For example, a manager for Wal-Mart may have sufficient secondary data on incomes, family sizes, number of competitors, and growth potential to determine in which of five Iowa towns Wal-Mart wishes to locate its next store. And if traffic counts exist for the selected town, primary data will have to be gathered to select a specific site for the store. True False Which question should be posed in determining the accuracy of secondary data? A. What information was collected? B. What was the purpose of the study? C. Both a & b. D. Neither a nor b.

For example, a manager for Wal-Mart may have sufficient secondary data on incomes, family sizes, number of competitors, and growth potential to determine in which of five Iowa towns Wal-Mart wishes to locate its next store. And if traffic counts exist for the selected town, primary data will have to be gathered to select a specific site for the store. True False Which question should be posed in determining the accuracy of secondary data? A. What information was collected? B. What was the purpose of the study? C. Both a & b. D. Neither a nor b.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter5: Network Models

Section5.5: Shortest Path Models

Problem 31P

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Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?
Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
a. Compute a three-week moving average forecast for the arrival of medical clinic patients in week 4. The numbers of arrivals for the past 3 weeks were as follows: Week Patient Arrivals1 4002 3803 411 b. If the actual number of patient arrivals in week 4 is 415, what is the forecast error for week 4?c. What is the forecast for week 5?
ABC Bank is thinking of opening a new branch in a certain city besides its existing branches due tocustomers’ complaints of long waiting lines and distant of existing branches from them. As an expertin field of banking operations, you were asked to put the criteria of choosing the new location a- If you were asked to choose a mechanism for forecasting the number of transactions per day, what would be the methodology that you will use to decide such forecasting method and what do you think this method may be?
4 Trinity General Hospital had the following number of patient admissions during the past 8 weeksWeek Patient Admissions1 1202 1453 954 1125 1306 1107 1008 140 a. Develop a 3-week weighted average forecast forWeek 4 through 9 with weightsW1 = 0.2W2 = 0.3W3 = 0.5 b. Forecast patient admissions for week 9 using simpleexponential smoothing with α = 0.2. Assume that the forecast for Week 2 (F2) is the naïve forecast.
for the last week, daily high temperatures in st.louis were as follows: 93, 94, 93, 95, 96, 88 and 90. i. calculate the mean absolute deviation based on a 2-day moving average. ii. compute the mean squared error for the 2-day moving average. iii. calculate the mean absolute percent error fort he 2-day moving average.
Problem 7 At Treasure Wine Estates in Napa, CA the Sales and Marketing Department have developed a linear trend equation that can be used to predict sales of its popular wine brands. Ft 90+ 12.5t Where F₁ = Annual sales (000 bottles) t = years A. Are annual sales increasing or decreasing? B. By how much? C. Predict annual sales for year 8 using the equation Note: round your answer
ABC Company manufacture passenger cars for Malaysian customers. The sales volume is shown in Table 1. Table 1: The sales volume Period (Month) Sales Volume of Passenger Cars 1 8000 2 9500 3 7000 4 6500 5 8100 6 8600 7 9000 8 7800 9 7600 a) Based on Table 1, calculate forecast volume using and 5 periods-moving average. b) Based on Table 1, calculate forecast volume using exponential smoothing with α = 0.6. c) Evaluate which forecasting method is better between 5 periods- moving average and exponential smoothing with α = 0.6.
The Hartley-Davis motorcycle dealer in the Minneapolis– St. Paul area wants to be able to forecast accurately the de-mand for the Roadhog Super motorcycle during the next month. From sales records, the dealer has accumulated thedata in the following table for the past year. a. Compute a three-month moving average forecast ofdemand for April through January (of the next year).b. Compute a five-month moving average forecast forJune through January.c. Compare the two forecasts computed in parts (a) and(b) using MAD. Which one should the dealer use forJanuary of the next year? Month Motorcycle SalesJanuary 9February 7March 10April 8May 7June 12July 10August 11September 12October 10November 14December 16
Forecasting Ticket Revenue for Orlando Magic Basketball Games For its first two decades of existence, the NBA’s Orlando Magic basketball team set seat prices for its 41- game home schedule the same for each game. If a lower-deck seat sold for $150, that was the price charged, regardless of the opponent, day of the week, or time of the season. If an upper-deck seat sold for $10 in the first game of the year, it likewise sold for $10 for every game. But when Anthony Perez, director of business strategy, finished his MBA at the University of Florida, he developed a valuable database of ticket sales. Analysis of the data led him to build a forecasting model he hoped would increase ticket revenue. Perez hypothesized that selling a ticket for similar seats should differ based on demand. Studying individual sales of Magic tickets on the open Stub Hub marketplace during the prior season. Perez determined the additional potential sales revenue the Magic could have made had they charged prices…
2. A major airline uses an airport in a large city as a hub for its connecting flights. Each day the airline faces a number of claims from its passengers who lost their baggage. The number of lost baggage claims in the last 14 days have been 67, 25, 57, 58, 35, 29, 77, 44, 38, 36, 23, 69, 53, and 45 a. Use moving average method with N = 3 to forecast the expected number of claims for tomorrow. b. Use exponential smoothing method with parameter α = 0.7 to forecast the number of lost baggage claims that the airline should expect in the next 2 days. c. If the criterion for accuracy is the mean squared error (MSE), which of the forecasting methods in parts (a) and (b) are preferred? d. If you become in charge of providing forecasts for the number of claims in the next 2 days using exponential smoothing method, what would be your point and 90-percent prediction interval forecasts for the number of claims in each of the next 2 days? Use MSE as your evaluation criterion.
Give typed answer Question: Use an exponential smoothing model with a =.4 to forecast issues remediated for periods 6-10. (Assume a beginning forecast of 320 for period 5). 1. Forecast Period 6 (August) : ? 2. Forecast Period 7 (September) : ? 3. Forecast Period 8 (October) : ? 4. Forecast Period 9 (November) : ? 5. Forecast Period 10 (December) : ?