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Discuss the role of demand forecasting in the Wilson approach and its impact on inventory decisions.
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- 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?Forecast deliveries for one of Cadbury Schweppes' subsidiaries for period 10 using the exponential smoothing with trend adjustment method. Let the beginning trend value be 4 and the initial prediction be 200, and set alpha and beta to 0.4 and 0.2, respectively. Period 01 = Actual Demand 200 Period 02 = Actual Demand 212 Period 03 = Actual Demand 214 Period 04 = Actual Demand 222 Period 05 = Actual Demand 236 Period 06 = Actual Demand 221 Period 07 = Actual Demand 240 Period 08 = Actual Demand 244 Period 09 = Actual Demand 250 Period 10 = Actual Demand 266
- Given the following forecast and cost information, determine Production Coststhe total cost of a chase plan that uses regular time production Regular $ 50.00output of 400 units per month, overtime is used when needed Overtime $ 65.00up to a maximum of 40 units per month, and subcontracting Subcontracting $ 75.00is used if additional units are needed to meet the forecast.Month Forecast1 4302 4003 4404 4505 4806 480TotalIn each of the following, name the term defined or answer the question. Answers are listed at the bottom. 1. A term used to describe demand that is uncertain and needs to be forecast.2. We are ordering T-shirts for the spring party and are selling them for twice what we paid for them. We expect to sell 100 shirts and the standard deviation associated with our forecast is 10 shirts. How many shirts should we order?3. We have an item that we stock in our store that has fairly steady demand. Our supplier insists that we buy 1,200 units at a time. The lead time is very short on the item because the supplier is only a few blocksaway and we can pick up another 1,200 units when we run out. How many units do you expect to have in inventory, on average?Using the moving average forecast, is it possible to forecast a demand that is biggerthan any previously observed demand?a. Yesb. No
- Matrix uses simple exponential smoothing with S.F = 0.6 to forecast demand. The forecast for the week of Nov 1 was 350 units, whereas the actual demand turned out to be 400 units. Forecast the demand for the week of Nov 8 to week Nov 22 Week Actual Demand Forecast Nov 01 350 400 Nov 08 460 430 Nov 15 501 448 Nov 22 495 479.8 Element of Competency Determine the quantity of raw materials and other products order.Discuss how flexibility in production systems relates to the forecast horizon and forecast accuracy?Given the following forecast and cost information, Regular time cost $ 40.00 per unitdetermine the total cost of a plan that uses regular time Overtime cost $ 60.00 per unitproduction output of 600 units per month, overtime is subcontracting cost $ 80.00 per unitused when needed up to a maximum of 60 units per holding cost $ 10.00 per unit per monthmonth, and subcontracting is used if additional units are needed to meet the forecast.Month Forecast1 5702 6003 6304 6505 6706 690Totals
- I'm trying to determine optimal order quantity but only have a Mean forecast and a standard deviation of it to use for sales data. How would I determine the sales data to use in the optimal order quantity formula?Week Demand of beef 1 500 2 550 3 600 4 720 5 780 6 800 Corresponding weights are W1=0.6, W2=0.4 and W3=0.3 The 3-week weighted moving average to forecast- Week Demand of beef 3- weeks weighted moving average forecast 1 500 2 550 3 600 4 720 (500×0.6+550×0.4+600×0.3) / (0.6+0.4+0.3) = 538.46 5 780 (550×0.6+600×0.4+720×0.3) / (0.6+0.4+0.3) = 604.61 (600×0.6+720×0.4+780×0.3) / (0.6+0.4+0.3) = 678.46 Forecast for week 4,5 and 6 = 538.46, 604.61 and 678.46 4-week weighted moving average to forecast- Corresponding weights are W1=0.6, W2=0.4, W3=0.3, and W4=0.2 Week Demand of beef 4-weeks weighted moving average forecast 1 500 2 550 3 600 4 720 5 780 (500×0.6+550×0.4+600×0.3+720×0.2) / (0.6+0.4+0.3+0.2) = 562.66 (550×0.6+600×0.4+720×0.3+780×0.2) / (0.6+0.4+0.3+0.2) = 628 Forecast for week 6 and 7 = 562.66, 628…Thus historical demand for periods is 70, 60, 80 , and respectivelyWhat is the two-period weighted moving average forecast for period assuming equal weights of 0.5 each