Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec. Last year This year JAN FEB MAR APR MAY JUN JUL 100 125 135 175 185 200 150 125 135 135 190 200 190 Forecast for the third quarter AUG SEP OCT NOV DEC 140 130 200 225 250
Q: The failure of the baggage system at Denver International Airport may have been the result of sloppy…
A: ANSWER : Yes, it is possible to explain the steps involved in project management using an example of…
Q: 1. A small furniture shop that focuses on making kitchen chairs produces 20,000 kitchen chairs…
A: The amount of the output is called Labor productivity. Old machine produce chair = 20,000 New…
Q: Briefly describe the four stages of team formation.
A: Introduction: Team formation is the process of creating a group of individuals who work together to…
Q: Clinical supervision is a management practice that benefits from parallel processing. This helps…
A: Parallel processing in management refers to the ability to manage multiple tasks or projects at the…
Q: How do the two fields differ from one another? For instance, how are project management and software…
A: Project management is planning and organizing the resources that are used to complete the required…
Q: How can top management best help the new project manager get up to speed?
A: The query above relates to how top management may assist a new project manager to become productive.…
Q: Projects are different - how do projects differ from other types of production, and how do the…
A: Projects are short-term initiatives created to accomplish a particular set of goals. Projects are…
Q: Financial projections are necessary for a new startup. What are various financial statements you…
A: Introduction: Financial statements is basically a report of an organization's financial health. The…
Q: what is the implied utilization of the issue license?
A: Implied Utilization = (Actual Output / Maximum Possible Output) x 100% Actual output per hour = 75%…
Q: A production process is shown in the figure above. The drilling operation occurs separately from,…
A: Find the Given details below: Operations Process time(minutes) Sawing 20 Sanding 20…
Q: PP.52 A manufacturer of solid state drives (SSDs) has projected the next six months of demand to be…
A: Chase plan means producing only as much required i.e. keeping the inventory to minimum levels i.e.…
Q: Can the waterfall model describe and develop the invoicing system? Why
A: The issue is creating a billing system from an operations management standpoint. Any firm that bills…
Q: John is operating a business in the Caribbean in the manufacturing sector. Over the years the…
A: The above-given question is related to strategic Management. Strategic management can likewise be…
Q: Station 1 Machine A 20 min/unit Station 1 Machine B 20 min/unit Station 2 12 min/unit Station 1…
A: Ans) Bottlenecks are the processes which has slowest duration or takes maximum time to make 1 unit.…
Q: What is the crossover point in miles between the hybrid vehicle and the alternative vehicle from a…
A: For Hybrid vehicle, Purchase Cost = 18000 Operating Cost = Operating Cost per mile*No. of miles =…
Q: In your opinion, how does the practice of benchmarking affect the performance of a company? Justify…
A: Comparing a company's performance, policies, and procedures to those of its rivals or industry…
Q: An ethical statistical consultant would not always
A: Ethical statistical practices are the set of guidelines and principles that govern the proper…
Q: Given the following information, develop a material requirements plan for end item A and its…
A: Develop a an excel sheet by putting the following formulas in cell A1: J14 Item - A Week 1 2 3 4…
Q: Learn the differences between functional, matrix, and project structures. Specify the effects of…
A: The three typical organizational structures that a business could employ are functional, matrix, and…
Q: Up, Up, and Away is a producer of kites and wind socks. Relevant data on the bottleneck operation in…
A: Formulas used: No. of lots Required = Demand Lot size Time to setup=No. of lots× Standard setup…
Q: Read the article about Data Validation tips within Excel - Murray, A. (2018, March 10). 11 Awesome…
A: Business today has changed a lot since many advancements took place over the years. These…
Q: Does process capability match product needs matter?
A: To fulfil customer expectations and achieve quality and consistency in product output, it is crucial…
Q: Set up the linear programming problem, assuming that fractions and multiples of projects cannot be…
A: Here, LP formulation is shown below, Decision variables: Decision variables are Project A to J,…
Q: Home-Style Cookies wants to evaluate the potential profitability of the new retail shop. Fixed costs…
A: Breakeven = Fixed cost / (selling price per unit - Variable cost per unit) Revennue = Units sold X…
Q: Western Wheels produces industrial-grade wheels for local and international markets. Their factory…
A: The maximum possible output refers to the total number of units that can be produced in a given time…
Q: 5) What is the probability that this project will be completed after 110 days? A. 0.0228 B. 0.1587…
A: A network diagram shows the sequence of the task that is done to complete a project. It usually…
Q: Research cloud computing pros and cons. What are the financial pros and cons of cloud-based company…
A: Introduction: Cloud-based operations refer to the use of cloud computing technologies to manage and…
Q: Read the above article and create a short summary of major points in the article. Assume a person…
A: Organizations' difficulties while trying to achieve significant achievements and change are explored…
Q: What are the advantages of a staged method?
A: Introduction: A staged method, also known as a phased approach, in operation management refers to a…
Q: can u get the bcwp, bcws, schedule performance index, cost performance index (in a table) 58 weeks…
A: The following are the formulas used to compute BCWP, BCWS, SPI, CPI BCWP = % of work done × Actual…
Q: Home-Style Cookies tracks monthly sales by type of cookie, see the following table. Month…
A: Given-
Q: 5. Discuss the Resource-Based View (RBV) in strategic management.
A: Strategic Management- Strategic management in a business alludes to the planning, management, and…
Q: Provide some specific suggestions for enhancing current service processes.
A: Each organization's success depends on its service operations, which must be effective and efficient…
Q: Identify and describe three (3) reasons for a performance management system.
