Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
12th Edition
ISBN: 9780134741062
Author: Lee J. Krajewski, Manoj K. Malhotra, Larry P. Ritzman
Publisher: PEARSON
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Chapter 8, Problem 18P

Franklin Tooling, Inc., manufactures specialty tooling for firms in the paper-making industry. All of their products are engineer-to-order and so the company never knows exactly what components to purchase for a tool until a customer places an order. However, the company believes that weekly demand for a few components is fairly stable. Component 135.AG is one such item. The last 26 weeks of historical use of component 135.AG is as follows:

Chapter 8, Problem 18P, Franklin Tooling, Inc., manufactures specialty tooling for firms in the paper-making industry. All

Use OM Explorer’s Time Series Forecasting Solver to evaluate the following forecasting methods. Start error measurement in the fifth week, so all methods are evaluated over the same Lime interval. Use the default settings for initial forecasts.

  1. NaĂ¯ve (1-period moving average)
  2. Three-period moving average
  3. Exponential smoothing, with α = .28
  4. Trend projection with regression
  5. Which forecasting method should management use, if the performance criterion it chooses is:
    • CFE?
    • MSE?
    • MAD?
    • MAPE?

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MGT - 314 (Operations Management) MCQ:
A regional distributor purchases discontinued appliances from various suppliers andthen sells them on demand to retailers in the region. The distributor operates 5 daysper week, 52 weeks per year. Only when it is open for business can orders bereceived. The following data are estimated for the mixer:Average daily demand (d) = 100 mixersStandard deviation of daily demand (d) = 30 mixersLead time (L) = 3 daysHolding cost (H) = $9.40/unit/yearOrdering cost (S) = $35/order Cycle-service level = 92 percentSuppose that a periodic review (P) system is used at the distributor. Step 1 : Calculate the P (in workdays, rounded to the nearest day) that givesapproximately the same number of orders per year as the EOQ.

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Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)

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