Deb Bishop Health and Beauty Products has developed a new shampoo and you need to develop its aggregate schedule. The cost accounting department has supplied you the cost relevant to the aggregate plan and the marketing department has provided a​ four-quarter forecast.    the​ four-quarter forecast. Quarter Forecast 1 1,400 2 1,100 3 1,700 4 1,300    aggregate plan. Costs Previous​ quarter's output 1,600 units Beginning inventory 0 units Stockout cost for backorders ​$55 per unit Inventory holding cost ​$11 per unit for every unit held at the end of the quarter Hiring workers ​$50 per unit Layoff workers ​$75 per unit Unit cost ​$35 per unit Overtime ​$20 extra per unit Subcontracting Not available   Your job is to develop an aggregate plan for the next four quarters. Part 2 ​a) Try hiring and layoffs​ (to meet the​ forecast) as necessary ​(enter your responses as whole​ numbers).   Hiring and Layoff Plan Quarter Forecast Production Hire ​(Units) Layoff ​(Units)     1,600     1 1,400 1400 00 200 Part 3 2 1,100 1100 00 300 Part 4 3 1,700 1700 600 00 Part 5 4 1,300 1300 00 400 Part 6 The total​ cost, including normal time labor​ costs, for this hiring and layoffs plan is ​$290000 ​(enter your response as a whole​ number). Part 7 ​b) Try a plan that holds employment steady​ (level strategy) by producing the average forecast for all four quarters ​(enter your responses as whole​ numbers).   Level Plan Quarter Forecast Production Ending Inventory Shortage ​(Units) Hire ​(Units) Layoff ​(Units)     1,600 0       1 1,400 enter your response here enter your response here enter your response here enter your response here enter your response here

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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.