FORECASTING Sales of industrial vacuum cleaners at Yarena Supply CO. over the past 13 months are as follows: Sales in P1,000 Month Sales in P1,000 Month 11 January 14 August 14 February 17 September 15 March 12 October 10 April 14 November 15 May 16 December 17 June 11 January 11 July Required suing a moving average with three periods, determine the demand for vacuum cleaners for next February?
Q: Sales of hair dryers at the Walgreens stores in Youngstown,Ohio, over the past 4 months have been…
A: A moving average in statistics is a calculation for analysing data points by generating a sequence…
Q: Ed Rogers owns an appliance store. Sales data on a particular model of a DVD player for the past six…
A: Absolute Error = | Actual sales - Forecast | MAD = Average of Absolute Error
Q: Choose the type of forecasting technique (survey, Delphi, averaging, seasonal, naive, trend,…
A: The types of forecasting technique (survey, Delphi, averaging, seasonal, naive, trend,…
Q: Define the term Focus forecasting?
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: Complete the forecasting worksheets for: Naïve Average Moving Average Weighted Moving Average…
A: Weighted Moving Average using the weights of .8, .15, and .05 ExponA using and an alpha level of .75…
Q: 1. Solve manually. The following gives the number of pints of type A blood used at Woodlawn Hospital…
A: Given-
Q: Use the data below to solve for the following: 2. Naïve method 3. Unweighted 3 month moving average…
A: Note: - As it is specified to answer 2, 3, and 4, we will answer only those. Given data is
Q: Based on the above data calculate the demand for May using a five-month moving average Calculate the…
A: Forecasting is the process of predicting future demand based on previous demand and information.
Q: Data collected on the yearly demand for 50-pound bags of fertilizer at Wallace Garden Supply are…
A:
Q: Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last…
A:
Q: The following table contains the number of complaints received in a department store for the first 6…
A: Given- MONTH COMPLAINTS January 36 February 48 March 86 April 94 May 112 June 149
Q: Sales of hair dryers at the NOVO Store in City of San Fernando over the past 4 months have been 100,…
A: Given Information - Period Data Month 1 100 Month 2 110 Month 3 120…
Q: Select the most suitable forecasting technique (survey, Delphi, averaging seasonal, naive, trend, or…
A: Forecasting may be a technique that uses historical knowledge as inputs to form educated estimates…
Q: a) Using a 2-month moving average, the forecast for periods 11 and 12 is (round your responses to…
A: Forecast is the process of estimating the future demand using the previous year's or historical data…
Q: Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last…
A: This question is related to the topic forecasting and this topic falls under the business operations…
Q: The manager of the Salem police department motor poolwants to develop a forecast model for annual…
A: a) The regression equation can be determined using excel as follows: Step 1: Put the data onto the…
Q: The monthly sales for Yazici Batteries, Inc., were as follows: Month Jan Feb Mar Apr May Jun Jul Aug…
A: The monthly sales for Yazici Batteries Inc. are given as below:
Q: George Kyparisis owns a company that manufac-tures sailboats. Actual demand for George’s sailboats…
A: Seasons Winter Spring Summer Fall 1 1400 1500 1000 600 2 1200 1400 2100 750 3 1000 1600 2000…
Q: Exercise # 2 –Calculating MADt, Revised MADt,Error,and the Revised Error :Has the Forecast Improved…
A: 2 period moving average forecast for revising: -
Q: Calanute Beach Resort, a fictional seaside luxury hotel in Goa, India, had the following occupancy…
A: Find the Given details below: Given details: Month Occupancy Rate in % 1 65 2 68 3 72 4…
Q: Lori Cook has developed the following forecasting modaly = 36 + 4.3xwhere y = demand for Kool Air…
A: Demand forecasting is described as the process through which estimations of the future are made over…
Q: Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last…
A: Calculation of 2 month moving averages of the data (1)month (2)Sales (3)2 month moving total…
Q: XYZ Chips Inc. (XCI) produces Centrino-type chips. The market has been inclining with ups and downs…
A: Forecasting Technique we are using here is Moving average forecasting Technique: A moving average is…
Q: a) Forecasted sales for year 6 using the trend projection (linear regression) method are 630.1 sales…
A: MAD depicts the mean of absolute deviations in the forecasted values from the actual values. MSE…
Q: Sunrise is planning its purchases of ingredients for bread production. If bread demand had been…
A: Exponential smoothing could be a statistic statement technique for univariate information that may…
Q: The monthly sales for Yazici Batteries, Inc., were as follows: Month Jan Feb Mar Apr Мay Jun Jul Aug…
A: Given data- Month Sales Jan 20 Feb 21 Mar 16 Apr 15 May 15 Jun 16 Jul 17 Aug 19…
Q: 12-1. The Hartley-Davis motorcycle dealer in the Minneapolis- St. Paul area wants to be able to…
A: Given - Month Sales January 9 February 7 March 10 April 8 May 7 June 12 July 10…
Q: Which qualitative forecasting technique was developed to ensure that the input fromevery participant…
A: Forecasting is the way toward making forecasts of things to depend on at various times information…
Q: 1. The number of bushels of apples sold at a roadside fruit stand over a 12-day period were PROBLEMS…
A: Note: - Since we can answer only up to three subparts we will answer the first three subparts(1-a,…
Q: he following table gives the number of pints of type A blood used at Damascus Hospital in the past 6…
A: 3-week moving average = (Sum of the values for the most recent weeks)/3 3-week moving average =(…
Q: What is the connection between using a tracking signal and statistical control limits for forecast…
A: The monitoring indicator is a statistic that is used to determine whether the actual demand fits the…
Q: What is the purpose of establishing control limits for forecast errors?
