3. A mobile phone store owner wants to predict the demand for mobile phones In October based on the following historical sales data: Month- April May June. July August- September Number of phones sold. 100- 140- 110. 150- 120- 160. J ✔ a. What is this month's forecast using Naive approach b. Using 3-Month Moving Average, develop forecasts for October's demand c. Using 5-Month Moving Average, develop forecasts for October's demand d. When making moving average forecasts, is it better to use a larger time span? .
Q: Answer 3.17,3.18,3.19,3.20 and 3.29. Construct both xbar chart and R chart for each problem
A: A control chart, also known as a Shewhart chart or process-behavior chart, is a statistical tool…
Q: Do you think the approach where electronic meetings are held in the same room could be used in an OD…
A: An OD team-building session is a vital forum where members of an organization convene to enhance…
Q: Eastwood Cake Factory sells chocolate cakes, birthday cakes, and specialty cakes. The factory is…
A: The amount that each unit of sales contributes to profit-making and covering fixed costs is known as…
Q: Analyze scheduling problems using priority rules and more specialized techniques
A: Introduction: Scheduling plays a crucial role in operations management, influencing efficiency,…
Q: According to the article: “The extensive upgrades included building an on-site Stamping Plant, a…
A: Manufacturing process strategies include purposeful approaches and techniques used to streamline…
Q: Larry Edison is the director of the Computer Center for Buckly College. He now needs to schedule the…
A: An optimization problem in the real world is represented mathematically by a linear programming (LP)…
Q: Activity network has predecessors B and C, and has successor nas duration 6. B's earliest finish is…
A: Earliest Start Time (ES) = Activity cannot be started before this day/weekEarliest Finish Time (EF)…
Q: Assume the following information: Actual run time this week Machine time available this week Actual…
A: Quality rate refers to the degree of excellence or conformity to specified standards that a product,…
Q: True or False: “Groupthink” is a positive sign that shows a team is fully engaged and passionate…
A: Group decision-making is an important aspect of organizational dynamics. It involves a collective…
Q: Classify the cost elements shown below for the Impressive Printing Company into the proper quality…
A: Find the given details below:
Q: Highlighting the importance of Human Resources Management (HRM) in quality management, QM experts…
A: Human resource management is an integral part of an organization. There are several functions which…
Q: A process design meets K = 3 sigma levels. The process was originally centered. If the mean of the…
A: K3USL0.93Opportunities 1000
Q: addition to the labor cost, Charles Det nur producty for 640 work hours per production change that…
A: Multifactor productivity (MFP) is a key concept in the realm of economics and business that measures…
Q: Situational Summary Kantara wines were being produced by O.A. Ltd., in Lefkosa, known as Nicosia…
A: Business ethics entails the creation of policies, principles, and guidelines that ensure the…
Q: Prepare an Introduction using the below topic and research questions
A: Staff absenteeism, a multifaceted phenomenon prevalent in organizational settings, represents the…
Q: You run a small grocery store and have the following fruits in storage: 1000 apples, 1500 oranges,…
A: The information provided is stated in the table below:Gift Set AGift Set BGift Set…
Q: Future Plastics manufactures plastic products for industrial use worldwide. In order to meet demand,…
A: Find the given details below:
Q: Forecasting Methodology: Choose an appropriate demand forecasting method (e.g., qualitative,…
A: Requirement: Explaining the chosen method of forecast and its rationale. Assumption: Assume the…
Q: How much must be spent on advertising to obtain a membership of 80 (000)?…
A: Regression equation: Y= 0.39X + 42.53 WhereY is the membershipX is the advertising
Q: Briefly state the Aims and Objectives of this Project: In the academic year 2016/17, nearly a third…
A: The Rental Agent project responds to Chinese students' housing difficulties in England by providing…
Q: Assume that a project has an expected total duration of 25 days, but several optimistic employees…
A: Optimistic duration (a) = 18Most likely duration (m) = 25Pessimistic duration (b) = 40
Q: Graph the feasible region
A: Manufacturing time (hrs)Assembly (hrs)FrameProfit ($)EZ-Rider (x)6202400Lady-Sport…
Q: Please I need the answers of the 3 questions related to the document below!
