Mylab Operations Management With Pearson Etext -- Access Card -- For Operations Management: Sustainability And Supply Chain Management (13th Edition)
13th Edition
ISBN: 9780135225899
Author: Jay Heizer, Barry Render, Chuck Munson
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 46P
Question
• 4.32 The following data relate the sales figures of the bar in Mark Kaltenbach’s small bed-and-breakfast inn in Portand, to the number of guests registered that week:
| WEEK | GUESTS | BAR SALES |
| 1 | 16 | $330 |
| 2 | 12 | 270 |
| 3 | 18 | 380 |
| 4 | 14 | 300 |
- a. Perform a linear regression that relates bar sales to guests (not to time).
- b. If the
forecast is for 20 guests next week, what are the sales expected to be?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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 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
3412M4
QUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150
a. Using the following, forecast the sales for the months up to January the following year:-
iii. Exponential Smoothing when α= .6 and the forecast for March is 350.
Chapter 4 Solutions
Mylab Operations Management With Pearson Etext -- Access Card -- For Operations Management: Sustainability And Supply Chain Management (13th Edition)
Ch. 4 - Prob. 1EDCh. 4 - What is a qualitative foretasting model, and when...Ch. 4 - Identify and briefly describe the two general...Ch. 4 - Identify the three forecasting time horizons....Ch. 4 - Briefly describe the steps that are used to...Ch. 4 - A skeptical manager asks what medium-range...Ch. 4 - Explain why such forecasting devices as moving...Ch. 4 - What is the basic difference between a weighted...Ch. 4 - What three methods are used to determine the...Ch. 4 - Research and briefly describe the Delphi...
Ch. 4 - What is the primary difference between a...Ch. 4 - Define time series.Ch. 4 - What effect does the value of the smoothing...Ch. 4 - Explain the value of seasonal indices in...Ch. 4 - Which forecasting technique can place the most...Ch. 4 - In your own words, explain adaptive forecasting.Ch. 4 - What is the purpose of a tracking signal?Ch. 4 - Explain, in your own words, the meaning of the...Ch. 4 - What is the difference between a dependent and an...Ch. 4 - Give examples of industries that are affected by...Ch. 4 - Give examples of industries in which demand...Ch. 4 - Prob. 21DQCh. 4 - The following gives the number of pints of type B...Ch. 4 - 4.2 a. Plot the above data on a graph. Do you...Ch. 4 - Refer to Problem 4.2. Develop a forecast for years...Ch. 4 - A check-processing center uses exponential...Ch. 4 - The Carbondale Hospital is considering the...Ch. 4 - The monthly sales for Yazici Batteries, Inc., were...Ch. 4 - The actual demand for the patients at Omaha...Ch. 4 - Daily high temperatures in St. Louis for the last...Ch. 4 - Lenovo uses the ZX-81 chip in some of its laptop...Ch. 4 - Data collected on the yearly registrations for a...Ch. 4 - Use exponential smoothing with a smoothing...Ch. 4 - Consider the following actual and forecast demand...Ch. 4 - As you can see in the following table, demand for...Ch. 4 - Following are two weekly forecasts made by two...Ch. 4 - Refer to Solved Problem 4.1 on page 138. a. Use a...Ch. 4 - Solved example 4.1 Sales of Volkswagens popular...Ch. 4 - Refer to Solved Problem 4.1. Using smoothing...Ch. 4 - Consider the following actual (At) and forecast...Ch. 4 - Income at the architectural firm Spraggins and...Ch. 4 - Question 4.20 Resolve Problem 4.19 with =.1 and ...Ch. 4 - Question 4.21 Refer to the trend-adjusted...Ch. 4 - Question 4.22 Refer to Problem 4.21. Complete the...Ch. 4 - Question 4.23 Sales of quilt covers at Bud Baniss...Ch. 4 - Question 4.24 Mark Gershon, owner of a musical...Ch. 4 - Question 4.25 The following gives the number of...Ch. 4 - Prob. 25PCh. 4 - Question 4.27 George Kyparisis owns a company...Ch. 4 - Question 4.28 Attendance at Orlandos newest...Ch. 4 - Question 4.29 North Dakota Electric Company...Ch. 4 - Lori Cook has developed the following forecasting...Ch. 4 - Prob. 45PCh. 4 - Question 4.32 The following data relate the sales...Ch. 4 - Question 4.33 The number of internal disk drives...Ch. 4 - Question 4.34 The number of auto accidents in...Ch. 4 - Question 4.35 Rhonda Clark, a Slippery Rock,...Ch. 4 - Accountants at the Tucson firm, Larry Youdelman,...Ch. 4 - Sales of tablet computers at Ted Glickmans...Ch. 4 - Question 4.38 City government has collected the...Ch. 4 - Dr. Lillian Fok, a New Orleans psychologist,...Ch. 4 - Using the data in Problem 4.39, apply linear...Ch. 4 - Bus and subway ridership for the summer months in...Ch. 4 - Emergency calls to the 911 system of Durham, North...Ch. 4 - Using the 911 call data in Problem 4.43, forecast...Ch. 4 - The following are monthly actual and forecast...Ch. 4 - Thirteen students entered the business program at...Ch. 4 - Question 4.47 Storrs Cycles has just started...Ch. 4 - Question 4.48 Dave Fletcher, the general manager...Ch. 4 - Prob. 35PCh. 4 - Prob. 36PCh. 4 - Prob. 37PCh. 4 - Prob. 38PCh. 4 - Prob. 39PCh. 4 - Prob. 40PCh. 4 - Prob. 41PCh. 4 - Prob. 42PCh. 4 - Prob. 55PCh. 4 - Prob. 56PCh. 4 - Prob. 57PCh. 4 - Prob. 58PCh. 4 - Prob. 61PCh. 4 - Case study Southwestern University: (B) This...Ch. 4 - Case study Southwestern University: (B) This...Ch. 4 - Southwestern University: (B) This integrated case...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...
