OPERATIONS MANAGEMENT
2nd Edition
ISBN: 9781260238877
Author: CACHON
Publisher: RENT MCG
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Textbook Question
Chapter 15, Problem 1CQ
When creating a time series–based forecast for the amount of soda to be sold in the cafeteria next week, which data sources can you include in your
- a. The opinion of the principal
- b. Old demand data
- c. Data about upcoming sports events
- d. The age of the cafeteria worker
Expert Solution & Answer
Summary Introduction
To determine: The data source to be included in time series-based forecast for the quantity of soda to be sold in cafeteria for next week.
Answer to Problem 1CQ
b. Old demand data.
Explanation of Solution
Data to be included in time series-based forecasting:
Option B which is old demand data is correct. Time series based forecasting method utilizes the data from the past to forecast the future demand. So, the past demand data must be included in time series forecasting methods.
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Chapter 15 Solutions
OPERATIONS MANAGEMENT
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