The moving average forecast method should only be used with time series data demonstrating a linear trend. Question 17 options: True False
Q: A major benefit of contingency planning is for a strategic leader and/or manager to be in a position…
A: A contingency plan can be stated as the course of action or approach framed or designed to help a…
Q: The LP model and output below represent a problem whose solution will tell a specialty retailer how…
A: Objective Functions and Constraints: Based on the given details, the objective…
Q: A part is demanded at the rate of 430 per week. The part is purchased from a supplier in Asia, and…
A: Given data Service level = 90% The z value of 90% service level will be calculated by the…
Q: QUESTION 3 a. Delightful Coffee Limited (DCLL) purchases coffee from Hopeful Harvest Plantations…
A: Annual demand, d= 4500 units Ordering cost, o =$50 Holding cost percentage = 20% 1. For less than 45…
Q: A Chef bakes and decorates cakes in a two-stage process. The cakes are baked and once cooled they…
A: Given data
Q: Sleek Sdn. Bhd. is planning on introducing 2 new stool designs (Deni & Arni) for their 2022…
A:
Q: Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the…
A: The expenses spent to set up a machine for a production run are referred to as Setup costs. This…
Q: 2. Sugarco can manufacture three types of candy bar. Each candy bar consists totally of sugar and…
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Is there an answer for D and E?
A: Average cost of an order indicating the sum of labor divided by number of order plus additional…
Q: Define project management and with examples, explain why it is claimed that project management is…
A: The objective of project management is to manage and organize a project such that its stated goals…
Q: Inventory items that belong in the A category include ________.
A: The ABC analysis is the technique of inventory management that is used to identify the value of…
Q: Explain, in some detail, the significance of the phrase "Science X Art" as it relates to the attempt…
A: The phrase here can be read as "Science and Art". This phrase signifies the nature of the work to be…
Q: Determine whether project management software might help you better manage project costs.
A: Project management This can be defined as a scientific approach to managing the projects for an…
Q: 1. Explain and present an example of how decision analysis can be used in determining optimal…
A: Decision analysis is primarily used to develop optimal strategy when the decision making team is…
Q: Grab-a-Bite, a food delivery business, targets an average delivery time of 30 minutes for each order…
A: Given data: The average delivery time=30 minutes, The number of orders delivered on average=200…
Q: Refer to the table given to answer the following question: 1. Which PERT diagram best represents the…
A: Given data is
Q: 5. The Swanky Hotel provides room service for its guests. The process for room service begins with a…
A: From the given information, the process diagram will be as follows.
Q: Forecast the student’s GPA for the fall semester of her senior year by using a three-period moving…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Q: Joe Henry's machine shop uses 2,490 brackets during the course of a year. These brackets are…
A: Economic order quantity is a formula used by businesses to determine the ideal order amount in an…
Q: A). A crew of mechanics at the Highway Department Garage repair vehicles that break down at an…
A: A) From the above given information, Service cost per day, Cs =$300 Lost productivity cost,…
Q: benefit of ultilising indoors space management
A: Space management is the practise of controlling & managing the various physical workspaces a…
Q: A local nursery, Greens, uses 1,780 bags of plant food annually. Greens works 52 weeks per year. It…
A: Given data, The annual usage=1780 bags This local nursery works 52 weeks per year, The cost to…
Q: What is the role of quality unit in a pharmaceutical industry? Explain the quality systems? Please…
A: Quality unit:- An organisational unit that handles both Quality Assurance and Quality Control duties…
Q: The economic purchase lot is an important tool for companies that want to minimize the total cost of…
A: Economic purchase lot or economic order quantity is a mathematical concept used in operations to…
Q: has the global economy affected the importance of cost estimation and cost cont
A: Economic, social, commercial, financial and communication interconnection across the world's bonders…
Q: Examine why project scope creep can yield a positive impact on a project
A: Scope creep is described as the alteration in the outcome of a project and it includes additional…
Q: C. Calculate the slack for each activity. (Enter your responses as integers.) Activity ABCDE Slack…
A: Slack time is the available free time for adjust the starting and ending of an activity which does…
Q: If total available metal decreases by 1500 oz, the profit will be Unknown 6500 8000 9500
A: Objective Functions: Based on the given details, the Profit is Objective Function:…
Q: Formulate the problem as a linear programming model.
