Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 670 Jun 652 Jul ??? Using a 2 month weighted moving average with weights of 80% for the previous month and 20% for two months back, what is the forecast for July. Round your answer to 1 decimal place. ??? 400 —— --
Q: When several processes are taking place at once, how does the capacity analysis respond?
A: Capacity analysis react when many processes are running in parallel People who work in production…
Q: The following information pertains to Material 001 used by XYZ Company Annual usage in units…
A: Reorder point is used for company for holding extra stock for for future emergence. It is calculate…
Q: If the time standard is 0.7293 minutes per unit per machine. productivity is expected to be 85%, and…
A: Productivity refers to the ratio of output to the input in any process.
Q: Semiconductor wafers are made in a set of machines in a company. Part A is a classic one, while part…
A: Operation On Machine Fraction scrap Part A 1 M1 0.05 2 M2 0.10 3 M3 0.15 Part B 1 M1 0.20…
Q: How do supply chain management, customer relationship management, and transaction processing…
A: Supply chain management is defined as a set of approaches utilized to integrate suppliers,…
Q: Write a short essay that explains how the balanced scorecard is different to the traditional ways of…
A: Balanced scorecard can be broadly defined as a performance management and strategic tool that is…
Q: A company has prepared a design for a new product which it can either sale for K100 000 or develop…
A: The given case is about selecting the course of action from available alternatives. The company has…
Q: Write the algebraic formulation of the problem. Decision Variables: b. Solve using Excel solver to…
A: Linear programming is a mathematical technique that is also used in operations management…
Q: Norfolk, Virginia, a major seaport on the East Coast, has a ship coal-loading facility. Currently,…
A: From the above given information, Arrival rate, λ =142 per day It takes 8 minutes per truck to serve…
Q: project scheduling, the critical route approach is crucial, but what does it really do?
A: Critical path is the longest path on a project network diagram. In critical route approach, the…
Q: A linear programming computer package is needed. The Westchester Chamber of Commerce periodically…
A: Objective Functions and Constraints: Based on the given details, the objective…
Q: Determine whether software for project management may assist in the effective management of project…
A: Project management software can be broadly defined as a software that is employed for planning,…
Q: 5.18 Back schedule the following shop order. All times are given in days. Move time between…
A: For back scheduling : Finish date = Arrival date - (Wait time + Move time) Arrival date = Finish…
Q: Given the following data, use least-squares regression to develop a relation between the number of…
A: Using the least squares method, the equation of regression can be written as, y^ =b0+b1x where, y^ =…
Q: please answer within 30 minutes.
A: The network diagram can be of two types: AOA and AON.
Q: Lori Cook has developed the following forecasting model: where y demand for Kool Air conditioners…
A: Regression is a statistical technique used in the fields of finance, investing, and other…
Q: The specifications for a gasket that installs between two engine parts calls for a thickness of 6.0…
A: Given data: Specification = 6.00 mm ± 0.20mm Standard Deviation (σ) = 0.05mm Mean thickness…
Q: 1. From the following table, draw the precedence network, calculations, and complete the table…
A: Precedence Network is said to be the graphical presentation of all the activities that are…
Q: 28. Which two of the following are perspectives from the balanced scorecard performance measurement…
A: 28. Balanced score card can be broadly defined as a metric which would help various organizations to…
Q: Describe the importance of control over inventory ?
A: NOTE: We are allowed to do the first question only. Inventory management is all about calculating…
Q: Talk about the value of project scheduling and the challenges it presents. Talk about, describe, and…
A: Project scheduling is an essential part of any project. It is the process of planning, organizing,…
Q: What is the best testing technique for any ERP system?
A: ERP System:- Enterprise resource planning (ERP) is the integrated administration of important…
Q: Q): Calculate EOQ where as Annual demand is 2543570 units Ordering cost per order is 78, Inventory…
A: Annual Demand = D = 2543570 units Ordering Cost per order = S = 78 Inventory carrying cost per unit…
Q: Find solution using simplex method. Maximize z = 4x₁ + 3x₂ Subject to the constraints 2x₁ + x₂ ≤…
A: Linear Programming is a mathematical and statistical technique used in operations that help…
Q: Mention three procedures for establishing a retention schedule.
A: The effective, as well as organized control of an organization's information and critical papers, is…
Q: Explain how the capacity analysis reacts when several processes are running simultaneously
A: Capacity analysis is a method of analyzing the needs of a system. It is used to determine how much…
Q: Supplier relationship management is becoming more important and firms are creating long term…
A: Supplier relationship management is described as firms taking the initiative to build a relationship…
Q: Justify the need for a skilled project manager for challenging work.
