Consider the following product structure diagram, representing a bill of materials required to assemble some finished good A: M AA BB Cc DD EE FF (Items A through FF have been sketched as circles for convenience, but represent the same information as a product structure diagram sketched with squares, or any other shapes.) Please answer the following questions, based on this information. a. Who is the parent of item N? b. Who are the children of item B? c. List all raw material items. d. Item S belongs to what level? e. Suppose you have absolutely no inventory on hand, but you want to assemble one unit of finished good A. The lead time associated with each and every item pictured in the product structure is exactly 1 week. How long would it take you to complete the one unit of A?

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.