Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Question
In the demand
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- The following table shows the actual demand observed over the last 11 years: Year Demand 1 7 Year Forecast 2 8 2 3 4 3 4 10 4 Using exponential smoothing with a = 0.30 and a forecast for year 1 of 6.0, provide the forecast from periods 2 through 12 (round your responses to one decimal place). 3 2 4 5 6 T 8 9 Year 1 Forecast 6.0 Provide the forecast from periods 2 through 12 using the naive approach (enter your responses as whole numbers) 5 12 5 6 7 6 7 8 11 14 7 8 9 10 9 10 10 10 13 11 11 11 8 12 12arrow_forwardAmong these trend patterns, within the projection methods, choose the one that is most common when analyzing demand, and why?-Secular trend -Seasonal variation -Cyclical fluctuations -Irregular movementsarrow_forwardData collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: Year -1 2 Registrations (000) 5.0 5.0 Year Forecast 4 4.3 This exercise contains only parts a and b. a) Using a 3-year moving average, the forecasted registrations (in thousands) for years 4 through 12 are (round your responses to one decimal place): 5 4.6 4 3 3.0 5 6 6.6 7 8 4 5 6 9 10 6.0 11.0 9.0 7.0 9.0 13.0 16.0 6 7 8.7 8 9 7 9 8.3 b) Using a 3-year weighted moving average in which the registrations in the most recent year are given a weight of 2, and registrations in the other 2 years are each given a weight of 1, the forecasted registrations (in thousands) for years 4 through 12 are (round your responses to one decimal place): Year Forecast 8 10 9.6 9 11 12.6 10 12 15.3 11 11 17.0 12arrow_forward
- Amalgamated Products which produces chemical materials has the following demand pattern for one of its key products. Weekly demand data is show below: Week Demand 1 1000 2 1250 3 800 4 1900 5 1640 6 2200 7 1870 8 2670 9 3210 10 2850 11 2200 12 2980 13 3790 14 4210 15 4716 Apply the Holt’s Model in forecasting the demand for period 16 What are the optimal values for alpha and beta if the decision-maker wishes to restrict both values to be between 0.25 and 0.65 What is the value of the minimized error term in this context? Show all related EXCEL plotsB Note: Include all EXCEL regression output and any plotsarrow_forwardProblem 18-3 (Algo) Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec. Last year This year JAN 150 170 FEB MAR 170 190 190 APR MAY 235 225 175 245 270 Forecast for the third quarter JUN 250 215 SEP 175 AUG JUL 195 185 OCT 250 ▸ NOV DEC 275 295arrow_forwardA forecast for the first six months of the year revealed a tendency to underpredict the actual demand for the revitalized Hubig’s Pies plant in the Marigny. Month Actual Forecast January 675 600 February 720 700 March 640 620 April 510 495 May 480 410 June 565 535 What is the mean squared error of this forecast? a. 1,694 b. 1,873 c. 2,075 d. 1,469arrow_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_forwardAssume Sandra's forecasted ADR for the night is $1600.99. What would be her estimated total room revenue for this day? ADR = Total room revenue / Number of rooms soldarrow_forwardThe K&R Camera shop sells all the latest cameras and accessories. To meet customer demand, the manager must forecast demand for items she sells. Lately the XR-42S zoom lens has been very popular. Recent monthly demand for this item has been as shown: Number of Lenses Month Sold 1 12 17 2 3 4 15 20 18 23 6.arrow_forward
- The demand data for Double T Computer Services appears below. The company wants you to forecast the demand for period 4. What is your forecast using the least squares method? Period Demand 1 37 2 40 3 40arrow_forwardPlot these forecasts AND the original demand data on graph paper or spreadsheet. Use a key to distinguish among your three lines. Please use the graph in the attached picture for the answer.arrow_forwardGiven an actual demand this period of 90, a forecast for this period of 58, and an alpha of 0.2, what would the forecast for the next period be using exponential smoothing?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill EducationOperations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education
- Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage LearningProduction and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.