Maynard Associates has 62 units of a certain product on hand currently. The demand forecast for the next two planning periods is 25 units each period. Maynard Associ- ates has no plans for production of this product in the first planning period, but does plan to build 120 units of this product in the period after that. How much of this item would be in stock at the end of period 1?

Q: Describe constraining factor and give an example.

A: Constrain is described as a force which is applied to limit or control something.

Q: What is broad probelem area?how the problem statement is witten?

A: The research process generally involves recognizing, assessing, analyzing, and locating the data or…

Q: scope of the plan of a yoghurt plan and terms of references.

A: Project management is defined as a process that may involve making plans, organizing resources and…

Q: Explain the term suboptimization.

A: Optimization is described as a process of making a decision, system or design effective, functional…

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.