Project on textile industry during covid-19 and forecasting/development process through next year
Q: Discuss components of forecasting demand?
A: Forecasting is the process of making predictions using historical and present data, as well as trend…
Q: Do you think forecasting is important to the company? Briefly explain why?
A: Business forecasting is a technique of predicting development in the business like sales growth,…
Q: Find the monthly forecast and seasonal indices for year 2021, given the following data:
A: Seasonal factors will be determined for each month of each year in this problem, and the average of…
Q: State the various uses of forecasting in points wise answer
A: The pattern is regarded as the predictive method to decide on the company.
Q: Explain what happens to the ability to forecast for epriods farther into the future
A: The forecast is a strategy used to produce informed projections on the prospects for future trends…
Q: How is trend analysis conducted?
A: A technique that is used to determine the future on the basis of past trends is termed trend…
Q: What type of forecast model would be most appropriate for a company that was introducing a new…
A: Forecast model:A forecast model is a mathematical model used to forecast future demand for a…
Q: nformation, What will be - forecast of June, using month weighted moving erage with the following…
A: Given Information:
Q: List specific weaknesses of consumer surveys, sales composite and committee manager to develop a…
A: Consumer survey is a way to gauge the customer satisfaction and demand. through conducting a survey.…
Q: Why is forecasting necessary in OSCM?
A: Forecasting is the method of making future forecasts based on historical and current evidence. It's…
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: Given data is
Q: Use exponential smoothing with trend adjustment to forecast demand for period 11. Let α = 0.5, β=…
A: α = 0.5 β= 0.3 Initial trend value(I) = 12 Initial forecast (Ft) = 200
Q: Consider the following information: Year Quarter Actual Sales (000) 2018 1 20 2 15…
A: The trend projection method depends with the understanding that the elements obligated for the…
Q: Find four years weighted moving average? Forecast for 2019 with weights 1,4,2, ….. , Also find…
A: Given data is
Q: When forecasting demand for new products, sometimes firms will use demand data from similar existing…
A: When forecasting demand for new products, sometimes firms will use demand data from similar existing…
Q: Kuwait-Arab Medical Supplies - started in January 2020 to help in protecting against COVID19. KAMS…
A: 1. Season 1 forecast with simple moving average method =(1000+4000+2000+5000)/4=3000 So, as per…
Q: Li & Fung is a global trading company with clients beingmajor retailers such as Wal-Mart, Target…
A: CPFR stands for Collaborative Planning, Forecasting and Replenishment. It is a process in supply…
Q: What are some of the consequences of poor forecasts? Explain.
A: The Consequences of the poor forecast are:
Q: Describe what happening to the ability to forecast for episodes farther into the future
A: Future trend estimates can be made via forecasting, which uses previous data to do so.
Q: Calculate the forecast for week 16 using - a 2-period moving avergage - a 3-period moving average
A: Forecasting means predicting in advance the future sales.
Q: Describe how is moving average approach related to exponential smoothing?
A: Forecasting is described as the process of projecting future values using previous data, most…
Q: Define Quantitative forecasting?
A: Entrepreneurs must understand how the past performance of the company can influence the company's…
Q: Describe three different forecasting applications at Hard Rock.Name three other areas in which you…
A: Introduction: Hard Rock Cafe is a restaurant chain which is founded in the year 1971 in London and…
Q: How has the technology had an impact on forecasting?
A: Technology plays an important role in forecasting and has the ability to have a huge impact. We will…
Q: Given below are the demands of a certain product over the past 10 weeks. Week | 1 | 2 | 3| 4 | 5 6 |…
A: Since you have submitted multiple questions with multiple subparts as per guidelines I have answered…
Q: Forecasting and Demand Management process in a mining industry
A: Forecasting process - Forecasting is the process of making predictions of the future based on past…
Q: Often, firms will work with their partners across the supply chain to develop forecasts and execute…
A: The supply chain is a network of all individuals, organizations, services, practices and…
Q: How would you conduct a trend analysis? Provide an example.
