The difference between aggregate forecast and single item forecast. Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting . The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

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Answer 1

Question

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

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Sam's Pet Hotel operates 51 weeks per year, 6 days per week, and uses a continuous review inventory system. It purchases kitty litter for $11.00 per bag. The following information is available about these bags: > Demand 95 bags/week > Order cost $52.00/order > Annual holding cost = 25 percent of cost > Desired cycle-service level = 80 percent >Lead time 4 weeks (24 working days) > Standard deviation of weekly demand = 15 bags > Current on-hand inventory is 320 bags, with no open orders or backorders. a. Suppose that the weekly demand forecast of 95 bags is incorrect and actual demand averages only 75 bags per week. How much higher will total costs be, owing to the distorted EOQ caused by this forecast error? The costs will be $ higher owing to the error in EOQ. (Enter your response rounded to two decimal places.)

Sam's Pet Hotel operates 50 weeks per year, 6 days per week, and uses a continuous review inventory system. It purchases kitty litter for $10.50 per bag. The following information is available about these bags: > Demand = 95 bags/week > Order cost = $55.00/order > Annual holding cost = 35 percent of cost > Desired cycle-service level = 80 percent > Lead time = 4 weeks (24 working days) > Standard deviation of weekly demand = 15 bags > Current on-hand inventory is 320 bags, with no open orders or backorders. a. Suppose that the weekly demand forecast of 95 bags is incorrect and actual demand averages only 75 bags per week. How much higher will total costs be, owing to the distorted EOQ caused by this forecast error? The costs will be $ 10.64 higher owing to the error in EOQ. (Enter your response rounded to two decimal places.) b. Suppose that actual demand is 75 bags but that ordering costs are cut to only $13.00 by using the internet to automate order placing. However, the buyer does…

Answer 2

Question

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

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Answer 3

Question

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

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Answer 4

Question

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

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Answer 5

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

Answer 6

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

Answer 7

Chapter 2.4, Problem 5P

a.

Summary Introduction

To explain:The difference between aggregate forecast and single item forecast.

Introduction: The aggregate forecastand single item forecast are types of subjective method of forecasting. The former discusses the capability demands of a company the quantity of item that it wants to generate and its productionpolicies in the future for the period of 2 to 12 months. The later analyzes previous revenuesby using 12 forecastingtechniques to calculate predictions of a single item.

Answer 8

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

Answer 9

b.

Summary Introduction

To explain:The difference between short-term forecast and long-term forecast.

Introduction: The short-term forecasting process is used in the periods within a year with a normal range of 1-3 months. The long-term forecasting is the method of analyzing and assessingtrends that can be recognized through scanning a range of data sources with periods of almost two-years.

Answer 10

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

Answer 11

c.

Summary Introduction

To explain:The difference between casual forecast and naive forecast.

Introduction: Naive forecasting is the estimation method in which theactual of the last period are used as the prediction for this period, without any adjustment or attempt to determine causal variables. It is only used to compare the predictions produced by superior or advanced methods.

Casual forecasting is the technique of assessment relying on the premise that the dependent variable has a connection of cause and effect with independent variables.

Answer 12

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Answer 15

Ch. 2.4 - Prob. 1P Ch. 2.4 - Prob. 2P Ch. 2.4 - Prob. 3P Ch. 2.4 - Prob. 4P Ch. 2.4 - Prob. 5P Ch. 2.4 - Prob. 6P Ch. 2.4 - Prob. 7P Ch. 2.4 - Prob. 8P Ch. 2.4 - Prob. 9P Ch. 2.6 - Prob. 10P

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