Assume that each lot of 100 shipping boxes requires 160 pounds of heavy- duty liner board, 20 pounds of finish cardboard, and 4 hours of labor; that each lot of 600 mailing tubes requires 75 pounds of heavy- duty liner board, 40 pounds of finish cardboard, and 3 hours of labor; and that each lot of 100 retail boxes requires 55 pounds of heavy- duty liner board, 70 pounds of finish cardboard, and 5.5 hours of labor. Assume also that the company has available each day 350 pounds of heavy-duty liner board, 190 pounds of finish cardboard, and 17.5 hours of labor. Assume also that the profit on each retail box is $0.08, the profit on each mailing tube is $0.03, and the profit on each shipping box is $0.05. How many lots of each type of item should the company produce in order to maximize its profit?

Q: snip

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.