Operations Management: Processes And Supply Chains (12th Edition) (what's New In Operations Management)
12th Edition
ISBN: 9780134742205
Author: Lee J. Krajewski, Manoj K. Malhotra, Larry P. Ritzman
Publisher: PEARSON
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Chapter 8, Problem 19P
Create an Excel spreadsheet on your own that can make combination forecasts for Problem 18. Create a combination forecast using all four techniques from Problem 18. Give each technique an equal weight. Create a second combination forecast by using the three techniques that seem best based on MAD. Give equal weight to each technique. Finally, create a third forecast by equally weighting the two best techniques. Calculate CFE, MAD, MSE, and MAPE for the combination forecast. Are these forecasts better or worse than the
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Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons:
Week Forecast Method 1 Actual demand
1 .90 .68
2 1.02 1.00
3 .97 .96
4 1.20 1.00
Week Forecast method 2 Actual Demand
1 .80 .68
2 1.20 1.00
3 .92 .96
4 1.17 1.00…
Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons:
Week
Forecast Method 1
Actual
Demand
1
0.95
0.72
2
1.08
0.98
3
0.92
1.07
4
1.17
1.04
Week
Forecast Method 2
Actual
Demand
1
0.80
0.72
2
1.21
0.98
3
0.88
1.07
4
1.17
1.04
Part 2
The MAD for Method 1 =
enter your response here
thousand gallons (round your response to three decimal places).
Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are in the attached screenshot. Required: Compute the MAD and MSE for each forecast. Does either forecast seem superior? Explain.
Chapter 8 Solutions
Operations Management: Processes And Supply Chains (12th Edition) (what's New In Operations Management)
Ch. 8 - Figure 8.9 shows summer air visibility...Ch. 8 - Kay and Michael Passe publish What‘s...Ch. 8 - Demand for oil changes at Garcia’s Garage has...Ch. 8 - Prob. 2PCh. 8 - Ohio Swiss Milk Products manufactures and...Ch. 8 - A manufacturing firm has developed a skills test,...Ch. 8 - The materials handling manager of a manufacturing...Ch. 8 - Marianne Kramer, the owner of Handy Man Rentals,...Ch. 8 - Sales for the past 12 months at Computer Success...Ch. 8 - Bradley’s Copiers sells and repairs photocopy...
Ch. 8 - Consider the sales data for Computer Success given...Ch. 8 - A convenience store recently started to carry a...Ch. 8 - Community Federal Bank in Dothan, Alabama,...Ch. 8 - The number of heart surgeries performed at...Ch. 8 - The following data are for calculator sales in...Ch. 8 - Prob. 14PCh. 8 - Forrest and Dan make boxes of chocolates for which...Ch. 8 - The manager of Alaina’s Garden Center must make...Ch. 8 - The manager of a utility company in the Texas...Ch. 8 - Franklin Tooling, Inc., manufactures specialty...Ch. 8 - Create an Excel spreadsheet on your own that can...Ch. 8 - Prob. 20PCh. 8 - Using the data in Problem 20 and the Time-Series...Ch. 8 - Prob. 22PCh. 8 - Cannister, Inc., specializes in the manufacture of...Ch. 8 - The Midwest Computer Company serves a large number...Ch. 8 - A certain food item at P=0.20 (with a combination...Ch. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - A manufacturing firm seeks to develop a better...Ch. 8 - How much does the forecasting process at Deckers...Ch. 8 - Prob. 2VCCh. 8 - What factors make forecasting at Deckers...Ch. 8 - Prob. 4VCCh. 8 - Prob. 5VCCh. 8 - Comment on the forecasting system being used by...Ch. 8 - Develop your own forecast for bow rakes for each...
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