Aiman recently graduated from engineering school and has taken a position as assistant manager at a small company. One of his assignments is to develop a model to forecast the number of production that expected to be sold in each month in 2021. Aiman has collected the following historical data (Table Q4) on how many products have been sold for each month in each of the past six months. Table Q4 Month Forecast Demand Actual Demand January 250 200 February 325 250 Мach 400 325 Аpril 350 300 Мay 375 325 June 450 400 July 360 340 a) Using the historical data, what comments can you make about Aiman's method of forecasting? b) What alternatives aggregate plans could you suggest to Aiman?

Aiman recently graduated from engineering school and has taken a position as assistant manager at a small company. One of his assignments is to develop a model to forecast the number of production that expected to be sold in each month in 2021. Aiman has collected the following historical data (Table Q4) on how many products have been sold for each month in each of the past six months. Table Q4 Month Forecast Demand Actual Demand January 250 200 February 325 250 Мach 400 325 Аpril 350 300 Мay 375 325 June 450 400 July 360 340 a) Using the historical data, what comments can you make about Aiman's method of forecasting? b) What alternatives aggregate plans could you suggest to Aiman?

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.1: Exponential Functions

Problem 3SE: The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but...

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

q(b)

Aiman recently graduated from engineering school and has taken a position as assistant
manager at a small company. One of his assignments is to develop a model to forecast the
number of production that expected to be sold in each month in 2021. Aiman has collected
the following historical data (Table Q4) on how many products have been sold for each
month in each of the past six months.
Table Q4
Month
Forecast Demand Actual Demand
January
250
200
February
325
250
Mach
400
325
Аpril
350
300
May
375
325
June
450
400
July
360
340
a) Using the historical data, what comments can you make about Aiman's method of
forecasting?
b) What alternatives aggregate plans could you suggest to Aiman?

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