Q.No.04. What does BOM stands for? Why it is necessary for any firm to have correct forecast of BOM?
Q: formula refers Naive Forecast method. O a. Forecast value for the current period = Last
A: To compute a naïve forecast just require the earlier month of sales and plug it in close to the…
Q: Calculate the Tracking Signal to two decimal places.
A: SOLUTION: Tracking Signal = 2.35 Hence, the solution of this answer is as below:
Q: How forecasting helps in different disciplines of management science? Make a comparison between…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: Forecast February by: Arithmetic Average Weighted moving average, weights are 8 and 2. Which method…
A:
Q: b. Discuss how forecasting accuracy relates to the practical application of aggregate planning.
A: Aggregate planning is the process that involves the development, analysis and other operational…
Q: Problem #1- The table below shows the actual sales of a Product X sold by Compa January to December…
A: This question is related to the topic -Forecasting approach and this topic falls under The…
Q: 1 Given the data below. Find the forecast value from June to December Month Actual Demand Forecast…
A: The method of least squares is a common technique in regression analysis to estimate the solution of…
Q: Illustrate one example/scenario when judgmental forecast is utilized.
A: Forecasting is the process of predicting the future demand based on historic data or information.
Q: Question 03 Suppose you sell stylish leather bags targeting young office going people who can use…
A: Given data is
Q: Question 1 One use of short-range forecasts is to determine planning for new products. (A) True (B…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Discussion #1 & #2
A: As per the Bartleby Honor code we are not supposed to answer more than 1 question at a time. Please…
Q: Period 1 2 3 4 5 6 3. Using the table below, forecast using exponential smoothing. Assume the Alpha…
A:
Q: a03 a05 Period Forecast Forecast 3 10 11 12 2.
A: Here, I will conduct a simple exponential smoothing forecast for the given data set, I have…
Q: Question 4.2 A restaurant has tracked the number of meals served at lunch over the last four weeks.…
A: Given Information- Day Week 1 Week 2 Week 3 Week 4 Sunday 40 35 39 43 Monday 54 55 54 59…
Q: Process thinking alludes to: Select one: a. Value added activities b. Careful consideration of…
A: 1- OPTION -B - Careful consideration of individual products 2-OPTION -A -Use of…
Q: What is meant by the term tracking the forecast? In which two ways can forecasts go wrong?
A: Tracking the forecast means comparing the actual demand with the forecasted demand. It is used to…
Q: Forecasting Forecasting is important relative to capacity requirements planning. What are some of…
A: Qualitative data forecasting techniques mainly describes the characteristics and qualities of the…
Q: Kuwait-Arab Medical Supplies - started in January 2020 to help in protecting against COVID19. KAMS…
A: 1. Season 1 forecast with simple moving average method =(1000+4000+2000+5000)/4=3000 So, as per…
Q: Question: We know to predict the SSN number in the US if you were to take up a project/…
A: Aadhar card is an Indian unique identity number that contains 12 digits and information based on…
Q: AD, M Moving Average Model (past 3 Weeks), A. B. Exponential Smoothing Model (a = 0.2) с. What is…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. In businesses…
Q: 1. A dry cleaner uses exponential smoothing to forecast equipment usage at its main plant. August…
A: Since you have asked multiple questions, we will solve the first question with its sub-parts for…
Q: Al Maha Plastic manufacturing Companies last Six weekly values of Sales were 90, 110, 115, 135, 140,…
A: ERROR= ACTUAL SALES -FORECAST MAD = ABSOLUTE CUMULATIVE ERROR/ WEEK NUMBER TRACKING SIGNAL=…
Q: Question 18 A tire company needs a forecast for studded tires in the next forecast period. The…
A: Given: A smoothing constant of alpha = 0.20. The demand for the most recent period = 100 The…
Q: Question: Round Tree Manor is a hotel that provides two types of rooms with three rental classes:…
A:
Q: Exponential Smoothing, Exponentially Smoothed MAD, and Tracking SignalThe XYZ Company was flooded by…
A: Formula:
Q: If the old forecast is 100 and the latest actual demand is 83, what is the exponentiallysmoothed…
A: New forecast=α×Latest demand+1-α×Previous forecast=0.25×83+1-0.25×100=20.75+75=95.75
Q: Q4 ABC University wants to develop forecasts for next year's quarterly enrollment. It has collected…
A: Given data is
Q: Q3 The following table contains the sale of water pumps for the last 10 months in a retail outlet.…
A: Formula:
Q: Question one The president of State University wants to forecast student enrollments for this…
A: Ans :-a) foreeact for thouse year =1800+20000+210003…
Q: Sales Month (000 units) Feb. 19 Mar. 18 Apг. May 15 20 Jun. 18 Jul. 22 Aug. 20 a. Plot the monthly…
A: The known data is given below:
Q: The following table shows the actual sales of upholstered chairs for a furniture manufacturer and…
A: Using the formulas for the measures CFE - -15 (the sum of the errors for al time periods in the time…
Q: b. Explain the term “wrong” as it pertains to a good forecast
A: A forecast that is done by considering all the trends from current and historical data and by…
Q: 6. Consider the following data table. (12 Points) a) Forecast demand using exponential smoothing…
A: Error = Real demand - Forecast Absolute Error = Positive value of Error Error Square = square of…
Q: What factors would you consider in deciding whether to use wide or narrow control limits for…
A: Control limits are the boundaries defined in a control chart within which all the random errors that…
Q: q1(a)Imagine that you need to introduce a new gadget such as the Apple Watch. Determine which…
A: 1)The determination of a strategy relies upon many elements—the setting of the estimate, the…
Q: Statement I Statement 2 SC Middle manager are the ones responsible for setting operations goals and…
A: In Bartleby's policy, providing reference is not allowed.