A: Linear programming is a mathematical technique that is also used in operations management…
Q: Contingency plans are alternative plans that can be put into effect if certain key events do not…
A: Contingency plans are the alternative plans that are used in case a foreseen risk event would occur.…
Q: The following Table 1 (below) contains a list of activities, with precedence requirements and crash…
A: Find the Given details below: Activity Predecessors Normal Time (NT) (Days) Normal cost (NC) ($)…
Q: please answer in 30 mins. answer only if 100% sure.
A: Given data
Q: Complete the forecasting worksheets for: Naïve Average Moving Average Weighted Moving Average using…
A: Weighted Moving Average using the weights of .8, .15, and .05 ExponA use an alpha level of .75ExponB…
Q: What is the relation between Quality Assurance (QA), Quality Control (QC) and GMP
A: As per FDA a drug is defined as adulterated if the methodologies utilized in its production/…
Q: Abstract Mart is an application that allows artists to showcase their work and leverage the platform…
A: A problem sorting process and removing the risk may helps the Abstract Mart to avoid the bankrupt.…
Q: What are some instances of how project management and software project management are dissimilar?
A: Project management for software differs significantly from conventional project management in a few…
Q: Why forecasting is vital to operation management?
A: Concept Introduction In operations and supply chain management, forecasting is the first and most…
Q: please answer ASAP Table 1 Activity Immediate Predecessor Time (day) ES EF LS LF A - 2…
A: A network diagram is a visual representation of a project which helps to identify the activity…
Q: Suppose you are a project manager of a power plant project and there is a penalty in your contract…
A: Find the Given details below: Given details: Sub Contractor A Sub Contractor B Bids…
Q: You want to determine the control lines for a "p" chart for quality control purposes. If the total…
A: Answer = 0.04841
Q: Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the…
A: Number of days(N) = 305 Setup labor cost = 60 Annual holding cost(H) = 19 Production(p) = 1040…
Q: mon forecasting techniques.
A: It is possible to describe forecasting as a method of making predictions about the future based on…
Q: (a) What choice should be made by the optimistic decision maker? (b) What choice should be made by…
A: As per Bartleby guidelines, we can only solve the first three subparts of one question at a…
Q: Consider a firm planning to start a new venture of manufacturing area. Define the role of project…
A: Project management is the management in which different kinds of skills and knowledge are used to…
Q: The materials handling manager of a manufacturing company is trying to forecast the cost of…
A: Given data is
Q: What are Unilever's challenges, barriers, and successes in dealing with this low-carbon operation?
A: low-carbon:- The term "low carbon" refers to a decrease in carbon dioxide as well as other GHGs…
Q: Use the transportation model to develop the minimum cost production schedule for the products and…
A: The transportation model is used to calculate the minimum cost of the route by selecting different…
Q: How much slack or suplus is in constraint B?
A: Linear programming is a mathematical technique that is also used in operations management…
Q: Maggie Moylan Motorcycle Corp. uses kanbans to support its transmission assembly line. Determine the…
A: Setup cost(S) = $20 Annual holding cost(H) = $400 Daily production (p) = 300 Annual Demand (D) =…
Q: Rank the three factors that are critical to productivity improvement (labor, capital, management) in…
A: Productivity improvement relates to improving the output in an hour. In other words, when…
The moving average
Question 17 options:
True | |
False |
Step by step
Solved in 2 steps
- Under what conditions might a firm use multiple forecasting methods?Question 3: Jane is trying to forecast demand for her store, using moving average with n=2, Fill in the missing cells with correct values and find average error for first quarter and second quarter of year 2000 E Enroll- Year Quarter ment Forecast Error Abs Error 1997 313 3. 2 285 4 3 312 5. 4 339 6. 1998 1 359 7 320 356 385 6. 10 1999 396 367 11 397 12 423 13 14 2000 1 15 2000 3412M4If the forecasted value of the time series variable for one period is 28.5 and the actual value observed for the same period is 32, what is the forecast error for that period? Question 19 options: 3.5 2 -3.5 4
- Question 7 Delphi method is used for judgmental forecast True FalseQ1) Forecasting is both art and science. Describe the situations where we use Qualitative forecasting techniques and quantitative forecasting techniquesQUESTION 2:The manager of YTL Computers wants to develop next year’s quarterly forecasts of salesrevenue for its brand laptops. The sales are seasonal and the company believes that thefollowing most recent eight quarters of sales should be representative of next year’ssales: Year Quarter Sales (millions of dollars) 1 1 9.2 1 2 5.4 1 3 4.3 1 4 14.1 2 1 10.3 2 2 6.4 2 3 5.4 2 4 16.0 Determine the forecast of next year’s quarterly sales revenue for this line of laptops.Show all your workings.
