different chances of
occurrence. In other words, a tree-shaped graphical representation of
decisions that are connected or related to the investment as well as
the chance points that aid in investigating the possible outcome is
what is being referred to decision tree analysis. On the other hand,
linear optimization techniques are different as we use them to depict
complex relationship through the use of linear functions then finally
getting the optimum points. With the kind of problems being faced by
my organization, linear optimization will work best (Kuester, &
Mize, 1973). It will ensure that strategies are put in place that
will help the team or employees work efficiently for on-time delivery.
With the aid of the linear optimization techniques, the organization
would be in the position to see clearly how to blend its ingredient to
realize the best quality as it maximizes the profit. This is different
from the decision tree analysis that offers several options.

It is very evident that for any organization to prosper and see that
the day to day activities are done in the right manner, essential
decisions ought to be made. Linear optimization is a great area that
we cannot afford to ignore because it helps a lot in making important
decisions hence solving a lot of problems encountered.

another post:

Strategic decisions are mostly decisions that will
affect the company over an extended period. Senior management makes
them then they address the same with their team and ensure that they
are made aware of the strategy to feel part of the plan. Our company
management came up with a decision to increase employee turnover and
become the market leader in the retail market for fresh vegetable
produce. They did research and came up with a reward strategy that
would reward the top performing employees. They also decided to
increase our distribution channels. The company could have used
different optimization models such as linear programming which would
have helped to take into consideration the total cost that would be
incurred by the expected promotions and what it would cost to come
up with a reward scheme (Plastria, 2001).The long program if used
would have reduced the cost by calculating the values of possible
outcomes and then calculating the price to come up with the best
solution (Pardalos, 2002). Optimization models can give an insight
into granular information about the operations of the company, how
to actualize the plan within a short span and optimization of their decision

and another

The business world is very dynamic surrounded by many uncertainties.
Every forecast/ decision the management makes has to be carefully
evaluated to determine its potential benefit or risk to the business.
Since forecasts direct future planning, budgeting and business
activities (Brooks, 2015), wrong predictions may cripple business
to the point of no return.

My previous organization was a dairy plant that depended on its own
raw materials to produce its dairy products. According to the
management, this was a cheaper option to sourcing from different
suppliers. However, they did not account for possible health threats
in the livestock industry. The company operated on the basis that they
fumigated their animals thoroughly and did not expect disease attacks.
As a result, the outbreak of bovine spongiform encephalopathy (mad cow
disease) hit hard on the institution. Most of the animals got infected
leading to a low supply of raw materials that did not match the normal
market demand. The company was forced to outsource raw materials
without a proper plan leading to huge expenses that were not
compensated in the revenues. More so, several cattle died impacting a
loss in assets.

In response, the management decided to construct an annual loss
budget to compensate for emergencies as well as monitor potential
livestock disease-outbreaks all year round. While the management had
appropriate strategies, I would also encourage them to consider
outsourcing some raw material to create a diversified supply to stand
in during emergencies and enable business continuation

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