Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Topic Video
Question

I need help with these problems. please

(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period
moving average. (Round answers to 2 decimal places, e.g. 15.25.)
Month
Actual Values
January
38
February
45
March
40
April
44
May
47
3-Period Moving Average
5-Period Moving Average
(b) What would be the forecast for June using the naïve method? (Round answers to 2 decimal places, e.g. 15.25.)
Forecast for June
(c) If the actual labor figure for June turns out to be 41, what would be the forecast for July using each of these models? (Round
answers to 2 decimal places, e.g. 15.25.)
expand button
Transcribed Image Text:(a) Given the following monthly labor figures, make a forecast for June using a three-period moving average and a five-period moving average. (Round answers to 2 decimal places, e.g. 15.25.) Month Actual Values January 38 February 45 March 40 April 44 May 47 3-Period Moving Average 5-Period Moving Average (b) What would be the forecast for June using the naïve method? (Round answers to 2 decimal places, e.g. 15.25.) Forecast for June (c) If the actual labor figure for June turns out to be 41, what would be the forecast for July using each of these models? (Round answers to 2 decimal places, e.g. 15.25.)
Expert Solution
Check Mark
Step 1

(a) Forecast for June: 

Forecast for June using 3-Period moving average = 47+44+403=43.67

Forecast for June using 5-Period moving average = 47+44+40+45+385=42.80

Therefore forecast for June using 3-Period moving average and using 5-Period moving average is 43.67 and 42.80 respectively. 

Knowledge Booster
Background pattern image
Operations Management
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
Recommended textbooks for you
Text book image
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Text book image
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Text book image
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Text book image
Business in Action
Operations Management
ISBN:9780135198100
Author:BOVEE
Publisher:PEARSON CO
Text book image
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
Text book image
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.