Q: QUESTION 9 Use the table below to answer the following questions (Choose only the letter) Periods…
A: Given data- Periods Observations 1 24 2 34 3 36 4 37 5 41 6 44 7 45
Q: Determine the forecast of next year’s quarterly sales revenue for this line of laptops. Show all…
A: Below is the solution:-
Q: Forecasting is both art and science. Describe the situations where we use Qualitative forecasting…
A: Forecasting refers to the art and science of forecasting or predicting the future scenario or what…
Q: Medanalysis, Inc., provides medical laboratory services to patients of Health Providers, a group of…
A:
Q: March demand was pridicted at 590 units of gear cycles of trevaa ltd. But the actual demand was 400…
A: Given: March demand forecasted (Ft-1) = 590 Units March actual demand (At-1) = 400 Units Alpha =…
Q: Forecast for the 11 quarter using exponential smoothing technique.
A:
Q: Given an actual demand this period of 143, a forecast value for this period of 119, and an alpha of…
A: Exponential smoothing is a period arrangement gauging strategy for univariate information that can…
Q: Q2: Daily high temperature in St. Louis for the last week were as follows: 93, 94, 93, 95, 96, 88,…
A: Formula:
Q.No.04. What does BOM stands for? Why it is necessary for any firm to have correct
Step by step
Solved in 2 steps
- 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?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?Under what conditions might a firm use multiple forecasting methods?
- Part C Exponential Exponential Gasoline Demand Gasoline Month smoothed forecast smoothed forecast Exponential smoothed forecast (a = 0.25) Demand (a = 0.25) (a = 0.45) Exponential smoothed forecast (a = 0.45) Mar 900 920 920 1200 Apr May 755 915.00 911.00 1100 1000 650 875.00 840.80 g20 915.00 846 80 755 818.75 754.94 904.76 835.12 Jun 550 818.75 754.94 800 320 751.56 66272 645.74 746.83 Jul 625 751.56 662.72 650 600 550 Aug Sep 730 719.92 645.74 820 722.44 683.66 400 D Oct 1100 746.83 745.01 200 1 Nov 835.12 904.76 Mar Apr May Jun Jul Aug Sep Oct Nov 1. Make a comparative analysis out of your answers in the plotted data. (3-5 5 sentences)QUESTIONS: Quarterly demand for a washing machine is as shown. 1. After obtaining initial estimates for level, trend, and seasonal factors. forecast the demand for the first quarter of year III using Winter's model with a 6- - 0,25 where x is the last two digits of your student number. 2. Make a tracking signal analysis for the forecast and evaluate Maks Year I II Quarter 1 2 3 4 1 2 3 4 Demand 1900 1224 4000 5600 4800 1048 6200 8000Q 6 Identify two business situations where the Delphi method might be used to generate forecasts. Can you think of any difficulties and pitfalls associated with using the Delphi method?
- Forecast is calculating estimates of future cycle/s based on data of past cycles -- there is no?Q1) Forecasting is both art and science. Describe the situations where we use Qualitative forecasting techniques and quantitative forecasting techniquesMonth Demand Forecast Error Abs Error alpha 1 20 2 18 3 21 4 25 5 24 6 27 7 22 8 30 9 23 10 20 11 29 12 22 Mean Bias MAD (mean error) Problem 6: Maverick Jeans' demand manager decided to evaluate exponential smoothing. To maintain com- parability, she used the data from problem 6, copied below. 1 Month 2 3 Demand 20 18 21 25 4 5 24 6 7 8 9 10 11 12 27 22 30 23 20 29 22 Develop forecasts for months 5-12. Calculate the Bias and MAD. Use a starting forecast of 20 for month 4 and an alpha value of 0.2. (Note: Adjust all cell values to two decimal points.)