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
- Under what conditions might a firm use multiple forecasting methods?arrow_forwardQUESTION 8 You are given the following information, comprising of an individual's expenses for the year 2015. Use the information provided hereunder to answer the following questions. Month January February March April May June July August September October November December Expenses 1977 820 970 1082 1220 1281 1546 1788 895 1108 1824 1954 a) Determine the expenses forecast using a two (2) period moving average. Calculate the MAD and MSE. b) Determine the expenses forecast using a two (2) period weighted moving average. Use 0.8 & 0.2 for the weights of the most recent and second most recent periods respectfully. Calculate the MAD and MSE. c) Develop an exponential smoothing forecast using a=0.2. Assume the forecast for the first month is the actual expenses for that month. Calculate the MAD and MSE. d) Developed a trend line to forecast expensesarrow_forwardQuestion Four: ABC Company sells home appliances. Daily sales for a six-day period were as follows: Day Sales Saturday 20 Sunday 24 Monday 30 Tuesday 40 Wednesday 36 Thursday 44 Forecast Friday sales volume using each of the following methods: A three-day moving average. A four day weighted average using weights of 0.1, 0.2, 0.3 and 0.4 Exponential smoothing with a smoothing constant equal to 0.2, assuming Wednesday forecast of 42. Determine a linear trend line equation for ABC Company. Use the trend equation to forecast Friday sales volume.arrow_forward
- If 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 4arrow_forwardQuestion A reputable FMCG company is holding its Annual Sales Conference on January 30th 2021 for its New Year sales plan. The company is interested in launching new product beside its existing product lines. The new product will be novel in the history of the company. explain what FMCG company seeks for and following for above mentioned firm, with reason/limitations specified for the FMCG company. Discuss the techniques of forecasting that will be used by the company for its existing and new products. Explain specific type and reason for using those techniques. Also identify the limitations of these techniques. Use word/Excelarrow_forwardQuestion 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) Falsearrow_forward
- QUESTION 9 Use the table below to answer the following questions (Choose only the letter) 3. Periods Observations 24 4 6 34 36 37 41 44 45 Q1: By using naive seasonal model and trend estimate, forecast period 8 A) 41 B) 39.25 C) 37.3 D) 44 Answer Q2: Caleuiation of the forecast error for period 7 according to the simple average method A) 9 B) 1 C) 36 D) 44 Answer Q3: Use the exponential smoothing technique with smoothing constants of 0.3 to forecast for periods 3 (The initial value - The First value) A) 36 B) 24 C) 27 D) 44 Answerarrow_forwardQUESTION 1The table below shows the sales figures for a brand of shoe over the last 12 months.Months SalesJanuary 69February 75March 86April 92May 95June 100July 108August 115September 125October 131November 140December 150 a. Using the following, forecast the sales for the months up to January the following year:-i. A simple three month moving averagearrow_forwardQUESTION 1 The table below shows the sales figures for a brand of shoe over the last 12 months. Months Sales January 69 February 75 March 86 April 92 May 95 June 100 July 108 August 115 September 125 October 131 November 140 December 150 a. Using the following, forecast the sales for the months up to January the following year:- i. A simple three month moving average. [2 marks] ii. A three period weighted moving average using weights of 1, 2 and 3. Assign the highest weight to the most recent data. [3 marks] iii. Exponential Smoothing when α= .6 and the forecast for March is 350. [5 marks] iv. Determine which of the three forecasting technique is the most accurate using MAD. [4 marks]arrow_forward
- q. 14 Given the same data, calculate the CFE for when using a MA for this data. Tip: You will need to calculate the MA forecast for as many periods as possible before calculating the CFE. Group of answer choices a. 0 b. -1 c. 1 d. 2 e. -2arrow_forwardQUESTION 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.arrow_forwardQuestion type: Forecasting a b i ii iii iv V The monthly sales for Otter Batteries, Inc., were as follows: Plot the monthly sales data. Forecast January sales of the next year using each of the following: Naive method. A-3month moving average. A 3-month weighted average using .2, .3, and.5, with the heaviest weights applied to the most recent months. Exponential smoothing using an alpha= .5 and a September forecast of 70. A trend projection. X 1 2 3 4 5 6 7 8 9 10 11 12 Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales 30 50 30 66 70 65 60 70 80 99 110 120arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Introduction to Forecasting; Author: Ekeeda;https://www.youtube.com/watch?v=5eIbVXrJL7k;License: Standard YouTube License, CC-BY