Practical Operations Management
Practical Operations Management
2nd Edition
ISBN: 9781939297136
Author: Simpson
Publisher: HERCHER PUBLISHING,INCORPORATED
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Chapter 4, Problem 29P

A

Summary Introduction

Interpretation:Determine the forecast error for the month of April.

Concept Introduction:Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

B

Summary Introduction

Interpretation:Determine the error percent for the month of July.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

C

Summary Introduction

Interpretation: Determine the Mean Error, mean squared error, mean absolute percent error, mean absolute deviation and tracking signal in this 5-month forecasting period.

Concept Introduction: Using regression, we will be able to define relationship between any two variables, denoting the cause and effect. The method can also be used to forecast the future depending on the past performances.

D

Summary Introduction

Interpretation: Determine the forecast in June as per the 3 month moving average.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

E

Summary Introduction

Interpretation: Find out the forecast based on the simple exponential smoothing for the month of August.

Concept Introduction: Forecast error indicates the percent of error in the forecasted value based on the actual outcome.

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