Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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- What are some of the consequences of poor forecasts? Explain.arrow_forwardHow does the number of periods in a moving average affect the responsiveness of the forecast?arrow_forwardThe following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 8 8 4 9 12 7 11 14 9 13 8 Part 2 Using exponential smoothing with α = 0.50 and a forecast for year 1 of 7.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). Year 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 7.0 enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response herearrow_forward
- Prepare a graph of the monthly forecasts and average forecast demand for Chicago Paint Corp., a manufacturer of specialized paint for artists. Compute the demand per day for each month (round your responses to one decimal place). Month January February March April May June July August September October November December Choose the correct graph of the forecast demands below. OA Production Days 2222222222 23 19 20 21 20 23 21 20 19 Demand Forecast 950 1,050 1,250 1,350 1,300 1,300 1,250 1,150 1,050 1,000 1,000 950 Demand per Day 325arrow_forwardFor the data below, answer the following four questions: Period Demand 1 58 2 59 3 60 4 61 What would be the simple moving average forecast for the 5th period? 68.2 58 60.7 59.5 61arrow_forwardCan you either overestimate or underestimate the actual sales number for a poor forecast?arrow_forward
- Explain the steps consists of Collaborative planning, forecasting, and replenishment (CPFR)?arrow_forwardExplain FORECAST ACCURACY?arrow_forwardSales of Bluetooth Headphones at the Abdulla Electronics Enterprises in Model Town, India, over the past 4 months have been 100, 110, 120, and 130 units (with 130 being the most recent sales). Develop a moving-average forecast for next month, using following techniques: a) 3-month moving average. b) 4-month moving average. c) Weighted 4-month moving average with the most recent month weighted 4, the preceding month 3, then 2, and the oldest month weighted 1. d) If next month’s sales turn out to be 140 units, forecast the following month’s sales (months) using a 4-month moving average.arrow_forward
- What is Use a naive method to make a forecast?arrow_forwardThe following table shows the actual demand observed over the last 11 years: Year 1 2 3 4 5 6 7 8 9 10 11 Demand 6 8 4 9 13 8 11 14 9 13 7 Part 2 Using exponential smoothing with α = 0.40 and a forecast for year 1 of 5.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). Year 1 2 3 4 5 6 7 8 9 10 11 12 Forecast 5.0 enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response here enter your response herearrow_forwardOutline the steps in the forecasting process.arrow_forward
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