You are trying to forecast the future production cost in your department. You observed that in thelast seven months your costs were as follows:Month1234567Cost$1000900846810783762744Moreover, you discovered that your department has a learning curve of 90% with regard to cuttingcost, and improving productivity.(a) Forecast the cost in the 8th month.(b) The planning department has announced that the forecasted cumulative cost of the nextplanning horizon starting from month 8 will be $4207. What is the length of the nextplanning horizon?(c) If the forecasting error variance of the last 7 months is 17.5, can you estimate the MAD ofthe last 7 months? If so, what is its value?

Answered: You are trying to forecast the future…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

The Emerson Corporation, a manufacturer of airplane landing gear equipment, is trying to develop a learning curve model to help forecast labor costs for successive units of one of its products. From past data, the firm knows that labor costs of the 25th, 75th, and 125th units were $800, $600, and $500, respectively. Using the learning curve equation for these labor costs, log10C=3.30755−0.28724×log10Qlog10�=3.30755−0.28724×log10� What is the estimated cost of the 200th unit of output? $443 $467 $457 The model estimates that the labor cost for the 50th unit is $659.99. What is the approximate percentage of learning at Emerson? 69% 82% 96%
XYZ Rural Bank implemented its initial attempts to manage the performances of its 150 employees. XYZ Rural Bank has 10 branches all over Zamboanga Peninsula and each branch is supervised by a branch manager and has 10-15 employees working directly under his supervision. In its initial implementation of its own performance management system, its HR department sent a Performance Appraisal (PA) Template that all branch managers need to fill out. PA tool includes the following aspects of the employees performances:• Attendance (lates, absences, undertime etc)• Successful collection done (for Account Officers, Loan Officers, Credit Investigators)• Loans processed (For Account Officers and Loan Officers) Every July and January, all branch managers should submit the filled-out PA templates to HR for recording and consolidation. One week before the deadline for such PA template to be submitted to HR, the branch managers fill out the templates themselves based on their own observations. These…
Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 1 8 12 B Web scraping 4 9 11 C Testing A, B 1 1 1 (b) Based solely on the critical path, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be complete within 11 weeks. (Round your answer to four decimal places.)
Patricia Eklund, controller in the division of social services for the state, recognizes the importance of the budgetary process for planning, control, and motivational purposes. She believes that a properly implemented participative budgetary process for planning purposes and an evaluation procedure will motivate the managers to improve productivity within their particular departments. Based upon this philosophy, Eklund has implemented the following budgetary procedures: An appropriation target figure is given to each department manager. This amount is the maximum funding that each department can expect to receive in the next year. Department managers develop their individual budgets within the following spending constraints as directed by the controller’s staff. Expenditure requests cannot exceed the appropriation target. ◦ All fixed expenditures should be included in the budget. Fixed expenditures would include such items as contracts and salaries at current levels. ◦ All government…
Which model is used to measure the effectiveness of training? Select a Choice Below OptionAManfred Max-Neef's model OptionBHeisenberg model OptionCMcKinsey's 7s model OptionDKirkpatrick model
Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) This answer has not been graded yet. (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) (d)…
P7-What type of data could be used to monitor the performance of a restaurant such as McDonald's P8-What measures or actions would be used to improve the consistent quality and speed of preparing fast food for customers
The purpose of the balanced scorecard is best described as helping an organization: translate an organization’s mission and strategy into a set of performance measures that help to implement the strategy introduce innovative products and services desired by target customers mobilize employee skills for continuous improvements in processing capabilities, quality and response times develop customer relations
I used excel and got a 1.31 on this question, but my friend got another answer.
A library administrator wants to determine the proportion of time the circulation clerk is idle. The following information was gathered randomly by using work sampling: Day Number of TimesClerk Busy Number of TimesClerk Idle Total Number ofObservations Monday Tuesday Wednesday Thursday Friday Saturday 8 7 9 7 8 6 2 1 3 3 2 4 10 8 12 10 10 10 If the administrator wants a 95 percent confidence level and a degree of precision of +- 4 percent, how many more observations are needed?
Write a 1000 words report on a case study. You have recently started a new job as a junior operations manager at Pet Kingdom, a petsupplies retailer. You are writing these reports to your line manager, Ms Lionheart, so theappearance and language of your reports need to be professional. CASE STUDY - Forecasting Your line manager, Ms Lionheart, has collected and scrutinised performance data for thecompany. She was concerned that the inventories were high for certain products which hadresulted in significant price reductions and losses for the company. At the same time, thecompany had run out of stock for other items early in the season resulting in unsatisfiedcustomers and lost sales. Ms Lionheart has concluded that the problem was not with thespecific products carried in the stock, but with the quantities ordered by the procurementdepartment for two popular products; Dog Ball Launcher and Lightweight Dog Lead.Dog Ball Launcher is a product carried by the company for the past four…
A little over two years ago, Avondale Industries acquired a company that produces a line of adhesives and sealants used in the aerospace industry. The acquisition was shortly followed by providing the best and brightest employees in the division with training every three months on topics selected by the group. A year later, the adhesives and sealants division developed a new sealant that lasts longer, is less expensive to produce, and is more effective in preventing the spread of fire or flames from the engine compartment to the airplane and preventing air leakage. The new product resulted in a sustainable competitive advantage in the market. Which of the following statements best explains how training contributed to the division’s new competitive advantage? The training gave the employees the opportunity to demonstrate their many skills and competencies to the company. The training taught the employees how to look at competitors’ products and determine how to make them…

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS