Construct a plan that holds employment steady (level strategy) by producing the average forecast for all four quarters (enter your responses as whole numbers). 2 Quarter 2 3 Forecast 1,900 1,200 1,600 800 Level Plan Ending Hire Production Inventory Shortage (Units) 1,300 1,375 1375 1375 1375 0 0 0 525 350 575 0 not including normal time labor costs, for this level plan is S 75 0 0 0 Layoff (Units) 0000 (enter your response as a
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- Which would result in a positive budget forecasting error? 1. Overlooking a source of investment income II. Not taking into account an expense paid once а year II. Switching to a less costly gym v. Underestimating annual car expenses V. Overestimating expected capital gains1. Explain clearly the differences between forecasting and budgeting. 2. Define the following terms: i. Single-loop feedback. ii. Double-loop Feedback.According to a survey by Accountemps, 48% of executives believe that employees are most productive on Tuesdays. Suppose 220 executives are randomly surveyed. Appendix A Statistical Tables a. What is the probability that fewer than 99 of the executives believe employees are most productive on Tuesdays?b. What is the probability that more than 110 of the executives believe employees are most productive on Tuesdays?c. What is the probability that more than 88 of the executives believe employees are most productive on Tuesdays?
- Given the following data, use exponential smoothing (a=0.20) to develop a demand forecast. Assume the forecast for the initial period is 6. Period Demand Period Forecast 2 2 1 3 7 9 8 The exponential smoothing forecast is (round your responses to two decimal places): 1 5 6 6.00 2 3 4 8 4 5 13 6 s D 6 7The table below shows the sales of widgets (in units) over the past 5 years. Using exponential smoothing with a smoothing constant of 0.2, what is the forecast for next year? The initial forecast (for 5 years ago) was 1,200 units. Forecast: Time Sales 5 years ago 1,140 4 years ago 1,220 3 years ago 1,450 2 years ago 1,090 Last year 1,150 (Do not round intermediate calculations, round your final answer to the nearest whole number.)Forecasted Statements and Ratios Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Upton's balance sheet as of December 31, 2019, is shown here (millions of dollars): Cash $ 3.5 Accounts payable $ 9.0 Receivables 26.0 Notes payable 18.0 Inventories 58.0 Line of credit 0 Total current assets $ 87.5 Accruals 8.5 Net fixed assets 35.0 Total current liabilities $ 35.5 Mortgage loan 6.0 Common stock 15.0 Retained earnings 66.0 Total assets $122.5 Total liabilities and equity $122.5 Sales for 2019 were $275 million and net income for the year was $8.25 million, so the firm's profit margin was 3.0%. Upton paid dividends of $3.3 million to common stockholders, so its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios,…
- ABC Manufacturing Co. has just observed a job in its laboratory in anticipation of releasing the job to the factory for production. The firm wants rather a good accuracy for costing and labor forecasting. Specifically, it wants to provide a 99% confidence level and a cycle time that is within 2% of the true value. Observation Time 1 1.8 2 1.6 3 1.5 4 1.4 5 1.5 6 1.515 of 29 As manager of a retail outlet readying for an uncertain Christmas season, you're not sure how many extra staff to hire and you must pre-commit (decide before knowing busyness). What is the most you would be wiling to pay for a perfect forecast of season busyness? (Choose the closest maximum price). Season Quiet (50% Eke hood) Busy (50% fikelihood) Low staff levels High staff levels $15,000 $10.000 $22,000 $54.000 OA $2500 OB. $2100 OC. $2300 OD. $1900 lUnsureWith no historical data to make prediction of future labour needs, which forecasting methods would you use? a. Multiple regression and Delphi technique b. Unit method and linear programming c. Best- and worst-case scenarios and bottom up d. Top down and learning curve analysis
- Demand forecasting is the art and science of predicting future market demand.Select one:a. Trueb. FalseExplain basic concepts of forecasting and time series. Explain the concept of capacity. Describe how to compute and use capacity measures. Describe long-term capacity expansion strategies. Describe short-term capacity adjustment strategies.Hello, I hope you can help me with this. answer the following question and no copy paste allowed. 1. Discuss the importance of Forecasting in Operations Management. 2. Identify one method that is used in forecasting and explain how it is applied. 3. In planning the capacity, what are the factors that you have to be considered. From the three questions, what can you conclude?