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INSTRUCTIONS: Solve the following problems completely. 1. Mr. Stevenson owns an oil refinery in Saudi that has a processing unit for making lubricating oil (called lube oil in the business). Even though the production of lubricating oil requires a high capital investment, the profit margin from this product is higher than normal straight run products such as gasoline, and diesel fuel. The production manager in the lube oil plant needs to develop a simple forecasting model for estimating its blending requirements. The table below gives the actual lubricating oil blended in a particular year. Actual oil used (in liters) 12,000 14,000 15,000 18,000 21,000 19,000 13,000 24,000 33,000 20,000 18,000 16,000 Month January February March April May June July August September October November December

INSTRUCTIONS: Solve the following problems completely. 1. Mr. Stevenson owns an oil refinery in Saudi that has a processing unit for making lubricating oil (called lube oil in the business). Even though the production of lubricating oil requires a high capital investment, the profit margin from this product is higher than normal straight run products such as gasoline, and diesel fuel. The production manager in the lube oil plant needs to develop a simple forecasting model for estimating its blending requirements. The table below gives the actual lubricating oil blended in a particular year. Actual oil used (in liters) 12,000 14,000 15,000 18,000 21,000 19,000 13,000 24,000 33,000 20,000 18,000 16,000 Month January February March April May June July August September October November December

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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  1. Develop a three-month simple moving average forecasting model.
  2. PLOT THE POINTS .
INSTRUCTIONS: Solve the following problems completely. 1. Mr. Stevenson owns an oil refinery in Saudi that has a processing unit for making lubricating oil (called lube oil in the business). Even though the production of lubricating oil requires a high capital investment, the profit margin from this product is higher than normal straight run products such as gasoline, and diesel fuel. The production manager in the lube oil plant needs to develop a simple forecasting model for estimating its blending requirements. The table below gives the actual lubricating oil blended in a particular year. Actual oil used (in liters) 12,000 14,000 15,000 18,000 21,000 19,000 13,000 24,000 33,000 20,000 18,000 16,000 Month January February March April May June July August September October November December
Transcribed Image Text:INSTRUCTIONS: Solve the following problems completely. 1. Mr. Stevenson owns an oil refinery in Saudi that has a processing unit for making lubricating oil (called lube oil in the business). Even though the production of lubricating oil requires a high capital investment, the profit margin from this product is higher than normal straight run products such as gasoline, and diesel fuel. The production manager in the lube oil plant needs to develop a simple forecasting model for estimating its blending requirements. The table below gives the actual lubricating oil blended in a particular year. Actual oil used (in liters) 12,000 14,000 15,000 18,000 21,000 19,000 13,000 24,000 33,000 20,000 18,000 16,000 Month January February March April May June July August September October November December
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