Historical demand for a product is as follows: DEMAND April 75 May 60 June 90 July 75 August 95 September 88 Using a simple four-month moving average, calculate a forecast for October. Note: Round your answer to 2 decimal places. Using single exponential smoothing with α = 0.10 and a September forecast = 80, calculate a forecast for October. Note: Round your answer to 2 decimal places
Q: i need to select only option in above give, so which one is correct option
A: Each project is constrained by certain dimensions and these are employed to quantify project…
Q: Store A purchases cases of fertilizer for its lawn-care business from a supplier who charges Store A…
A: Number of order is the proportion between annual demand and ordering quantity. Here, the question…
Q: As a consultant in logistics management, you are approached by Samsung to compile a report on…
A: One of the biggest producers of electronics worldwide is Samsung. The organisation operates in a…
Q: 3. If you were deciding where to open up a car factory what site and what situation factors would be…
A: Answer) Site factors below: Availability of Raw Materials is a major concern for any manufacturing…
Q: The reduction of waste and errors generated by computers can solely be achieved through the…
A: Waste and errors in today's world are common occurrences. Any organization or any individual cannot…
Q: To simulate inventory management for a part
A: We need to Generate a random number between 0,1 to show the probability of area under the normal…
Q: The research and analysis required for the project objective. bellow the three point my project…
A: Project management is the process of planning the resources which are required to achieve the goals…
Q: Make sure to include a concise description of the training and certification requirements, in…
A: Operational management is a critical function in any organisation, ensuring that business processes…
Q: Find the Given Payoff table and use Minimax regret to evaluate best decisions. Demand Low Moderate…
A: Decision-making is the process of selecting a course of action from among several possible options…
Q: Cluster Supply Chain Disruptions of Apple company. State and describe to 3 clustered issues
A: Cluster supply chain refers to a strategic approach in supply chain management where similar or…
Q: Using just a few phrases, please explain how the management of a plant may significantly boost EVA…
A: Economic Value Added (EVA) is a financial performance metric that measures the difference between a…
Q: LIGHTHOUSE LABS Innovating in a Crisis Scale + Speed On its first day of operation, the facility…
A: The Lighthouse Labs project was founded in response to the pandemic's urgent need for speedy and…
Q: A community playhouse needs to determine the lowest-cost production budget for an upcoming show.…
A: Find the given details below: Carpentry Painting Numbers 2 1 Working hours…
Q: what forces of business are involved in the podcast What Skills Are You Missing as an Entrepreneur…
A: Entrepreneurship is the process of identifying, creating, and pursuing opportunities to establish a…
Q: Can vou please explain flower of Service for MS TEAMS by adding these core services Information,…
A: The Flower of Service model is a framework for comprehending the key services provided by a specific…
Q: 4. The table shows projected cost for all possible combinations of four workers and job waiting…
A: Ans) Problem is balanced, 4 jobs 4 workers. Each job should be assigned to 1 worker and minimize the…
Q: Operations could be considered as a sub-system of an organization". Explain this statement…
A: Operations management is function that designs, manages, and controls the production of goods and…
Q: A case study must be developed to show how the project objectives were achieved by the students. The…
A: When creating a case study to demonstrate how students met project objectives, the introduction is…
Q: A large number of techniques have evolved to help decision makers make prompt and accurate…
A: There are various techniques and methods that have evolved over time to help decision-makers in…
Q: Item Amount on hand Schedule receipts Lot-sizing rule X 180 0…
A: We will start with period 8 and continue to period 9. Period 8: Item X: On-hand inventory: 180…
Q: List and explain the attributes of Project quality Management
A: Project Quality Management is a vital component of project management that focuses on ensuring that…
Q: Calculate early start, early finish, late start, late finish, activity float and activity duration…
A: Activity Immediate Predecessors Duration A - 0 B A 15 C B 15 D C 15 E D 30 F E 30 G F…
Q: discuss importance of project resource planning and its impact on project success?
A: Allocating a company's resources in a project, such as delegating work to employees based on their…
Q: a. Draw a network diagram (activity on node), compute the earliest start and finish times of each…
A: A network diagram shows the link of each task with the duration taken by each activity with respect…
Q: i. Three year moving average method ii. Six year moving average method iii. Single exponential…
A: Forecasting is one of the techniques to know some future figures on the basis of past data. This…
Q: Analyze the metrics and key performance indicators used to evaluate the effectiveness of staffing…
A: Effective staffing processes and outcomes are crucial for organizations to attract and retain top…
Q: What is Lean Logistics, and how is Lean Logistics important in the field of supply chain. what are…
A: The Lean logistics approach is a Japanese management and operations concept. When applied to the…
Q: EXPLAIN THE PRINCIPLES OF PERFORMANCE MANAGEMENT
A: Performance management is a process that involves establishing clear expectations, providing…
Q: Gas & Go is considering offering movie rentals through a self-service company that would locate a…
A: we need to consider the costs and revenues associated with each option. Option 1: BlueBox Annual…
Q: Scope and features may get bigger. How are they different? Why do these things happen? What is the…
A: Here, I'll write about how the scope and features might differ, then I'll talk about the reasons why…
Q: Using Task and Maintenance Orientated behaviour, evaluate how Martha can successfully monitor the…
A: The quality of the work being done/produced by Martha's team is suffering as a result of the…
Q: The concept of quality is considered to have evolved through stages. However, quality is used to…
A: Quality has changed over time, and it is now universally accepted that quality is about more than…
Q: When compared to the idea of "quality improvement," what is the difference between benchmarking and…
A: Benchmarking is a process of measuring an organization's performance against the best practices of…
Q: Global Purchasing and Supply Chain Management Module Q.1 a). Discuss the different stages of the…
A: a) The different stages of international product flow process (IPFP) in logistics and supply chain…
Q: Have you ever experienced a team that had “equal voice”?