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 4. A major bank is considering installing ATMs at all locations of a grocery store chain. What…
A: Inventory management is a tool used to sourcing and distributing both raw materials and finished…
Q: Define and explain the forecasting technique which places more emphasis on recent values and explain…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Prepare a Demand Forecast for “Year 5” using Excel.
A: The provided quarterly data for year 5 can be predicted in excel as follows: 1- In a worksheet, the…
Q: Imagine you work for a breakfast cereal company that makes prepared products that are served cold.…
A: Here we have to know the specific interest of the customers .This can be conceivable by the interest…
Q: What kind of forecasting methodology can I use for various items?
A: Forecasting is a technique for estimating future demand based on current and historical evidence.…
Q: Use regression or simple exponential smoothing with the following data. For exponential smoothing,…
A: Below is the solution-
Q: Describe qualitative forecasting?
A: Qualitative forecast uses expert intuitive judgment rather than a scientific analysis. This…
Q: Explain and give an example of a weighted average in forecasting
A: A Weighted Moving Average puts more weight on late information and less on past information. This is…
Q: . Give three examples from your life in which you may forecast the future.
A: Forecast : Forecasting is a strategy that uses past data as input to make informed predictions…
Q: Auto sales at Carmen’s Chevrolet are shown below. Develop a 3-week moving average. Week Auto Sales…
A: The formula for calculating the moving average: n = 3
Q: Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14,…
A: Given data; Weights ; (3/5) for period 10 (1/5) for period 9 (1/5) for period 8 Demand for ; 15…
Q: Discuss what is seasonality and how forecast is done using data that has seasonality?
A: Time series analysis describes seasonal patterns as recurrent upward and downward cyclic patterns in…
Q: Local city government statistics show the rate of new driver’s license applications to be as…
A:
Q: 1 The demand for automobiles at Crescent Auto Dealers for the past 8 weeks is as follows.…
A: Find the Given details below: Given details: Week Auto Demand Weights 1 9 0.1 2 11 0.3 3…
Project on textile industry during covid-19 and
The COVID-19 pandemic has posed a big threat to every business house. It has been very difficult for a business to make their operations in progress. Textile business could be considered as most affected business during this pandemic because more focused has been given to the essential products. But somehow cases of COVID is falling down & people are getting back to their routine life.
As we know it is very hard time for every entrepreneur to establish the project because of non availability of raw material because of Imposed import restriction & other related issues. Regular lockdowns & government instructions has made more difficult for industry to keep their operation in progress.
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. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.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?
- Kuwait-Arab Medical Supplies - started in January 2020 to help in protecting against COVID19. KAMS seasonal distribution of its products were: 1, 4. 2, 5 thousand boxes per season/ a season is 3 months. KAMS needs to know what is the expected production distribution in the first season of 2021.KAMS also requested the forecast for the first 2021 season if weights were recorded to be: 0.3, 0.4, 0.1, 0.2Explain what is seasonality and how forecast is done using data that has seasonality ?Define Quantitative forecasting?
- IN THE MID-1960S, WALT DISNEY’S DREAM was to build a family resort destination like no other. The dream became a reality when Walt Disney World Resort opened in 1971, featuring Magic Kingdom as the centerpiece. Today, millions of guests visit the Walt Disney World Resort each year to experience the world-class theme parks and hotels. Analytics feature prominently in the operations of Walt Disney World. i)Explain using illustrations how forecasting features in this company’s operations. ii)Explain at least four methods of forecasting that can be used for Disney’s purpose. Use made up worked examples.Using the photo attached, answer the following questions. 1. using the manual trend projection method of forecasting, show how Mr John can forecast demand for tyres for the next two years. SHOW ALL WORKING NO EXCEL SHEETS NO HAND WRITTEN ANSWERS, TYPE IT!What role does forecasting play in long-term planning, and what are some effective forecasting techniques?
