Link's Lumber manufactures pressure-treated wood materials that it aggregates into metric tons of output for medium-term capacity planning. Link's follows level production schedules calculated at 6-month intervals, determining the level production rate that minimizes inventory while meeting all demand over those 6 months. Link's latest aggregate plan is nearly over, so it begins the next planning cycle with this forecast for the next 6 months: Month Month Month Month Month Month 2 3 Demand 1,000 1,000 5,000 20,000 7,000 3,000 (metric tons) Link's Lumber will begin month 1 with nothing in inventory and will pro- duce the same amount in each of the 6 months of the planning period. Questions 1. Prepare a chart similar to Figure 11.4, showing both cumulative demand and cumu- lative production for Link's Lumber over the next 6 months. Indicate the natural planning horizon on this chart. 2. What is the minimum constant production (MCP) rate that Link's Lumber should use during each of these next 6 months? 3. When is the accumulated inventory of metric tons of output highest during this 6-month plan, and what does it peak at?

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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.