erdinand is a well-known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other people. Recently, Mr. Ferdinand has been running out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers' demand. I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three-week and a four-week weighted moving average to forecast demand for his beef. II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing a forecast for his beef.

erdinand is a well-known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other people. Recently, Mr. Ferdinand has been running out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers' demand. I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three-week and a four-week weighted moving average to forecast demand for his beef. II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing a forecast for his beef.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section: Chapter Questions

Problem 41P: At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 =...

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At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the localcommunity. Customers love the quality of meet that Mr. Ferdinand sells so they tend torecommend his product to other persons. Recently, Mr. Ferdinand has been running out of beefto sell to his customers. One customer suggests to him that he must use past sales records toforecast demand for his beef so that he can meet his customers demand.I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a threeweek and a four-week weighted moving average to forecast demand for his beef.II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast forhis beef.
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the localcommunity. Customers love the quality of meet that Mr. Ferdinand sells so they tend torecommend his product to other persons. Recently, Mr. Ferdinand has been running out of beefto sell to his customers. One customer suggests to him that he must use past sales records toforecast demand for his beef so that he can meet his customers demand. I. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef.II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast forhis beef.
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the localcommunity. Customers love the quality of meet that Mr. Ferdinand sells so they tend torecommend his product to other persons. Recently, Mr. Ferdinand has been running out of beefto sell to his customers. One customer suggests to him that he must use past sales records toforecast demand for his beef so that he can meet his customers demand. 1. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three-week and a four-week weighted moving average to forecast demand for his beef.
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the localcommunity. Customers love the quality of meet that Mr. Ferdinand sells so they tend torecommend his product to other persons. Recently, Mr. Ferdinand has been running out of beefto sell to his customers. One customer suggests to him that he must use past sales records toforecast demand for his beef so that he can meet his customers demand. 1. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast forhis beef.
Boston Electric Generators has been getting manycomplaints from its major customer, Home Station, about thequality of its shipments of home generators. Daniel Shimshak,the plant manager, is alarmed that a customer is providing himwith the only information the company has on shipment quality.He decides to collect information on defective shipments througha form he has asked his drivers to complete on arrival at customers'stores. The forms for the first 279 shipments have been turnedin. They show the following over the past 8 weeks: Even though Daniel increased his capacity by adding more workersto his normal contingent of 30, he knew that for many weekshe exceeded his regular output of 30 shipments per week. Areview of his turnover over the past 8 weeks shows the following: a) Develop a scatter diagram using total number of shipmentsand…
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Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers demand. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three week and a four-week weighted moving average to forecast demand for his beef. Show how Mr. Ferdinand can test the accuracy of his forecast. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.
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