A: Forecast errors are described as the difference between the forecast of a particular period and that…
Q: 3. The weekly demand for units manufactured by the Orion Company Limited has been as follows: Week 1…
A: Formula:
Q: Management of Davis’s Department Store has used time-series extrapolation to forecast retail sales…
A: Note: - Since the exact question that has to be answered is not specified, we will answer only the…
Q: Trail Questions National Scan, Inc., sells radio frequency inventory tags. Monthly sales for a…
A: Find the Given Details below: Given Details: Month Sales ('000 Units) Feb 19 Mar 18 Apr…
Q: 4.1 The following gives the number of pints of type A blood used at Woodlawn Hospital in the past 6…
A: Forecasting is the process of determining future sales with estimation using previous or historic…
Q: The following table gives the number of pints of type A blood used at Damascus Hospital in the past…
A: A. Forecasted demand for the week of October 12 using a 3-week moving average method =Pints used for…
Q: Week Of Pints Used August 31 September 7 September 14 September 21 September 28 October 5 345 370…
A: c) Exponential smoothing is also the forecasting technique. In this method of forecasting, alpha is…
Q: The following table gives the number of pints of type A blood used at Damascus Hospital in the past…
A: Given data is
Q: 0. During the past five months the emergency new County Hospital has observed the number of patients…
A: Seasonal adjustment is a strategy for information smoothing that is utilized to foresee monetary…
Q: Averaging forecasting techniques are useful for: a. forecasting seasonal indexes b.…
A: Forecasting is the process of making predictions based on past and present data and most by analysis…
Q: Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be…
A: Using least Square method Marron 5 TV appearancr(X) Demand for Guitars(Y X^2 Y^2 XY 3 4 9 16…
Q: Sales of the Crown Gems have been increasing over the past five years. The operations manager has…
A: Forecasting entails making educated guesses at unknown values based on known values. Exponential…
Q: FORECASTING AIRPORT PASSENGER ARRIVALS arrivals at security checkpoints in order to determine how…
A: BEI airport has an issue in staffing and security checking. In the pinnacle season…
Q: Mark Gershon, owner of a musical instrument distributorship, thinks that demand for guitars may be…
A: Given information, Maroon 5 Tv 3 4 7 6 8 5 Demand for Guitars 3 6 7 5 10 7
Q: Lenovo uses the ZX-81 chip in some of its laptop computers. The prices for the chip during the last…
A:
Q: Trinity General Hospital had the following number of patient admissions during the past 8 weeks Week…
A: Find the Given details below: Given details: Week Patient Admissions 1 120 2 145 3 95 4…
Q: Holiday Lodge The Holiday Lodge is a large hotel and casino in the Adirondacks. The relatively new…
A:
Q: The following table contains the number of complaints received in a department store for the first 6…
A: Moving Average The moving average (MA) is a straightforward specialized investigation instrument…
FORECASTING
Sales of industrial vacuum cleaners at Yarena Supply CO. over the past 13 months are as follows:
Sales in P1,000 |
Month |
Sales in P1,000 |
Month |
11 |
January |
14 |
August |
14 |
February |
17 |
September |
15 |
March |
12 |
October |
10 |
April |
14 |
November |
15 |
May |
16 |
December |
17 |
June |
11 |
January |
11 |
July |
|
|
Required suing a moving average with three periods, determine the demand for vacuum cleaners for next February?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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?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?Eight Glasses A Day: The EGAD Bottling Company has decided to introduce a new line of premium bottled water that will include several designer flavors. Marketing manager Georgianna is predicting an upturn in demand based on the new offerings and the increased public awareness of the health benefits of drinking more water. She has prepared aggregate forecasts for the next six months, as shown, Month May June July Aug Sep Oct Total Forecast 50 60 70 90 80 70 420 Production manager Mark Mercer, has developed the following information. (Note: Costs are in thousands of dollars). Regular