How does this forecast differ from that using employment as the independent variable? What is the coefficient of determination for this scenario and what does it imply?
Q: - The value of the normal distribution variable Z at a time of two weeks greater than the critical p...
A:
Q: A company produces a niche hunting blind. Because of the nature of this product, demand varies great...
A: Find the Given details below: Given details: Month Jan Feb Mar Apr May Jun Jul Aug Sep ...
Q: You work for the Brad's Nailer Company which manufactures two types of nailers: a pneumatic model an...
A: For scenario 3 Decision variables - x1 - Number of pneumatic nailers x2 - Number of Cordless nailers...
Q: Sales & Operations Planning - LP A local firm manufactures children's toys. The projected demand ove...
A: SInce no shortages are allowed, this will be a chase strategy.
Q: can a project manager function in a scrum environment?
A: Scrum is a framework for project management that underscores cooperation, responsibility, and iterat...
Q: Which of the following is not a wasteful practice under TPS? a. Transportation b. Motion c. Defects ...
A: In TPS, wasteful practice is described as anything that doesn’t contribute value to goods. Value in ...
Q: Can you please create a swim-lane process diagram for a Bakery for the Production Department? DESIGN...
A: A Small Introduction about Production Management Creation management is a course of arranging, putt...
Q: A firm cost of good sold averages P2,000,000 per month, and it keeps an inventory equal to 50% of it...
A: NOTE: WE ARE ALLOWED TO DO ONE QUESTION ONLY AT A TIME. COGS= P2,000,000 INVENTORY= 50% OF P2,000,...
Q: 1- In a sagittal diagram, the minimum number of imaginary activities is .
A:
Q: Why are ERP systems so important to the corporate information systems of so many multinational compa...
A: A Small Introduction about ERP System ERP represents Enterprise Resource Planning. ERP systems are ...
Q: Paul has to buy two types of Yogurts- Brand A and Brand B for children. He knows the following regar...
A: Given information - Brand A Brand B Vitamin A 10 20 Vitamin B 15 5 Vitamin C 15 10
Q: Based on the above data for your company, which of the following statements is false? Capyright © by...
A: Introduction about Production Management Creation Management manages the method involved with mak...
Q: 1- The number of critical paths in the project is All options are incorrect O
A: One of the methods to find the longest duration that a project would take to complete is the critica...
Q: below? Scenario: A large, high volume warehouse-style discount grocery & retail operation
A: The processing capacity is always equal to the capacity of the bottleneck. It is good, to calculate ...
Q: explain the flow of funds within the organization, and through and from the enterprise.
A: A Small Introduction about Organization Organization alludes to a manner by which the part of an un...
Q: what is a project constraint
A: Project management can be stated as the exercise of applying knowledge, expertise, and techniques to...
Q: 2. Consider a firm with a daily demand of 100 units, a production rate per day of 500 units, a setup...
A: given, daily demand=100units production rate per day = 500units set up cost =$200 annual holding c...
Q: a. Develop a regression model that could be used to predict the final average in the course based on...
A: Final average is the dependent variable here. So, y = final average1st test grade is the independent...
Q: Impact of COVID-19 pandemic on the ability of the mode of transportation(air) to fulfil its role in ...
A: The airline industry had a sudden fall in their business. Cathay Pacific was forced to park half of ...
Q: Discuss the potential issues and challenges in implementing Total Quality Management (TQM) that are ...
A: Total quality management is the management in which a company focuses on providing quality products ...
Q: When a supply manager has to create or persuade a supplier to enter a market, that is called __
A: Supply chain management (SCM) denotes an effort by suppliers to create and implement supply chains t...
Q: Gulong Inc are manufacturers of brakes sets for sedan and off-road SUVS vehicles. 500 hours is the a...
A: Linear programming is used to solve decision-related problems where the resources are scarce and the...
Q: latest finish time of the last activity
A: Critical path is the longest duration indicating path from a project. A critical path indicating the...
Q: Strategic Planning & Organisational Structures A small sized construction company in Albany ha...
A: A Small Introduction about an Organizational Structure Start by putting yourself at the highest poi...
Q: What is the definition of a test strategy?
A: Business executives and thinkers have been studying strategy for many years. However, there is no de...
Q: According to which inventory system inventory is continuously checked and a new order placed when th...
A: The perpetual review system keeps a record of inventory balances constantly, with updates made autom...
Q: Which of the following is not a goal of process improvement? a. increasing customer satisfaction ...
A: The production process is one of the business processes in which finished products are manufactured ...
Q: Question 38 Philips manufacturers multicookers in Woodlands, Pasir Ris, and Toa Payoh. Multicookers ...
A: A special type of linear programming model in which the objective is to minimize the cost of transpo...
Q: Is it important for companies to know the entire supply chain of the products they are selling or i...
A: The achievement of a manufacturing association is exceptionally subject to the accomplishment of the...
Q: ) Recommend a suitable quality tool that could identify the problem and to monitor the business perf...
A: Many organizations use quality tools to help observe and control their quality initiatives. There ar...
Q: Your best friend Layla has a flower shop in Downtown Dubai. Her flower shop is not doing well. She i...
A: Differentiation strategy can be stated as the strategy that goals to differ an item or service from ...
Q: Provide three examples of international companies that use postponement to their advantage. What s...
A: It is quite important to sense the customer's demand and responding to it in a manner which is profi...
Q: What you measure is what you get.” This speaks about the importance of setting clear and specific pe...
A: Every organisation is required to set an acheiveable target or goal which are required to be achieve...
