Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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If Mr. Ishaq is the Director of Lexus Company in Nizwa, what does he need to do to predict customer sales or product demand?
a.
Forecasting
b.
Marketing
c.
Production
d.
Coordination
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- what are the differences between the following models? 1) Moving average models 2) Simple exponential smoothing 3) Holt's exponential smoothing 4) Winter's exponential smoothing 5) The Bass model In your answer, write down the equation for each model. What does each variable mean? Finally, why would I use one model as opposed to the others? For example, the Bass Model is used to forecast the adoption rate for new innovations, or sigmoid shaped growth.arrow_forwardList and describe the differences between forecasts and predictions?arrow_forwardWhich OPSCM maco designs / operations models / manufacturing environments use a forecast to plan for fulfillment of demand? Select one: A. MTO & ETO B. MTO & MTS C. CTO & MTS D. ETO & MTS E. All of them use forecasts. Clear my choicearrow_forward
- A forecaster is assessing two different models for demand. The output from each model and the actual demand data appears in the table. Use MAD to compare the two models. Which model does a better job of forecasting? Demand Model 1 52 52 54 56 60 56 58 58 52 57 53 57 Model 2 21 55 54.7 51.9 54.5 52.0 53.8 55.8 59.6 56.4 52 53.5 53.5 55.5 56.5 57.5 57.8 58.0 58.0 56.0 52.6 56.3 56.6 55.0 53.4 O Model 2 is 9% better O Model 1 is 8% better O Model 2 is 15% better O Model 1 is 5% betterarrow_forward2. Calculate the forecasted sales revenue for May using the following data. Month Sales RevenueJanuary $ 11,000February $ 12,000March $ 14,000April $ 15,000 A. Use a 4-month weighted average to calculate forecasted May sales where the weights of the various months are as follows: January – 10%February – 20%March- 30%April- 40%arrow_forwardDo not use chatgpt. Answer in step by step with explanation.arrow_forward
- Which of the following is important if forecasting is to have the desired positive effect on decisions? A. Communication between forecast staff and managment B. Ranges of forecast are reported to managment C. Forecast combination is examined D Forecast presentations should not be overly technical unless managment desires E All of the above Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardAn example of the Quantitative Method of forecasting is O Multiple Regression Market Research O the Delphi Methode O Jury of Executive Opinionarrow_forward. Suppose that you are working as an analyst. Your task is to value company XYZ based on financial data available for this company. Discuss how you would go about doing this using themultiple growth rate Gordon growth model. Critically evaluate your approach by discussing any assumptions you make (about forecasts, discount rate etc.). What data is needed to value XYZ?arrow_forward
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