How OR can Aid the complex problem of Management Decision Making :: GCSE Business Marketing Coursework

How OR can Aid the complex problem of Management Decision Making How OR can aid Management Decision Making Modern businesses have more need to predict future operations than those of the past do. Managers in large corporations have to summarise and analyse the various data available to them when making decisions. The U.K. OR Society defines the operational research decision-making techniques â€Å"as a scientific model of the system, incorporating measurements of factors such as chance and risk, with which to predict and compare the outcomes of alternative decisions, strategies/ controls.† The purpose of these techniques is to help management determine its policy and action scientifically. ‘The models of OR are symbolic or abstract representations of real life problems.’ Examples of techniques that can be used by managers for use in decision making are for example, forecasting. Statistical forecasting is to an extent, an extension of the prediction of a dependent variable. A reasonably accurate forecast can be extremely valuable for a marketing or production strategy. ‘Time series forecasting attempts to capture the past behaviour of the time series and uses this information to predict future values. No external predictors are considered.’ (Kvanli et al, chapter 17) The types of factors that determine the strengths of forecasting are the time horizon of the forecast; the stationarity of the data and the presence of trend, seasonality or cyclical activity. The accuracy of forecasting can be measured by calculating the MAD, MSE and the MAPE. These are useful for comparing the accuracy of a particular forecasting technique on two different time series. The advantage of forecasting is that there is no need to search for external predictors to explain the behaviour of dependent variables. The main disadvantage is that the observed values can be extremely complex and difficult to work out. Such methods are often hard to sell to managers who may not be able to understand the technique. However as mentioned earlier, if a technique is reasonably accurate, it is invaluable to managers. Networks are another decision-making technique that concerns the planning and the control of specific projects. The aim of networks is to complete the project in the shortest time, using the least resources with the minimum cost. Methods that can be used are CPA (critical path analysis) and PERT (Project Evaluation and Review Technique). The advantages of networks for management decision making are that ‘they provide a logical picture of the layout and sequence of a complex project.

Division of Labor According to Manuel Ayau Essay

According to Ayau, trade and cooperation is beneficial to all parties despite differences among them in terms of capacity and talent. He states that everyone is made wealthier through cooperation, and how it is that the market economy leads to the benefit of everyone. In our world today, people base their decisions on the comparison of alternative opportunity costs at the margin, so naturally, they choose the least costly option. However, a person can only get rich by enriching others torpedoes claims to the moral high ground of those who propose that government redistribution of wealth is a means to alleviate poverty (Ayau 32). Ayau explains the workings of the free enterprise system, based on the benefits from mutual gains from trade arising from the creative productivity of a market-based and profit-guided system of division of labor. In addition, he explains that the division of labor through comparative advantage, satisfying society’s needs, trading with and by enriching others is the way someone gain wealth. He says people intuitively do what goes by the name of cost/benefit analysis, for they are quite conscious of what they are quite conscious of what they must forgo to acquire whatever they get in exchange. In his example, he explains it through simple diagrams and illustrations, with the same expenditure of time and without increasing individual productivity, the productivity of the combined effort increases the wealth of the group, creating the opportunity for exchange with mutual gain (Ayau 37-41). In the end, Manuel showed how when two participants have different opportunity costs, when trading; this is the key to understanding his attribute of increase in total wealth even when there is no increase in skill, resources, new technology, and etc. In the eyes of Ayau, people subjectively valve what t hey receive more than what they give and that wealth is made through comparative advantage. Works Cited Ayau, F., M., Not a zero-sum game. The Paradox of Exchange. 2007. Part 1, pp.23-50.

Rap Music And The Music Industry - 2018 Words

Rap music led to more black professionals in the music industry. Rap can be traced back to its African roots. Before rap stories were told rhythmically over drums and instruments. This era was known as the golden age of rap. Rap did and has changed the face of music for the better. Old school flows were relatively basic and used only few syllables per bar. Simple rhythmic patterns, and basic rhyming techniques and rhyme schemes. There are different variations of flow, such as the syncopated bounce which was used by the bone thugs N harmony, straight forward which was used by 2pac and ice cube, the Rubik s cube which was used by common and kurrupt, and 2-5 flow used by camp mulla. MC s use many different rhyming methods including rhyme schemes, there is also widespread use of multisymbalic rhymes used by big daddy Kane and Eminem. Gangsta rap has been protested and contested by parents politicians alike. All music guide traces controversial nature of rap music to a 1986 run DMC concert, where gang violence occurred. Rap is an expression of black lives and the struggles that we go through. Many people frowned upon rap for its vulgar language and frankness. Rap music made people socially conscious of surrounding struggles. Gangs and violence were a huge roll in struggles and depression. Early rappers intended to shed light on inner city experiences, and racial struggles. The police were the main contributors to the racial problem. The policeShow MoreRelatedRap Music And Its Effects On Modern Music Industry1115 Words   |  5 Pages SOUTHERN RAP Southern hip hop also referred to as southern rap originated from the southern cities like New Orleans, Houston, Atlanta, Miami, Memphis, and Virginia Beach, just like the names implies. Rap music has transformed modern music greatly during the decade of 1997 and 2007 (Dyson 61). 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The media often portrays rap music as negative and focuses on rap music more when it is related to somethingRead More A Violent Message in the Art of Popular Culture Essay1679 Words   |  7 PagesA †Å"Violent† Message in the Art of Popular Culture Many people believe that present-day music cause division, tension, and sometimes violence. However, it is acknowledged as art in popular culture. Art in popular culture revolves around action movies, television sitcoms, and provocative song lyrics, which have themes centered on explicit sexuality. Art in popular culture is embodied in music, dance, photography, and other artwork that embraces the ills of the world and acknowledges thatRead MoreDrugs in Popular Culture1317 Words   |  6 Pagesamongst teenagers and the popularity of West Coast Rap Music Introduction Marijuana has been around for hundreds of years and the use of marijuana has been becoming more and more popular especially among teenagers (Lee, 2012). 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