Q: _____ works at finding defects while ____ works at preventing defects a. Quality Control, Quality ...
A: Many individuals mistakenly assume that quality assurance and quality control are the same thing. Bo...
Q: Brands can be owned by any firm in the supply chain, whether manufacturers, wholesalers or retailers...
A: Let us first grasp the notion of brands at both the manufacturing and retail levels. Essentially, th...
Q: Why are Excel skills important in a workplace?
A: Excel skills remain important at a workplace owing to the following reasons: 1. Business Analysis: ...
Q: In a sagittal diagram, the minimum number of imaginary activities is .
A:
Q: In relation to inventory costs, consider the following statements 1. Warehousing cost is incurred on...
A:
Q: 1. The Marvel Shop has just received five new repair projects that must be repaired quickly, i.e., p...
A: One method to solve the assignment problems algorithmically is the Hungarian method. This method sol...
Q: What is the throughput time of a typical pallet? a. 222 minutes b. 90 minutes c. 10 minutes d....
A: The amount of time it takes a manufacturing to create a product, including process time, inspection ...
Q: The closest value to the pessimistic project completion time is
A:
Q: Sycamore Plastics (SP) is a manufacturer of polyethylene plastic pellets used es a row material by m...
A: Unit transportation cost and demand supply Combined costs per 1000 l...
Q: An organization may adopt four generic internationalisation strategies towards its global operations...
A: A multinational corporation is undoubtedly one that does business in more than one country (MNC). Th...
Q: III. Evaluate the below statement according to the project management life cycle In this phase of pr...
A: The prior competency of a project manager is to achieve a thorough knowledge of the life cycle of th...
Q: Question 18 A tire company needs a forecast for studded tires in the next forecast period. The com...
A: Given: A smoothing constant of alpha = 0.20. The demand for the most recent period = 100 The foreca...
Q: You are assisting in the small restaurant business of yourfather. As it is located in the university...
A: GEMS is an abbreivated for of Goal setting, executing, measuring and sustaining.
Q: What were the early ‘order winners’ for Dell during its early growth? How would the older customers ...
A: Dell is a company based out of America, it is one of the biggest selling companies of PC in today's ...
Q: 3- The value of the variance of the critical path in the project is
A: Variance = square of sum standard deviations of critical activities Standard deviation = (b-a)/6
Q: - In a sagittal diagram, the minimum number of imaginary activities is .
A:
Q: Better Products (Assigning Plants to Products) The Better Products Company has decided to initiate t...
A: This is a transportation question in which decision needs to be made which plant will produce or shi...
Using data in the below in class example,
Questions:
- How does this forecast differ from that using employment as the independent variable?
- What is the coefficient of determination for this scenario and what does it imply?
|
|
Service Area |
|
Year |
GA Operations (Y) |
Employment (X1) |
Effective Buying Income (X2) |
2000 |
22,513 |
45,714 |
$8,433 |
2001 |
23,768 |
48,601 |
$9,207 |
2002 |
21,838 |
51,314 |
$10,106 |
2003 |
25,904 |
54,107 |
$10,457 |
2004 |
26,208 |
57,848 |
$11,055 |
2005 |
26,946 |
56,022 |
$11,016 |
2006 |
27,977 |
56,317 |
$11,399 |
2007 |
27,294 |
58,757 |
$11,883 |
2008 |
28,647 |
61,556 |
$12,119 |
2009 |
29,270 |
62,341 |
$12,213 |
Forecast |
|||
2010 |
66,533 |
$13,081 |
|
2015 |
73,491 |
$14,609 |
|
2020 |
82,189 |
$16,525 |
|
2030 |
99,584 |
$20,369 |
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
- The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.Under what conditions might a firm use multiple forecasting methods?The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
- The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?
- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?
- The following data show the number of liters of gasoline sold by Mackrin's in Colorado for the past 12 weeks. Which forecasting model would you recommend to Mackrin's manager? Why? What demand forecast would you recommend for week 13? Week Actual Demand (1000 liters) Forecasting (1000 liters) FSMA /A-F/ FWMA /A-F/ FES, α=0.3 /A-F/ 1 17 2 21 17 4 3 19 18.2 0.8 4 23 19 4 18.44 4.56 5 18 21 3 20.8 2.8 19.81 1.81 6 16 20 4 20 4 19.3 3.3 7 20 19 1 18.3 2.3 18.31 1.69 8 18 18 0 18.7 0.7 18.82 0.82 9 22 18 4 18.2 4.2 18.6 3.4 10 20 20 0 19.8 0.2 19.62 0.38 11 15 20 5 20.2 5.2 19.73 4.73 12 22 19 3 18.2 3.8 18.3 3.7 13 19 19.5 19.41 MAD 2.67 2.9 2.7 MSE 10.22…The table below shows the demand for a particular brand of microwave oven in a department store. Month 1 Demand27 31 29 36 35 42 a) Calculate a two-month weighted moving average for all possible months with weight assigned to oldest in order 04, 0.6. b) Apply exponential smoothing with a smoothing constant of 0.7 to derive a forecast for all possible months. c) Which of the two methods would you use to forecast and why?The following table contains the demand from the last 10 months. Calculate the exponential smoothing with trend forecast for these data, using an a of 0.30, a 8 of 0.30, an initial trend forecast (T1) of 1, and an initial exponentially smoothed forecast (F1) of 30. Round your intermediate calculations and answers to two decimal places. MONTH ACTUAL DEMAND Ft Tt 1 2 3 4 5 6 7 8 00 9 10 31 34 33 35 37 36 38 40 40 41 FITT