Free Weekly Question Essay Example

I had to decide between buying a car with higher initial price but with higher mileage and a car with lower price and lower mileage. I used the breakeven point analysis to determine the number of miles after which a breakeven between the two cars would be achieved, i.e. the excess price of the former car will get adjusted through lower running cost.
In an environment of certainty, I decided to buy a new cell phone which has been well established as a stable phone with good features. In an environment of uncertainty, I decided to appear for an exam for which I hadn’t studied at all, rather than trying some excuse to get the professor to let me appear for it later. In a risky environment, I decided to go for a trek which is considered very tough.
In my opinion and experience, I have noticed that while studying hard for an exam and getting good marks may have very high correlation, but it is not always true that studying hard will cause higher marks. Higher marks depend on a lot of other factors. Similarly, higher marks cannot cause one to study hard the next time, as some people might get overconfident and study even lesser.
The ordering cost curve is downward sloping signifying that as the quantity of order increases, the ordering cost decreases. On the other hand, carrying cost curve is upward sloping, meaning that higher quantity results in higher costs. So the optimal quantity is the one where the sum of these two costs, i.e. the total cost, is minimized and where the carrying cost is equal to the ordering cost.
Critical path analysis helps determine the activities which necessarily need to be completed in order to complete the total task. The critical path analysis can help reduce time and effort as once the critical activities have been identified, more resources and focus can be put on them. The analysis helps in more efficient usage of resources and avoids wastage on non-critical activities.
In a single channel queuing system, the service rate should be greater than the arrival rate so that as it would mean that service lines would not be formed. A service line can cause delays, high costs and decline in quality of service. In the long run, it is always suggested that service line should not be allowed to form or lengthen, and to achieve this the service rate has to be greater than the arrival rate.
One of the applications of linear programming is resource optimization under constraints. In a situation when I had to finish some chapters of a particular subject and a few chapters of another subject in a fixed amount of time, I optimized my time usage, by applying constraints regarding the minimum number of chapters of each subject that I need to complete and using the variable, average time required per chapter for either subject.
Total Quality Management can be used in network security management by providing seamless and continuous service to the customers, while at the same time ensuring that the security aspect is not compromised just as the processes are getting more efficient. TQM can help enhance customer satisfaction as it would ensure that customer has lesser complaints, and gets better service.