A: Management of the project's timeline, resources, and budget all fall within the purview of the…
Q: Direction: Solve the LP models using Graphical Solution. A dietitian has been asked by the athletic…
A: Linear programming is a mathematical technique that is also used in operations management…
Q: a. The profit using Operation 1 is $ 4,237 per day. (Round to the nearest dollar.) The profit using…
A: Given Operation 1: Products in one hour = 1600 Adjustment time = 10.mins Cost of machine operator =…
Q: Note: Use the following format for all your MRP matrices: Gross requirements Scheduled receipts…
A: Find the Given details below: Period 0 1 2 3 4 5 Gross Requirements 30 50 20 10 4
Q: A Project ACTIVITY 2-3 has 3-5 4-5 4-6 5-7 6-7 7-8 7-9 8-10 9-10 the Construct find the find the…
A: A network diagram is a visual representation which helps to calculate the project duration and…
Q: Prepare the scatter diagram and insert the trendline or line of best-fit. Use a scale of 2 cm to…
A: The scatter diagram is a graphical representation of the relationship between two variables. A…
Q: Select the best answer for the question. 4. A supply chain consulting firm offers by its nature OA.…
A: Supply chain consulting firms offer advice to businesses on how to improve their supply chains. They…
Q: In an assembly process involving six distinct operations, it is necessary to produce 275 units per…
A: Bottleneck operation is the one which takes maximum time to process 1 unit in a given time. The…
Q: Prior to starting a project at work: A. Take time to de-stress B. Get organized C. Seek the advice…
A: Note- Hi! Thank you for the question As per the honour code, We’ll answer the first question since…
Q: Webster Chemical Company produces mastics and caulking for the construction industry. The product is…
A: A control chart is a statistical tool which helps to identify the process controllability using…
Q: A. During quantitive research the researcher collects documents and numerical data to address…
A: Comparative study, which gathers and examines non-numerical data, is known as quantitative research…
Q: Formulate a linear program using LP Model Formulation. Miguel hauls mangoes between Manila mango…
A: Linear programming is a mathematical technique that is also used in operations management…
Q: Explain how the capacity analysis reacts when several processes are running simultaneously.
A: The capacity analysis is a tool that can be used to calculate the maximum throughput of a system. It…
Q: It takes a lawyer 119 minutes to serve one customer. Demand is 2 customers per 8-hour day. The…
A: Cost of labor is total earning of the employees who take on exchange of service to customers.…
Q: O A.2 B. 3 G. 2 C, 1 D. 3 H. 5 E, 4 F. 3 I, 3 C Given the diagram above, please answer the…
A: Note: - As we can answer up to three subparts, we will answer the first three (1, 2, and 3) here. If…
Q: Which of the following consists of real-time collaborative technology capabilities that enable…
A: In order to achieve supply chain excellence, there are four enablers. These enablers are capable…
Q: Give an explanation of risk management ideas.
A: A risk management strategy is a planned method of tackling hazards that may be applied to businesses…
Q: Your answer will be the revenue generated (The number of nailers must be a whole number.)
A: Linear programming is a mathematical technique that is also used in operations management…
Q: Coordination is a process to achieve unity of action. In light of this statement discuss the…
A: Coordination is simply the sync between different employees and groups to work together in harmony…
Q: Identify the two ways for reducing product costs to a predetermined level. Which is more widespread…
A: Two ways for reducing product cost: Obviously, the objective of costing approaches is to eliminate…
Q: 2. A food factory makes three types of cereals, A, B and C, from a mix of several ingredients:…
A: Decision Variable: Suppose- xij≥0 be the no. of kg of ingredient i, (where i = Oates, Apricots,…
Q: How are Cp and Cpk calculated and process capabilities explained?
A: Process capability is defined as the spread of a process. Let us consider, σ =standard deviation of…
Q: When a variety of processes are active at once, how does the capacity analysis react?
A: Capacity analysis is a process that determines the level of demand for a product or service. It can…
Step by step
Solved in 3 steps
- Under what conditions might a firm use multiple forecasting methods?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
- The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?
- Given the following original forecast and actual data: Month Actual Forecast Jan 600 Feb 475 Mar 550 Apr 575 May 643 Jun 662 Jul ??? ??? Using a 2 month weighted moving average with weights of 75% for the previous month and 25% for two months back, what is the forecast for July. Round your answer to 1 decimal place. 400 -- —— ——Given the following original forecast and actual data: Month Actual Forecast Jan Feb Mar Apr May Jun Jul 600 475 550 575 688 649 ??? 400 —— 1 ??? Using exponential smoothing with a - = 0.64, what is the forecast for July. Round your answer to 2 decimal places.Given the data... Month Actual Jan 600 Feb 475 Mar 550 Apr 575 May 688 Jun 649 Jul ??? Forecast 400 —— -- ??? Calculate the MAD (Mean Absolute Deviation) for March - June for your exponential smoothing forecast with a = 0.64. Round your answer to 2 decimal places.
- 7. Using both time series methods of forecasting, predict the number of meals that should be prepared for the next Monday. The forecast for the most recent Monday was 367 and for the most recent Friday was 354. a=0.3 Show your calculations DAY Monday Tuesday Wednesday Thursday Friday WEEK 1 360 372 375 358 333 WEEK 2 375 381 373 368 377 WEEK 3 367 376 378 360 353 WEEK 4 373 380 376 363 370Here are the data for the past 21 months for actual sales of a particular product: LAST YEAR THIS YEAR January 315 February 418 March 390 April 430 May 400 [ June 480 July 430 August 320 September 385 October 530 November 592 555 December 300 400 350 460 390 395 355 245 340 Develop a forecast for the fourth quarter using a three-quarter, weighted moving average. Weight the most recent quarter 0.50, the second most recent 0.25, and the third 0.25. Do the problem using quarters, as opposed to forecasting separate months. (Round your answer to 2 decimal places.) Forecast for the fourth quarterYou have the following data: Actual Forecast 1 50 50 2 46 3 52 4 51 5 48 6 45 7 52 8 46 9 51 10 48 Compute the forecast using exponential smoothing with Using MSE, which of the above gives the best forecast of "Actual"? A) 0.8 B) 0.6 C) 0.4 D) 0.1 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.