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Using your workplace as an example, or, if you do not work in the food or beverage industry, choose a place you dine or drink at and describe what variables likely need to be considered in forecasting sales at the establishment that go beyond the usual "we're always busier on Fridays and Saturdays" element. For example, a manager at Black Mesa Coffee at the airport will likely plan for more sales during busy travel periods like the days surrounding Thanksgiving, but (some) other establishments might plan for slower sales around Thanksgiving.
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- 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?
- -Please answer part iv. which is related to the three part question posted some moments ago that has been answered already. iv. Determine which of the three forecasting technique is the most accurate usingMAD. -Also, please answer the below two parts to this new question. The following table shows the number of televisions sold over the last ten years at a local electronic store. Year TV Sales 1 150 2 300 3 480 4 600 5 630 6 640 7 700 8 825 9 900 10 980 i) Using trend projection, develop a formula to predict sales for years 11 and 12. You have to show all working. You will need to develop a table to calculate the slope and the intercept.ii) Use that formula to forecast television sales for years 11 and 12.The worksheet Hudson Demand Case Data in MindTap provides the number of visits over one year from January to December (52 weeks). Chart the data and explain the characteristics of the time series. How would you forecast future demand for customer visits? What criteria will you use to determine a “good” forecast? What methods would you use, and why? What is your final recommendation with respect to a forecasting method? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.In each of the following, name the term defined or answer the question. Answers are listed at the bottom. Assume you are using exponential smoothing with an adjustment for trend. Demand is increasing at a very steady rate of about five units per week. Would you expect your alpha and delta parameters to becloser to one or zero? Your forecast is, on average, incorrect by about 10 percent. The average demand is 130 units. What is MAD? If the tracking signal for your forecast was consistently positive, you could then say this about your forecasting technique. What would you suggest to improve the forecast described in question 10?12. You know that sales are greatly influenced by theamount your firm advertises in the local paper. Whatforecasting technique would you suggest trying?13. What forecasting tool is most appropriate when closelyworking with customers dependent on your products?
- Your manager is trying to determine what forecasting method to use. Based on the following historical data, calculate the following forecasts and specify what procedure you would utilize. Month Actual Demand 1 64 2 67 3 69 4 65 5 71 6 73 7 76 8 77 9 77 10 82 11 83 12 85 Calculate the simple three-month moving average forecast for periods 4–12.(Round your answers to 3 decimal places.) Month Actual Demand 4 66.667 5 67.000 6 68.333 7 69.666 8 73.333 9 75.333 10 76.666 11 78.666 12 80.666 Calculate the weighted three-month moving average for periods 4–12 using weights of 0.30 (for the period t−1); 0.20 (for the period t−2), and 0.50 (for the period t−3). (Do not round intermediate calculations. Round your answers to 1 decimal place.) Month Actual Demand 4 66.7 5 67.0 6 68.3 7 69.7 8 73.3 9 75.3…Several business periodicals often carry reports of companies that may not have met their sales and profit forecasts. What are some reasons a company might not meet its forecast? What suggestions could you make for improving the effectiveness of forecasting?The current power outages are affecting productivity of ABC Ltd. Even though demand is high, they cannot produce enough to meet the needs of their customers. The best option is to buy a generator but they have other very urgent issues to resolve with money primary among them been payment of salaries. Management does not know how long the outages will last and the possible reactions of the staff should they fail to pay them. Use the three forecasting techniques to make your decision.
- State and describe the forecasting technique which places more emphasis on recent values and explain how it is done ?Weekly income for Quiet Mental Breakdown, an online psychology firm, is provided below. Determine, on the basis of minimizing the mean square error, whether a three-period or four-period simple moving average gives a better forecast. Week Income 1 980 2 1040 3 1120 4 1050 5 960 6 990 7 1030 8 1260 9 1240 10 1100 Group of answer choices Both the four-period & three-period simple moving averages have the same forecast accuracy in terms of their MSE There is not enough information to determine the answer The four-period simple moving averages gives a better forecast because it has the smallest MSE The three-period simple moving average gives a better forecast because it has the smallest MSEWhat tool should we use to know whether our forecasting was under forecasted or over forcasted? Is it possible to get the same value of CFE and MAD? How? What does the value of MSE signify?
