In order to predict pancakes, John's House of Pancakes uses a weighted moveable average process. It gives a weight of five to the demand in the preceding month, three to request two months ago and one to request three months ago. What is the prediction for August if revenues amounted to 1,000 pancakes in May, 2200 pancakes in June, and 3,000 pancakes in July
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In order to predict pancakes, John's House of Pancakes uses a weighted moveable average process. It gives a weight of five to the demand in the preceding month, three to request two months ago and one to request three months ago. What is the prediction for August if revenues amounted to 1,000 pancakes in May, 2200 pancakes in June, and 3,000 pancakes in July?
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- 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?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.
- Matrix uses simple exponential smoothing with S.F = 0.6 to forecast demand. The forecast for the week of Nov 1 was 350 units, whereas the actual demand turned out to be 400 units. Forecast the demand for the week of Nov 8 to week Nov 22 Week Actual Demand Forecast Nov 01 350 400 Nov 08 460 430 Nov 15 501 448 Nov 22 495 479.8 Element of Competency Determine the quantity of raw materials and other products order.Cafe Michigan 's manager, Gary Stark, suspectsthat demand for mocha latte coffees depends on the price beingcharged. Based on historical observations, Gary has gathered thefollowing data, which show the numbers of these coffees sold oversix different price values:Using these data, how many mocha latte coffees would be forecastto be sold according to simple linear regression if the priceper cup were $2.80?Simple exponential smoothing (with a 0.2) is beingused to forecast monthly beer sales at Gordon’s LiquorStore. After observing April’s demand, the predicted demandfor May is 4,000 cans of beer.a At the beginning of May, what is the prediction forJuly’s beer sales?b Actual demand during May and June is as follows:May, 4,500 cans of beer; June, 3,500 cans of beer. Afterobserving June’s demand, what is the forecast for July’sdemand?c The demand during May and June averages out to 4,5002 3,500 4,000 cans per month. This is the same asthe forecast for monthly sales before we observed theMay and June data. Yet after observing the May andJune demands for beer, our forecast for July demand hasdecreased from what it was at the end of April. Why?
- Sunrise is planning its purchases of ingredients for bread production. If bread demand had been forecast for last week at 22k loaves & only 21k loaves were actually demanded, what would Sunrise’s forecast be for this week using exponential smoothing with α = 0.10?Given the following data on the number of pints of ice cream sold at a local ice cream store for a 3 period time fram, please forecast the demand for period 5 using a 3-month moving average. Period 1, 2,3,4 Demand 330,300,285,280Flamingo Educational Services, a company located in the Tema metropolis, is a nationwide market leader in the publishing and distribution of textbooks for first and second cycle schools. Somehow, Flamingo does not use forecasts for production planning. Instead, the operations manager decides which books to produce and the batch size, based on orders and the amounts in inventory. The books that have the fewest amounts in inventory get the highest priority. Demand is uneven, and the company has experienced being overstocked on some items and out of others. Being under-stocked has occasionally created tensions with managers of the retail bookstores the company works with. Flamingo is on the verge of losing a lucrative contract with the Ghana Education Service over a complaint that the books produced over the last four months have defective binding as well as slight but noticeable variations in print quality and sizes of the finished books. Some staff members, however,…
- Healthy Foods Restaurant Healthy Foods is a restaurant that is located in the centre of Hana Town. It provides a variety of delicious food that customers can choose from. The Operations Manager uses these sales figures to forecast sales for future periods so that he can plan properly for resources etc. No Months Sales(No of lunches served) 1 January 300 2 February 350 3 March 420 4 April 460 5 May 510 6 June 530 7 July 590 8 August 620 9 September 660 10 October 715 11 November 790 12 December 820 13 January ? Questions Using a three-month moving average, forecast sales for next January (month 13). If the forecast for January…In the demand forecast, which of the following cannot be predicted? Select one: a. seasonal fluctuations b. cycles c. random variations d. large increases in demandDino is a product of the Digby company. Digby's sales forecast for Dino is 2074 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.) Taking current inventory into account, what will Dino's Production After Adjustment have to be in order to have a 10% reserve of units available for sale?Select: 1 A.2074 unitsB.2281 unitsC.2267 unitsD.2060 units