A: We Know That,1) 2)3) =
Q: A local project being analyzed by PERT has 42 activities, 13 of which are on the critical path. If…
A: Given:Critical path duration (mu) = 105Variance (v) = 25New duration (x) = 95
Q: The Crandon Manufacturing Company produces two principal product lines. One is a portable circular…
A: The information provided is stated in the table below:Portable Circular Saw Precision Table…
Q: Write all constrains equations Draw the constrain region Check if the following pints are valid…
A:
Q: Solve the following problem with Excel Solver: (Leave no cells blank - be certain to enter "0"…
A:
Q: How does inventory affect a firm’s financial performance? Explain the importance of inventory, types…
A: In the context of the manufacturing industry, an inventory can be defined as the stock or the…
Q: List and explain six factors that affect the decison to outsource. Explain the sourcing contiuum
A: Outsourcing is a business strategy that involves contracting out certain tasks or functions to…
Q: Your organization has decided to hire 2 new project managers. As you know when someone is hired…
A: Effective project estimation and planning play pivotal roles in the success of any organizational…
Q: Classify the cost elements shown below for the Impressive Printing Company into the proper quality…
A: Find the given details below:
Q: Job Processing Time Due Date (Di) 1 22…
A: The objective of the question is to calculate the average flowtime and average tardiness for the…
Q: A big city automobile quick-service oil change shop can process 25 autos per hour over its multiple…
A:
Q: As the production planner for Xiangling Hu Products, Inc., you have been given a bill of material…
A: A product structure is a visual representation of material requirement plan which considering the…
Q: Need a Total productive maintenance total for this problem: The Tack articulation inspection is…
A: To calculate the Total Productive Maintenance (TPM) for the Tack Articulation Inspection problem, we…
Q: Rocky Mountain Tire Center sells 6,000 go-cart tires per year. The ordering cost for each order is…
A: The EOQ model seeks to minimize the costs associated with placing as well as receiving inventory…
Q: Mello Manufacturing Company is a diversified manufacturer that manufactures three products (Alpha,…
A: The total amount of money spent by a business or factory (manufacturing unit) during the process of…
Q: uring produces plastic cases for solar photovoltaic panels and has decided to combine orders from…
A: GivenSetup Time (seconds):For XVT-5, 98*60=5880 secondsFor UYT, 90*60=5400 secondsFor KLY,…
Q: Job satisfaction is not about personal motivation or attitude. Highlight five factors that impact…
A: The question aims to identify five factors that influence job satisfaction, beyond personal…
Q: Hi, I need help determining the answer to this Operations Management problem. Thank you!
A: Given:Monday = 12Tuesday = 20Wednesday= 8Thursday = 10Friday = 18
Q: Why are work measurements and time standards important for a i rm? Are there any negatives to the…
A: Work measurements and time standards play a crucial role in achieving these objectives. These…
Q: A manager wishes to build a 3-sigma range chart for a process. The sample size is five, the mean…
A: Givenx bar =45.75r bar = 10.30D3 = 0D4 = 2.115
Q: what are the three basic cash management tools for any business and particularly healthcare?
A: The objective of the question is to identify and explain the three basic cash management tools that…
Q: If the RDF is equal to 0.2, then the Reliability is Group of answer choices 1 + RDF 1 - RDF…
A: The objective of the question is to find the reliability given the RDF (Reliability Degradation…
Q: What are the optimal values of a and b? b. What are the forecasts for the next 2 years using this…
A: Year=nAvg…
Q: A company produces electrical circuit boatds .each circuit board has a raw material input of P60 and…
A: The objective of the question is to calculate the fixed cost of the business. Fixed costs are costs…
Q: What are three training presentation methods used and the reasons?
A: The objective of the question is to identify three common training presentation methods and…
Q: What sequencing rule should you use? For the rule you selected, find the best sequence using the…
A: MortgageProcessing Time (days)Due Date11545271431970410225163062357
Q: How can be a successful flight attendant in the future? please answer in 30 mins thank you
A: Essential skills is important for fosters innovation and problem-solving. It's crucial in various…
Q: Amelio Rodriguez Computing wants to establish an assembly line for producing a new product, the…
A: Find the given details below:
Step by step
Solved in 3 steps with 2 images
- Under what conditions might a firm use multiple forecasting methods?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_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_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_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_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_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?
- 9) Gasoline sales Times Series week sales (1000s of gallons 1 17 2 21 3 19 4 23 5 18 6 16 7 20 8 18 9 22 10 20 11 15 12 22 With the above gasoline time series data, show the exponential smoothing forecast using alpha = 0.1 i)Applying the MSE measure of forecast accuracy, would you prefer a smoothing constant of Alpha= 0.1 or alpha=0.2 for the gasoline sales time series? ii)Are the results the same if you apply MAE as the measure of accuracy? iii)What are the results if MAPE is used?Compute the one-step-ahead three-month and six-month moving-average forecastsfor July through December. What effect does increasing N from 3 to 6 have on theforecasts?It wouldnt let me take a screenshot of the table so I had to copy and paste it in here. My question is: How do you Calculate a moving average forecast using the last 2 and 4 dates of stay. What is the prediction for 7/1/2021 for each technique? Discussion Question 1 - 200 room hotel Forecasts MA 2 Errors MA 4 Errors ES (0.8) Errors ES (0.5) Errors Date Day of Week Rooms Sold MA 2 MA 4 ES (0.8) ES (0.5) AE APE AE APE AE APE AE APE 6/1/2021 Tuesday 123 6/2/2021 Wednesday 109 6/3/2021 Thursday 140 6/4/2021 Friday 199 6/5/2021 Saturday 179 6/6/2021 Sunday 140 6/7/2021 Monday 117 6/8/2021 Tuesday 132 6/9/2021 Wednesday 108 6/10/2021 Thursday 151…