Forecasting customer demand is rarely a key to providing good quality service. Select one: OTrue OFalse
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- whic ah of the following pertains to an efficient supply chain? it deals with innovative products the product life cycle will be short it is worthwhile to invest in good forecasting systems all of the aboveHello, I hope you can help me with this. answer the following question and no copy paste allowed. 1. Discuss the importance of Forecasting in Operations Management. 2. Identify one method that is used in forecasting and explain how it is applied. 3. In planning the capacity, what are the factors that you have to be considered. From the three questions, what can you conclude?With no historical data to make prediction of future labour needs, which forecasting methods would you use? a. Multiple regression and Delphi technique b. Unit method and linear programming c. Best- and worst-case scenarios and bottom up d. Top down and learning curve analysis
- In your own words and it should be in paragraph form. Also, don't forget to conclude. Discuss the importance of Forecasting in Operations Management.Since economic and technological forecasts are beyond the expertise of an operations manager, he should not be concerned about them anymore. True FalseThe table below shows the sales of widgets (in units) over the past 5 years. Using exponential smoothing with a smoothing constant of 0.2, what is the forecast for next year? The initial forecast (for 5 years ago) was 1,200 units. Forecast: Time Sales 5 years ago 1,140 4 years ago 1,220 3 years ago 1,450 2 years ago 1,090 Last year 1,150 (Do not round intermediate calculations, round your final answer to the nearest whole number.)
- The following two demand sets are to be used to test two different basic exponential smoothingmodels. The first model uses 0.1, and the second uses 0.5. In both cases, the modelshould be initialized with a beginning forecast value of 50; that is, the ESF forecast for period 1made at the end of period 0 is 50 units. In each of the four cases (two models on two demandsets), compute the average forecast error and MAD. What do the results mean?Demand Set I Demand Set IIPeriod Demand Period Demand1 51 1772 46 2833 49 3904 55 4225 52 5106 47 6807 51 7168 48 8199 56 92710 51 10 7911 45 11 7312 52 12 8813 49 13 1514 48 14 2115 43 15 8516 46 16 2217 55 17 8818 53 18 7519 54 19 1420 49 20 16Exponential Smoothing, Exponentially Smoothed MAD, and Tracking SignalThe XYZ Company was flooded by a thunderstorm and lost part of its forecasting data.Positions in the table that are marked [a], [b], [c], [d], [e], and [ f ] must be recalculated from the remaining data.Omar has heard from some of his customers that they will probably cut back on order sizes in the next quarter. The company he works for has been reducing its salesforce due to falling demand, and he worries that he could be next if his sales begin to fall off. Believing that he may be able to convince his customers not to cut back on orders, he turns in an optimistic forecast of his next quarter sales to his manager. What are the pros and cons of doing that?
- Those who make decisions about the future of technologies must balance the desire for more and better information about the future with their limited resources and inevitable time constraints.” Is there a way to guarantee forecasting information and decisions is correct?Forecasting plays an important role in the operations of modern management. In fact, operational managers are able to make effective decisions on the basis of accurate forecasting. On the basis of online data availability, select any organization and analyze its forecasting techniques?Length of the answer Between 200 and 220 words.Explain the relationships (if there's any) between Forecasting and Inventory Management to a new (non perishable) consumer retail business in your city that has about 2 million residents. The company will employ about 100 people to start out. What do they need to understand? They need your help because they found out you are about to complete your MBA. Complete your response in 4 paragraphs.