Consider the following five situations: maintenance of a network of ATMSS, produc- tion and packaging of cake mix, a barn raising in which an entire fast-food restau- rant is torn down and completely replaced in 48 hours, hosting and promotion of the performance of a touring musical group, and repair of an electrical grid to restore electricity to homes after a storm. Now consider the following grid, which indicates five positions marked A, B, C, D, and E. Each of these positions indicates differing levels of tangibility and operation types: Production and Service Management Management Management Management Project Event Incident INTANGIBLE: Pure Service Degree of tangibility of product TANGIBLE: Pure Good Match each of the five points on the grid to each of the five operations proposed, assuming each grid location can be used only once.

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.