A: Performance management systems are designed to help organizations to achieve their goals and…
Q: pair-wise switching algorithm Find Cost of the layout. What are the # of exchanges? Department 1 1 2…
A: layout 1
Q: Use Kruskal's algorithm to find the minimum spanning tree path K. List all of the edges and list…
A: In kruskal algo we note down the weights and then start from lowest weight and move on to cover the…
Q: 1. Using a three-month moving average, what are the forecast sales for next January (month 13)? 2.…
A: Forecasting is the process of estimating the future demands based on the previous data and…
Q: When would you want more space for your belongings?
A: The need for more space for belongings can arise in various operational management scenarios, such…
Q: Which of the following allows researchers to collect primary data via online infrastructures? OA…
A: The data collection infrastructure gathers execution profiling data for appropriate applications and…
Q: Explain why it projects need a well-integrated change control methodology.
A: The act of identifying, documenting, and managing changes to a project's scope, schedule, or budget…
Q: Why do we distinguish service and production processes?
A: No matter the size, industry, or sector of the business, the design and management of processes are…
Q: Which of the following level of operational risks relates to model errors and losses arising from…
A: Introduction Operational risk refers to the potential for losses resulting from inadequate or failed…
Q: Denver International Airport's broken baggage system might have been caused by poorly managed…
A: Project management and the connection between a system's technological accomplishments and the…
Q: explain the different project developmental approach used for the projects: Agile approach…
A: Agile Approach: The Agile approach is a project development methodology that focuses on delivering…
Q: Sarah needs to purchase organic palm oil to make her soaps. She needs 1,000 kg of palm oil per day…
A: Annual demand = 52 weeks X 7 days a week X 1000kg per day = 364000 kg
Q: data collected for a particular purpose suit to the research project is known as
A: Using primary data has the benefit of allowing researchers to gather data specifically for their…
Q: In what ways is the significance of the importance of standardization significant?
A: Standardization is the process of developing and executing technical standards, specifications, and…
Q: What's the initial step for faulty data?
A: Any business that deals with faulty data faces substantial challenges since it may result in poor…
Q: TRUE OR FALSE: The Walt Disney Company, known for its theme parks and film production, also owns…
A: Organic convergence is when somebody is watching television and multitasking appears to be a…
Q: What are some of the advantages and outcomes that VCI/Ellison has realized from its global efforts?
A: VCI/Ellison probably refers to the Vanguard Group, an investment management company founded by John…
Industry demand, supply, and price changes can all be predicted with a little bit of research and planning, which is what forecasting is all about. Forecasting the future of an industry requires researching the competitors, gathering information from suppliers and assessing historical trends.
A moving average may be used to smooth out changes in demand for a product and improve forecasts when the demand is stable (increasing or decreasing slowly) and not cyclical.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Under what conditions might a firm use multiple forecasting methods?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?
- Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note that the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec. (Round final answer to a whole number.) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Last year 165 185 200 230 240 265 210 200 195 265 290 315 This year 175 200 165 260 260 200 Forecast for the third quarterGiven the following history, use a three-quarter moving average to forecast the demandfor the third quarter of this year. Note that the 1st quarter is Jan, Feb, and Mar; 2ndquarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DECLast year 120 140 145 195 205 220 165 155 145 220 245 265This year 140 145 200 210 240 255Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note: the 1st quarter is Jan, Feb, and Mar; 2nd quarter id Apr. May, Jun; 3rd quarter Jul, Aug, Sep; 4th quarter Oct, Nov, Dec. JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC LAST YEAR 145 165 170 210 220 245 190 180 175 245 270 295 THIS YEAR 145 170 180 235 275 225 What is the forecast for the third quarter?
- Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note, the 1st quarter is Jan, Feb, and Mar; 2nd quarter Apr, May, Jun; 3rd quarter Jul, Aug, Sep; and 4th quarter Oct, Nov, Dec.Given the following history, use a three-quarter moving average to forecast the demand for the third quarter of this year. Note that the 1st quarter is January, February, and March; 2nd quarter April, May, June; 3rd quarter July, August, September; and 4th quarter October, November, December.State the Common features that describe principles of forecasting. The lost Paradise of Dilmun Park in Bahrain, is a waterpark activities, experiences seasonal attendance. It has collected two weeks of attendance data and made a forecast of weekly attendance for the coming week. Compute the seasonal indexes for the days /week and generate forecasts for the coming week, assuming weekly attendance for the coming week to be 2300 person. Wahoo water Park attendance Days/Week Week 1 Week 2 Saturday 500 600 Sunday 110 80 Monday 90 60 Tuesday 100 50 Wednesday 100 140 Thursday 400 370 Friday 700 800
- Zeus Computer Chips, Incorporated used to have major contracts to produce the Centrino-type chips. The market has been declining during the past three years because of the quad-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: QUARTER TWOYEARS AGO DEMAND QUARTER LASTYEAR DEMAND QUARTER THISYEAR DEMAND 1 4,800 1 3,500 1 3,200 2 3,500 2 2,700 2 2,100 3 4,300 3 3,500 3 2,700 4 3,000 4 2,400 4 1,700 Use the regression and seasonal indexes to forecast demand for the next four quarters. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Period Forecast 1 2 3 4Given the following demand data, Period Demand 1 47 2 44 3 47 4 44 5 48 a. Compute a weighted average forecast using a weight of 0.4 for the most recent period, 0.3 for the next most recent, 0.2 for the next, and 0.1 for the next. (Round all your answers to two decimal points.) b. If the actual demand for period 6 is 48, forecast demand for period 7 using the same weights as in part a. Forecast Period 7 ______Given the following demand data,a. Compute a weighted average forecast using a weight of .40 for the most recent period,. 30 for the next most recent, .20 for the next, and .10 for the next.b. If the actual demand for period 6 is 39, forecast demand for period 7 using the sameweights as in part a.Period Demand1 422 403 434 405 41