Answered: Demand for products or services can be…

Business

Operations Management

Demand for products or services can be broken down into how many components and explain the components?

Purchasing and Supply Chain Management

6th Edition

ISBN:9781285869681

Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Chapter2: The Purchasing Process

Section: Chapter Questions

Problem 1GPE

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Question

Demand for products or services can be broken down into how many components and explain the components?

Expert Solution

Step 1

Demand for goods and services can be broken down into six components. These six components are as follows.

1) The average demand for the period

2) A trend

3) Seasonal elements

4) Cyclical elements

5) Random variations

6) Autocorrelation

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