Answer questions at least a paragraph First - Give your opinion on whether being an effective critical thinker makes decision making easier or more challenging. Talk about concrete decisions you had to or will have to make. Justify your response.Second - Consider the following statement: “The major difference between a successful person and one that is not successful is that the successful person, over time, tends to make better decisions than the less successful person.” Discuss whether or not you believe this statement to be true. Explain the fundamental ways in which effectively applying critical thinking concepts has helped you to become more successful.respond to stacieStacie Lee RE: Week 10 DiscussionCritical thinking is an extremely helpful tool when it comes to working through the problem-solving process. In most cases, when making an important life choice, you have plenty of time to think about it and give it a full evaluation. However, sometimes you are required to make decisions on the fly. In these cases, I feel that thinking critically can be a great challenge. Trying to go step by step through you know you have a deadline to make an important decision is somewhat stressful. Decision making can also be much more challenging because in some situations you may over think the possible conclusions and this may hinder your final decision on the argument.Considering that the major difference between a successful person and one that is not successful is that the successful person, over time, tends to make better decisions than the less successful person, I feel that this is true. Successful people tend to make better decisions; that is why they are prosperous in the first place. They seem to have a good strategy in making their decisions that have overseen their success through the realization of opportunities. Successful people can predict the outcome of a decision. They decide with firm understanding of the issue. They do not apply decision-making based on how they feel; instead, they make the decision depending on whether it will lead them to realizing the desired outcome. In addition, they make their decision quickly and change their mind slowly so that an opportunity does not pass them and that leads them to being more successful. Always successful people are experts in making and implementing a decision on a regular basis. A real application of critical thinking is in academic work. One is expected to learn new information in different subjects and reflecting critically on what is learned. Critical thinking can be useful to the analysis of an argument and validity of the information given.

QUESTION 11. Note: Please indicate clearly in your answer text box which part you are answering by stating the Part and Roman numeral before providing your answer.--Part A: ForecastingLambton’s Department Store sells white percale sheets. The demand for the last 6 years, along with the forecasts for the current year calculated using a three-year moving average and exponential smoothing with α = 0.8 is provided below. The Mean Forecast Error (MFE), Mean Absolute Deviation (MAD) and Mean Absolute Percentage Error (MAPE) are shown in the associated table.(i) Which forecast do you recommend for the coming year? Justify your recommendation. (5 marks)--Part B: Inventory ManagementYour preferred forecast is now used for inventory management purposes. The store is open 365 days (52 weeks) per year. Every four weeks the inventory is counted and a new order is placed (that is a T (P) ordering system is used). It takes two weeks for the sheets to be delivered. The standard deviation of demand for the sheets (year and week) and the number currently in stock is given below. Lambton’s wishes to operate with a 5 percent probability of a stock-out during the lead time. Each set of sheets costs Lambton’s $100 and the annual cost of holding inventory is 20 percent. Orders cost $50 each to place. There are no outstanding orders or back-orders.(ii) How many sheets should you order with a four-weekly review period? Justify your recommendation, showing the reorder level M broken down into demand during the lead time and time period, and safety stock. (5 marks)(iii) Should Lambton’s continue with a four-weekly review period for the sheets? If not, what review period do you recommend for the sheets? Justify your answer. (5 marks)(iv) How would Lambton’s sheet ordering policy differ if they adopted a Quantity-based (Q) ordering system? Which system would you recommend? Why? (5 marks)