- Question Three: Jane is trying to forecast demand for her store, using moving average with n=2, Fill in the missing cells with correct values and find average error for first quarter and second quarter of year 2000 A B D E F Enroll- Abs Error Year 1997 Quarter 1 Forecast Error ment 313 285 312 339 4. 3 4 1998 1 359 7 2 320 8 3 356 9. 4 385 10 1999 1 396 11 2 367 12 3 397 13 4 423 14 2000 1 15 2000 2 123 5Question 03 Suppose you sell stylish leather bags targeting young office going people who can use your bags to carry laptops and necessary stuff. You have already launched leather bags in February of this year and now based on the demand results of last 7 months, you want to predict the demand for your bags for the month of September. Hence, you want to select the right forecasting techniques and you are considering 2 period Moving Average, Naive technique and Exponential Smoothing (use any value between .10 - .15 as the value of alpha). Now figure out the better forecasting technique among 2 period Moving Average, Naive technique and Exponential Smoothing by doing the error calculation with the help of MAD, MSE, MAPE. Period Demand 2period Moving Average (Demand forecast) Naive technique (Demand forecast) Exponential Smoothing (Demand forecast) February 70 75 ** ** March 74 78 ** ** April 80 ** ** ** May 88 ** ** ** June…QUESTION 2 The number of patients coming to the Healthy Start Maternity clinic has been increasing steadilyover the past eight months. You are provided with some historical data as follows: Month Clinic attendance (in thousands)1 3.42 3.93 4.54 5.05 5.86 5.97 6.58 6.7 a. Identify and give a brief explanation of the:-i. Dependent variableii. Independent variable b. Use simple linear regression to forecast annual demand for months 9 and 10 by using thetabular method to:-i. Derive the values for the intercept and slope. ii. Derive the linear regression equation. iii. Plot the linear regression line. iv. Develop a forecast of the clinic attendance for months 9 and 10.
- Question 1 One use of short-range forecasts is to determine planning for new products. A) True B) False Question 2 Individual product forecasts are more accurate than Product family and aggregated forecasts. (A) True B) FalseQuestion DEMAND FOR FERTILIZER YEAR (1,000S OF BAGS) 1 4 2 6 3 4 4 5 5 10 6 8 7 7 8 9 9 12 10 14 11 15 Data collected on the yearly demand for 50-pound bags of fertilizer at Wallace Garden Supply are shown in the following table: Develop a trend line for the demand for fertilizer using any computer software. For these three forecasts, 3-year moving average, a weighted moving average, and a trend line, which one would you use? Explain your answer. Use exponential smoothing with a smoothing constant of 0.3 to forecast the demand for fertilizer given. Assume that last period’s forecast for year 1 is 5,000 bags to begin the procedure. Would you prefer to use the exponential smoothing model or the weighted average model developed? Explain your answer.Part C Exponential Exponential Gasoline Demand Gasoline Month smoothed forecast smoothed forecast Exponential smoothed forecast (a = 0.25) Demand (a = 0.25) (a = 0.45) Exponential smoothed forecast (a = 0.45) Mar 900 920 920 1200 Apr May 755 915.00 911.00 1100 1000 650 875.00 840.80 g20 915.00 846 80 755 818.75 754.94 904.76 835.12 Jun 550 818.75 754.94 800 320 751.56 66272 645.74 746.83 Jul 625 751.56 662.72 650 600 550 Aug Sep 730 719.92 645.74 820 722.44 683.66 400 D Oct 1100 746.83 745.01 200 1 Nov 835.12 904.76 Mar Apr May Jun Jul Aug Sep Oct Nov 1. Make a comparative analysis out of your answers in the plotted data. (3-5 5 sentences)