organization. Shale TesuiluCASE EXERCISE 3"Demand Forecasting for an Insurance Company25,000 insurance claims annually. In 2010, the claims processed are shown belowClaims processed in 2010:Category of claims processedpersonnel6.Non-life insurance9,35012Life insurance4,880Health care Insurance15,0008.Since there is a direct relationship between the number of claims adjustersneeded and the category of claims processed, the insurance manager referred totheir past year experience.The manager anticipates an increase in work load because the company isacquiring a small insurance business. The following data represent the manager'sprojection of the number of claims to be processed next year:Non-life insurance claims12,350Life insurance claims10,500Health care insurance claims21,000Questions:1.What demand forecasting method should the manager use?2.Using this method, calculate the demand for claims adjusters for nextyear."Demand for an Company"For the past five years, an an of25,000 claims In the claims are below:Human Resource Management: Principles and

Demand forecasting is the technique of estimating future customer demand over a predetermined time…

Answered: CASE EXERCISE 3 "Demand Forecasting for…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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10. Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last 4 months were as follows: Month Price Per Chip January $1.85 February $1.61 March $1.63 April $1.83 This exercise contains only parts a, b, and c. Part 2 a) Using a 2-month moving average, calculate the forecast for March and April (round your responses to two decimal places). Month Mar Apr Forecast $________ $________
q3
Given below are the demands of a certain product over the past 10 weeks. Week | 1 2 3 4 | 5 67|89 | 10 Demand 50 64 66 68 67 63 69 67 65 66 (a) Forecast the demand for the 13th week using the following techniques: i. 3- week weighted moving average with weights 0.2, 0.3, and 0.5 ii. Exponential smoothing with a smoothing constant equal to 0.85 ii. Adjusted exponential smoothing with a smoothing constant equal to 0.85 and smoothing constant for trend equal to 0.65 (b) Compute for the accuracy of each model using the mean squared error. Based on the computed MSE, what is the best forecasting technique for this time series?
Question 3 ABC Restaurant has made a forecast for last week's operations vs Actual result of the forecast last week. Period Monday Tuesday Wednesday Thursday Friday Actual 112 110 113 120 140 Forecast 115. 1041 110 115 135 Using this table above, solve for Mean Absolute Percent Error (MAPE) Note Round up to the last 2 decimals, example 9.6568->9 66 3
2. The demand for hand sanitizers is off the charts due to this corona virus outbreak. People are in desperate need of hand sanitizers. Therefore, FMCGS like Unilever Bangladesh Limited is producing this life essential product in a bulk amount to help the citizens across Bangladesh to maintain the hygiene standards. Sales figures and profits for the stores are given in the following table: Unit Sales Profit (Taka) X Y 12 1000 13 1550 14 1600 15 1800 17 1900 18 2200 21 2700 25 3500
Q20
What is the forecast for March using a three-month moving average? Sep. Oct. Nov. Dec. Jan. Feb. 43 45 39 43 27 56 A. 44 В. 42 C. 35 D. 37 Е. 38
OQ6
Rosa's Italian restaurant wants to develop forecasts of daily demand for the next week. The restaurant is closed on Mondays and experiences a seasonal pattern for the other six days of the week. Mario, the manager, has collected information on the number of customers served each day for the past two weeks. If Mario expects total demand for next week to be around 336, what is the forecast for each day of nvext week? (Round intermediate colculations to 4 decimal places, eg. 1.2645 and final answers to 1 decimal place, es 15.2) Number of custooers Day Week 1 Week 2 Tuesdav 45 47 Wednesday 34 28 Thursday 44 31 Friday 92 107 Saturday 104 94 Sunday 55 79 Forecast Day Tuesday
Hello, I hope you can help me with this. answer the following question and no copy paste allowed. 1. Discuss the importance of Forecasting in Operations Management. 2. Identify one method that is used in forecasting and explain how it is applied. 3. In planning the capacity, what are the factors that you have to be considered. From the three questions, what can you conclude?
Answer number 2 only. Full solution. Unique answers only.

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