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Essay / Research Paper Abstract
This 4 page paper provides an overview of a decision making process for a small marine supply company seeking to provide better service for a large shipping company. This paper relates the use of a decision tree for the development of new technologies. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: MH11_MHComInvest.rtf
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Unformatted sample text from the term paper:
first contracted with ABC Shipping, company owner George Hemming believed he could continue to operate the business with a small staff and hands-on approach, requiring little in terms of technology
and managing invoicing using hand written documents. After the first two orders from ABC Shipping, Hemming decided that he had to expand his staffing and introduce IT operations, including
those involved in tracking and ordering of materials for ABC. One of the major problems that Hemming had was that he considered the investment in technology to be a
risky venture, considering the relationship with ABC Shipping was in its first few months of operation and contracts were limited to six month periods of time. Hemming called in
a business analyst, Bob Jones, to help him weigh the risks and costs of implementing new technology to support the relationship with ABC Shipping. Hemming: We recently secured
six month contracts for providing ABC Shipping with all of their repair services and marine equipment needs. I didnt expect the orders to be so complex. The first
invoice from ABC Shipping requested everything from 150 life jackets to marine bottom paint in cases. Though Im trying to expand the business and the ABC contract is profitable,
Im concerned about expanding our computer technology in light of the fact that ABC is a recent new customer and our initial contract is only for six months. Jones:
Well, can you complete the work for ABC without computer technology? Hemming: We can, but it would require an increased investment in manpower and it would be
much harder without on-line ordering systems. Jones: You want me to construct a statistical model to help you determine if it is better to introduce new technology or
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