EBK OM
6th Edition
ISBN: 9781305888210
Author: Collier
Publisher: YUZU
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Chapter 10, Problem 3CQD
Summary Introduction
Interpretation:Options and changes that could be made to maximize the patient throughput and surgeries while maximizing the revenue without compromising the quality of medical care is to be determined.
Concept Introduction:Optimum utilization of resources is about utilizing the physical and human resources effectively in order to obtain a maximum output. This will allow the organization to make the maximum out of their resources while increasing their revenue as well as the profitability.
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Question 1
M&H company ltd. sells television sets and has collected monthly sales data (in units) for the past 12
months as shown in table 1below:
TABLE 1
Month
Sales (Units)
1
120
2
135
3
150
4
165
5
180
6
200
7
195
8
210
9
225
10
240
11
255
12
270
Using the data provided, answer the following questions:
a. Using a 3-month weighted moving average with weights 0.5, 0.3, and 0.2 (most recent month
having the highest weight), calculate the forecast for month 13.
[2 marks]
b. If the company applies an exponential smoothing method with a smoothing constant (a) = 02,
and assumes an initial forecast of 120 units for Month 1, calculate the forecast for month 13.
[6 marks]
c. Calculate the Mean Absolute Deviation (MAD) for the exponential smoothing method and
weighted moving average method using the actual sales data for Months 4 to 12 and determine
which method is more accurate.
[8 marks] d.
Compute the values of a (intercept) and b (slope) using the least squares method. [7 marks]
e. Use the…
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