Let's say your parents are using the Over/Under (Newsvendor) model to assess how much medical care...
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Let's say your parents are using the Over/Under (Newsvendor) model to assess how much medical care they want to give to your elderly comatose grandmother who had a severe stroke. What might they be thinking about? (The primary purpose of this question is to get you thinking about all the practical possible situations in which the Over/Under model might help someone think about how to make a decision.) O The assessments of the Doctors as to her odds of achieving various levels of recovery (e.g., the level of uncertainty). All the other answers are correct. The possibility that she might miraculously recover enough to enjoy another year of life, albeit in a handicapped state (e.g., the cost of underage). Her previously-expressed wishes that medical care not be "overdone" when end-of-life is near (e.g., the cost of overage). Let's say your parents are using the Over/Under (Newsvendor) model to assess how much medical care they want to give to your elderly comatose grandmother who had a severe stroke. What might they be thinking about? (The primary purpose of this question is to get you thinking about all the practical possible situations in which the Over/Under model might help someone think about how to make a decision.) O The assessments of the Doctors as to her odds of achieving various levels of recovery (e.g., the level of uncertainty). All the other answers are correct. The possibility that she might miraculously recover enough to enjoy another year of life, albeit in a handicapped state (e.g., the cost of underage). Her previously-expressed wishes that medical care not be "overdone" when end-of-life is near (e.g., the cost of overage).
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The OverUnder Newsvendor model is commonly used in inventory management to find the optimal order qu... View the full answer
Related Book For
Management A Practical Introduction
ISBN: 978-0078112713
5th edition
Authors: Angelo Kinicki, Brian Williams
Posted Date:
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