production cost: $1 per tankload Regular production capacity: 60 tankloads Overtime production cost: $1.6 per tankload Subcontracting cost: $1.8 per tankload Holding cost: $2 per tankload per month Back ordering cost: $5 per month per tankload Beginning inventory: 0 units Among the strategies being considered are: 1. Level production supplemented by up to 10 tank loads a month from overtime 2. A…Rosa's Italian restaurant wants to develop forecasts of daily demand for the next week. The restaurant is closed on Mondays and experiences a seasonal pattern for the other six days of the week. Mario, the manager, has collected information on the number of customers served each day for the past two weeks. If Mario expects total demand for next week to be around 336, what is the forecast for each day of next week? (Round intermediate calculations to 4 decimal places, e.g. 1.2645 and final answers to 1 decimal place, e.g. 15.2.)
- Room registrations in the Toronto Towers Plaza Hotelhave been recorded for the past 9 years. To project futureoccupancy, management would like to determine the math-ematical trend of guest registration. This estimate willhelp the hotel determine whether future expansion will beneeded. Given the following time-series data, develop aregression equation relating registrations to time (e.g., atrend equation). Then forecast year 11 registrations. Roomregistrations are in the thousands:5. Demand for patient surgery at Washington General Hospital has increased steadily in the past fewyears, as seen in the following table. The director of medical services predicted six years ago thatdemand in year 1 would be 42 surgeries. Using exponential smoothing with a weight of 20%,develop forecasts for years 2 through 6. Compute for the MAD.Manager Chris Channing of Fabric Mills, Inc., has developed the forecast shown in the table for bolts of cloth. The figures are in hundreds of bolts. The department has a regular output capacity of 275(00) bolts per month, except for the seventh month, when capacity will be 240(00) bolts. Regular output has a cost of $43 per hundred bolts. Workers can be assigned to other jobs if production is less than regular. The beginning inventory is zero bolts. Month 1 2 3 4 5 6 7 Total Forecast 275 350 225 300 280 275 270 1,975 a. Develop a chase plan that matches the forecast and compute the total cost of your plan. Overtime is $68 per hundred bolts. Regular production can be less than regular capacity b. Would the total cost be less with full regular production each period with no overtime, but using a subcontractor to handle the excess above regular capacity at a cost of $53 per hundred bolts? Backlogs are not allowed. The inventory carrying cost is $2 per hundred bolts. (Round…
- Zeus Computer Chips Inc. used to have major contracts to produce the Centrino-type chips. The market has been declining during the past three years because of the dual-core chips, which it cannot produce, so Zeus has the unpleasant task of forecasting next year. The task is unpleasant because the firm has not been able to find replacement chips for its product lines. Here is demand over the past 12 quarters:2007 2008 2009I 4,800 I 3,500 I 3,200II 3,500 II 2,700 II 2,100III 4,300 III 3,500 III 2,700IV 3,000 IV 2,400 IV 1,700Use the decomposition technique to forecast the four quarters of 2010.Calculate the forecast for week 16 using - a 2-period moving avergage - a 3-period moving average5. (a) When a new business is started, or a patent idea needs funding, venture capitalists or investment bankers will want to see a business plan that includes forecast information related to a profit and loss statement. What type of forecasting information do you suppose would be required? (b) A picnic spot is open on Thursday, Friday and Saturday. The manager hopes to improve resource availability and scheduling of part-time employees by forecasting visitors in the next week. Data on visitors of the recent 5 weeks at the spot has been found. On Saturday, Thursday, and Friday there were 182. 95, and 280 in week 1; 197, 105, and 295 in week2; 178, 92, and 275 in week 3; 210, 109, and 305 in week 4; and 192, 100. and 284 in week 5. i. Find seasonal relatives of the days. ii. Forecast number of visitors in the resort for week 6 and that is for the days of week 6.