Greenfield’s Tannery supplies leather to the South Fork Boot Company on a monthly basis for manufacturing western style boots. South Fork does not keep a large stock of inventory on hand; thus the tannery must provide sufficient leather to meet demand on a timely basis. Furthermore, the quality of the leather must be of the highest grade. The demand for western boots is lowest in the late winter, increases during the summer and fall and reaches its peak during the holiday season. The demand for leather follows the same general pattern. Greenfield’s Tannery has experienced the following monthly demand for the past fourteen months. Month Demand (in square yards) January 1300 February 1100 March 900 April 1600 May 1500 June 2100 July 2400 August 2000 September 2900 October 3200 November 3700 December 2400 January 1600 February 1000 Calculate a forecast of the above demand using a three-month and a five-month moving average in a table. In your table, include a column for computing the forecast errors for each of the moving average forecasts. Compute the error per period and then be sure to include the cumulative forecast error for each. You can find help with this in the instructor video in Content for the week.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Greenfield’s Tannery supplies leather to the South Fork Boot Company on a monthly basis for manufacturing western style boots. South Fork does not keep a large stock of inventory on hand; thus the tannery must provide sufficient leather to meet demand on a timely basis. Furthermore, the quality of the leather must be of the highest grade. The demand for western boots is lowest in the late winter, increases during the summer and fall and reaches its peak during the holiday season. The demand for leather follows the same general pattern. Greenfield’s Tannery has experienced the following monthly demand for the past fourteen months.
|
Month |
Demand (in square yards) |
|
January |
1300 |
|
February |
1100 |
|
March |
900 |
|
April |
1600 |
|
May |
1500 |
|
June |
2100 |
|
July |
2400 |
|
August |
2000 |
|
September |
2900 |
|
October |
3200 |
|
November |
3700 |
|
December |
2400 |
|
January |
1600 |
|
February |
1000 |
Calculate a
In your table, include a column for computing the forecast errors for each of the moving average forecasts. Compute the error per period and then be sure to include the cumulative forecast error for each. You can find help with this in the instructor video in Content for the week.
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