A: Team management refers to the process of organizing, guiding, and coordinating a group of…
Q: What is the critical path and project completion time? e) What is the probability that the job…
A: Activity durations and variances: Activity Duration Variance A 5 1 B 3 0.44 C 2 0.11 D 6…
Q: 1. A small building contractor has recently experienced two successive years in which work opportu-…
A: Find the Given details below: Given details: Alternative Next year Demand Low High Do…
Q: 10. A company will sell remote control devices online. Expected yearly demand is 3000 units and it…
A: When a quantity discount is offered, the process of determining the optimum order quantity consists…
Q: 13. Bowties-R-Us plans to open a new factory and is looking for a suitable location. They have…
A: The factor rating approach is a system for evaluating possible locations for a new facility or…
Q: Please complete all work in excel. Use excel to make the calculations (cells can be clicked on to…
A: Expected monetary value (EMV) = Sum of the products of payoffs & its corresponding probabilities
Q: As part of its initiative to implement just-in-time (JIT) manufacturing at the motorcycle assembly…
A: Annual Demand (D)= 3000 motorcycles Triping cost per order (S)= $1000 Each engine cost =$500…
Q: inventory management for a particular product,
A: Running Simulation for 52 weeks we get Mean Demand 50 Demand Std dev…
Q: Please do not give solution in image format thanku Ageneral hospital is renovating the existing…
A: The U.S. Green Building Council (USGBC) created a specialised rating system for healthcare…
Q: Critically discuss, with examples, Schein's levels of organisational culture
A: Edgar Schein is a prominent organizational theorist who developed a model of organizational culture…
Q: What were the factors that led to the project’s success? what techniques were used
A: The project's success is a result that meets the clients, customers, or various stakeholders, such…
Q: Explain Therioes of Mintizbarg and Ansoft 1974 in strategic management
A: Every successful company needs a proper management structure that is well-defined. However, business…
Q: State and Description of the TOWS MATRIX STREANGHT THREATS of Apple company.
A: The TOWS Matrix is a strategic planning tool that helps organisations identify and leverage their…
Q: Critically examine the importance of managing quality and inventory management for IKEA.
A: Inventory management refers to the process of overseeing and controlling a company's inventory of…
Q: Provide an overall opinion about enron: "the smartest guys in the room "
A: Enron was a company that was once regarded as one of the most innovative and successful companies in…
Q: Why do some people like to do bad things online, and what can be done to stop this?
A: In context with business and its operations, current dealings are all done online where every user…
Historical demand for a product is as follows:
DEMAND | |
---|---|
April | 75 |
May | 60 |
June | 90 |
July | 75 |
August | 95 |
September | 88 |
-
Using a simple four-month moving average, calculate a
forecast for October.Note: Round your answer to 2 decimal places.
-
Using single exponential smoothing with α = 0.10 and a September forecast = 80, calculate a forecast for October.
Note: Round your answer to 2 decimal places.
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Under what conditions might a firm use multiple forecasting methods?The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.
- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?
- The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?
- The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?Historical demand for a product is DEMAND January 12 February 11 March 15 April 12 May 16 June 15 Using simple linear regression analysis, calculate the regression equation for the preceding demand data. Note: Round your intercept value to 1 decimal place and slope value to 2 decimal places. Using the regression equation in d, calculate the forecast for July. Note: Round your answer to 1 decimal place.
![Practical Management Science](https://www.bartleby.com/isbn_cover_images/9781337406659/9781337406659_smallCoverImage.gif)
![Contemporary Marketing](https://www.bartleby.com/isbn_cover_images/9780357033777/9780357033777_smallCoverImage.jpg)
![Purchasing and Supply Chain Management](https://www.bartleby.com/isbn_cover_images/9781285869681/9781285869681_smallCoverImage.gif)
![Practical Management Science](https://www.bartleby.com/isbn_cover_images/9781337406659/9781337406659_smallCoverImage.gif)
![Contemporary Marketing](https://www.bartleby.com/isbn_cover_images/9780357033777/9780357033777_smallCoverImage.jpg)
![Purchasing and Supply Chain Management](https://www.bartleby.com/isbn_cover_images/9781285869681/9781285869681_smallCoverImage.gif)