Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec. JAN FEB MAR Last year This year 130 150 155 225 APR MAY JUN JUL 215 175 230 AUG SEP OCT NOV DEC 165 155 230 255 280 155 155 205 220 245 250 Forecast for the third quarter
Q: n which firm the agreement is Oral or Written? A. Partnership B. Sole Proprietorship C. HUF D.…
A: Agreement is one of the important components of a contract. The proposal becomes a contract when…
Q: What could Zuckerberg have done during the problem-solving stage of negotiations with Instagram…
A: The objective of the question is to identify the best approach that Mark Zuckerberg could have taken…
Q: Month Demand 1 45 2 48 3 43 4 48 5 49 6 54 7 47 8 50 9 46 10 47 Using the table above, calculate two…
A: (i). Exponential smoothing forecast :MonthForecast1 2…
Q: Students arrive at the Administrative Services Office at an average of one every 20 minutes, and…
A: Step 1:To solve this problem, we need to use the concepts of queuing theory and make some…
Q: A firm has 4 plants that produce widgets. Plants A, B, and C can each produce 120 widgets per day.…
A: Find the given details below: Shipping cost per unit at plantCustomer 1Customer 2Customer…
Q: Unlike community development and job training organizations, business attractions organizations…
A: The objective of the question is to understand the primary purpose of business attraction…
Q: A workshop has 20 nos. of identical machines. The failure pattern of the machine is given below:-…
A: Given Information:Number of identical machines: Failure pattern:Elapsed time after maintenance…
Q: help me with a,b,c. thanks and explain too
A: a. To calculate the marginal value of the 251st coat, we first need to calculate the expected profit…
Q: Ken Gilbert owns the Knoxville Warriors, a minor league baseball team in Tennessee. He wishes to…
A: FactorWeightMobileJacksonIncentive0.408560Player satisfaction0.302045Sports interest0.204085Size of…
Q: In the apportionment of the House Representatives based on the 1790 Census, there are 15 states. At…
A:
Q: What is a productivity Cycle? Explain it with an example.
A: Productivity Cycle:A productivity cycle is a methodical procedure that encompasses the fulfilment…
Q: Only Construct Linear Programming Model for the following Problemb; An individual wishes to invest…
A: The objective of the question is to construct a linear programming model for the given investment…
Q: A company orders 100 units of a raw material every time its inventory level drops to 50 units. The…
A: Given:Order Quantity Reorder Level Lead Time Current Inventory Level
Q: When working well, the issue management process. Automatically operates with little to no company…
A: Correct option is (c)continuously cycle back to the beginning and repeat.
Q: Which of the following is not a prevention activity in controlling quality? Multiple Choice…
A: Quality management is the aspect of operation management that focuses on the quality improvement of…
Q: ain, using quantitative and non-quantitative examples, the idea that diminishing returns can…
A: In the competitive landscape of marketing, firms often strive to enhance their service provision to…
Q: The product manager of a tide and he is planning to launch a new product. He can either launch Tide…
A: Gain (market is successful )Loss (the market is a failure)Probability0.600.40Launching Tide with…
Q: The desired daily output for an assembly line is 300 units. This assembly line will operate 375…
A: Find the given details below:
Q: Discuss the role of technology in operations management, which includes subjects like Industry 4.0,…
A: Operations management entails managing the processes that generate products and services, and…
Q: L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina. An…
A: ABC classification, also known as ABC analysis or ABC categorization, is a technique used in…
Q: Suppose that we are making an auto part and that the mean length of the part is 5 inches with…
A:
Q: 4.17 Complete the following MRP record. The lead time is four weeks, and the lot size is 200. What…
A: To complete the MRP record and address the changes in gross requirements in week 3, we will update…
Q: Deb Bishop Health and Beauty Products has developed a new shampoo and you need to develop its…
A: Given-
Q: What is the ultimate goal of a lean system? What are the supporting goals?
A: Ultimate Goal of a Lean System:Reducing Waste: Streamlining processes and operations to decrease…
Q: Henderson Furniture sells reproductions of 18th-century furniture. For a particular table, the…
A: Given information is:Annual Demand(D): 200 tablesInventory Holding Cost per year(H): 25% of Item…
Q: The product manager of a tide and he is planning to launch a new product. He can either launch Tide…
A: Decisions AbbrevationsTide with ZonroxTZTide with DownyTZNo launchNL…
Q: Annual demand for a product is 13,000 units; weekly demand is 250 units with a standard deviation of…
A: To determine the reorder point, we'll use the formula:������������=Demand During Lead…
Q: Answer all. What are the critical activities? What is the expected project duration? calculate the…
A: The problem is an example of PERT technique using three point estimate that defines the range of…
Q: 6-9. A process that produces computer chips has a mean of .04 defective chip and a standard…
A: Given Data:μ=0.04σ=0.003USL=0.05LSL=0.03To determine the capability index for the process, we'll use…
Q: A process has a defect rate of 3%. If 500 units are produced, how many defects are expected?
A: Given:Defect rate Number of units produced
Q: he number of disk drives (in millions) made at a plant in China during the past 5 years follows:…
A: Here we find a forecast line that best fits the data points representing the actual. Best fit means…
Q: project results should be monitored, evaluated and reviewed for improvement purposes. To that end…
A: In project management, assessing and improving project results is pivotal to organizational growth…
Q: Which of the following answers best describes the term core competency?. a capability that the…
A: Core competency are the set of qualities (leadership and problem solving skills, technologies and…
Q: What is role of operations management in an organization?
A: Role of Operations Management: The job of operations…
Q: A company is planning for its financing needs and uses the basic fixed-order quantity inventory…
A: The objective of the question is to calculate the total cost of the inventory using the basic…
Q: Why should you not use a frequency polygon if you have nominal data? What would be better to use…
A: DETAILED SOLUTION IS PROVIDED BELOWExplanation:(1). Why should you not use a frequency polygon if…
Q: Dorm Furnishings manufactures two types of desks. Requirements for each desk are given below.…
A: Linear programming is a mathematical modeling technique used to determine the best outcome (such as…
Q: Mueller & Associates is a urban planning firm that is designing a new public park in an Omaha…
A: (a) To find the critical path, we need to calculate the earliest start time (ES), earliest finish…
Q: A snack food manufacturer buys corn for tortilla chips from two suppliers, one in Iowa and one in…
A: Price per unit of Iowa corn =$6.30Price per unit of Illinois corn =$5.80Manufacturer needs at least…
Q: True or False: The Six Sigma methodology in operations management primarily focuses on reducing…
A: Six Sigma methodology comprises a systematic way of achieving process improvement by gradually…
Q: Required information [The following information applies to the questions displayed below.] The…
A: A check sheet works as a tool to document and manage data for comfortable analysis systematically.…
Q: Which of the following is one of the way nonprofits contribute to the US economy? A. Employ…
A: The question is asking to identify the ways in which nonprofit organizations contribute to the US…
Q: ABCD company is an office equipment company that produces two types of desks: standard and deluxe.…
A: Linear programming helps us to find the optimal solution/best outcome, with the given constraints.We…
Q: avity 8: Operations Manager of Swatch wristwatch wants to determine the most optimum inventory…
A: Discount LevelDiscount QuantityCost/Unit C (Php000)Discount (%)10 9992000%21000 19992003%32000 and…
Q: I
A: Determine the precise problem you want to study first. The following are typical issues in long-term…
Q: An oil company processes oil into aviation fuel and heating oil. It costs $65,000 to purchase each…
A: Given information:An oil company purchases barrels of oil for .Distillation of barrels of oil…
Q: Why is it difficult for thoovercome resistance to the change management initiative?
A: Resistance to change management initiatives can be difficult to overcome for several reasons. Some…
Q: What is aggregate demand forecast?
A: Aggregate demand forecasting:The practice of predicting the overall demand for final products and…
Q: Discuss algorithmic trading in the high frequency trading markets
A: Trading on financial markets with computer algorithms is known as algorithmic trading. These…
Q: 7 Energy costs 4 a) Based on the given information, the best site for Daniel Tracy is D with a total…
A: The location is an important factor for any business to run successfully. For this, there are many…
Step by step
Solved in 3 steps with 3 images
- Under what conditions might a firm use multiple forecasting methods?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_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.
- 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_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 file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?
- 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 file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. 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?
- Given the following history, use a three-quarter moving average to forecast the demandfor the third quarter of this year. Note that the 1st quarter is Jan, Feb, and Mar; 2ndquarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECLast year 120 140 145 195 205 220 165 155 145 220 245 265This year 140 145 200 210 240 255Based on the information in the following table, use the Exponential Smoothing Approach (a = 0.3) to forecast the demand for periods 4-13 %3D PERIOD MONTH Demand Forecast 1 Jan 222 Feb 192 222 3 Mar 212 213 Apr 202 May 220 Jun 200 7 Jul 113 Aug 175 6. Sep 277 10 Oct 211 11 Nov 249 12 Dec 144 13 Jan 6o 00Consider the following information: Year Quarter Actual Sales (000) 2018 1 20 2 15 3 22 4 35 2019 1 24 2 18 3 25 4 45 2020 1 15 2 05 3 28 4 40 Forecast demand using trend projection method taking into consideration seasonality for the year 2021.