What is the Cumulative Sum of Forecast Error (CFE) when using the 4-period moving average technique
Q: snip
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A: THE ANSWER IS AS BELOW:
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Q: snip
A: A moving average forecast becomes less responsive to change in a data series when more data points…
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- The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.During the year, Brownout Company experienced the following power outages:Number of Power Outages Per Month Number of Months 0 3 1 2 2 4 3 3 12Each power outage results in out of pocket costs of P400. For P500 per month, the company can lease an auxiliary generator to provide power during outages. If the company leases an auxiliarygenerator next year, the estimated savings (or…The Lake Sharkey BBQ Pit serves slow cooked beef brisket by the pound. Based on historical sales during the Labor Day weekend, management has forecasted brisket sales in pounds as shown in the following table. Lake Sharkey spends $14 to produce each pound of brisket for which it charges $23 per pound. Any unsold brisket at the end of the weekend is ground into chili which sells for $12 per pound. How many pounds of brisket should The Lake Sharkey BBQ Pit prepare for sale this Labor Day?Demand in pounds Probability500 0.101000 0.401500 0.302000 0.152500 0.05
- The following table represents sales data for milk (in hundred liters) sold by a grocery. Do the computations to fill out the table and answer the following questions: Using MAD as the criterion, which of the following models would you use for the given time series data? Why? Naïve approach; 5-month SMA model; WMA model with weights 0.1, 0.3, and 0.6; or ES model with α = 0.5 and a forecast of 3,500 liters in the first month. NOTE: In answering Item 1, mention the whole description of the model; i.e., not just “SMA model”, but “SMA model with n = …”; not just “WMA model”, but “WMA model with weights …”; not just “ES model”, but “ES model with α = …”. Interpret the MAD of the most accurate among the forecasting models above. 3. Based on your decision in Item 1, what should be the forecast for Month 11?Problem 8-21 (Algorithmic) Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The profit per night for each type of room and rental class is as follows: Rental Class Room Super Saver Deluxe Business Type I $30 $35 — Type II $20 $30 $40 Type I rooms do not have wireless Internet access and are not available for the Business rental class. Round Tree's management makes a forecast of the demand by rental class for each night in the future. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. The demand forecast for a particular night is 130 rentals in the Super Saver class, 60 rentals in the Deluxe class, and 50 rentals in the Business class. Round Tree has 100 Type I rooms and 120 Type II rooms. Use linear programming to determine how many reservations to accept in each rental class and how the reservations should be…Tri-County Utilities, Inc., supplies natural gas to customers in a three-county area. The company purchases natural gas from two companies: Southern Gas and Northwest Gas. Demand forecasts for the coming winter season are as follows: Hamilton County, 400 units; Butler County, 200 units; and Clermont County, 300 units. Contracts to provide the following quantities have been written: Southern Gas, 500 units; and Northwest Gas, 400 units. Distribution costs for the counties vary, depending upon the location of the suppliers. The distribution costs per unit (in thousands of dollars) are as follows.
- Tri-County Utilities, Inc., supplies natural gas to customers in a three-county area. The company purchases natural gas from two companies: Southern Gas and Northwest Gas. Demand forecasts for the coming winter season are as follows: Hamilton County, 400 units; Butler County, 200 units; and Clermont County, 300 units. Contracts to provide the following quantities have been written: Southern Gas, 500 units; and Northwest Gas, 400 units. Distribution costs for the counties vary, depending upon the location of the suppliers. The distribution costs per unit (in thousands of dollars) are as follows: a. Develop a network representation of this problem. b. Develop a linear programming model that can be used to determine the plan that will minimize total distribution costs. c. Describe the distribution plan and show the total distribution cost. d. Recent residential and industrial growth in Butler County has the potential for increasing demand by as much as 100 units. Which supplier should…Macnamara Corporation has two manufacturing departments--Casting and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Casting Finishing Total Estimated total machine-hours (MHs) 1,000 4,000 5,000 Estimated total fixed manufacturing overhead cost $ 4,800 $ 8,800 $ 13,600 Estimated variable manufacturing overhead cost per MH $ 1.80 $ 2.90 During the most recent month, the company started and completed two jobs--Job F and Job M. There were no beginning inventories. Data concerning those two jobs follow: Job F Job M Direct materials $ 11,500 $ 9,000 Direct labor cost $ 18,400 $ 7,400 Casting machine-hours 700 300 Finishing machine-hours 1,600 2,400 Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. The manufacturing overhead applied to Job F is closest to: $4,620…Read the following passage and answer the question that follows Quincy Snodgrass Enterprises—Forecasting Quincy Snodgrass is an entrepreneur and a lover of the outdoors. He has worked for various companies since he graduated college with his business administration degree in management. Over the years, he has saved every extra penny and now has the starting capital he needs; consequently, he plans to open his own business. Quincy plans to open a landscaping business. The primary services he’ll offer are grass cutting, edging, and bush trimming. Obviously, this will only provide income in the spring, summer, and early fall. Therefore, he plans to offer snow removal in the winter. His goal is to continue to provide those baseline services and expand into actual landscaping work. Quincy’s initial challenge is to develop a forecast of how many customers he’ll have each month. This is essential to determine if he needs to hire any additional labor throughout the season. Unfortunately, none…
- Read the following passage and answer the question that follows Quincy Snodgrass Enterprises—Forecasting Quincy Snodgrass is an entrepreneur and a lover of the outdoors. He has worked for various companies since he graduated college with his business administration degree in management. Over the years, he has saved every extra penny and now has the starting capital he needs; consequently, he plans to open his own business. Quincy plans to open a landscaping business. The primary services he’ll offer are grass cutting, edging, and bush trimming. Obviously, this will only provide income in the spring, summer, and early fall. Therefore, he plans to offer snow removal in the winter. His goal is to continue to provide those baseline services and expand into actual landscaping work. Quincy’s initial challenge is to develop a forecast of how many customers he’ll have each month. This is essential to determine if he needs to hire any additional labor throughout the season. Unfortunately, none…Read the following passage and answer the question that follows Quincy Snodgrass Enterprises—Forecasting Quincy Snodgrass is an entrepreneur and a lover of the outdoors. He has worked for various companies since he graduated college with his business administration degree in management. Over the years, he has saved every extra penny and now has the starting capital he needs; consequently, he plans to open his own business. Quincy plans to open a landscaping business. The primary services he’ll offer are grass cutting, edging, and bush trimming. Obviously, this will only provide income in the spring, summer, and early fall. Therefore, he plans to offer snow removal in the winter. His goal is to continue to provide those baseline services and expand into actual landscaping work. Quincy’s initial challenge is to develop a forecast of how many customers he’ll have each month. This is essential to determine if he needs to hire any additional labor throughout the season. Unfortunately, none…The following table represents sales data for milk (in hundred liters) sold by a grocery.Do the computations to fill out the table and answer the following questions:1. Using MAD as the criterion, which of the following models would you use for thegiven time series data? Why?A. Naïve approach;B. 5-month SMA model;C. WMA model with weights 0.1, 0.3, and 0.6; orD. ES model with α = 0.5 and a forecast of 3,500 liters in the first month.NOTE: In answering Item 1, mention the whole description of the model; i.e., not just“SMA model”, but “SMA model with n = ...”; not just “WMA model”, but “WMA modelwith weights ...”; not just “ES model”, but “ES model with α = ...”.2. Interpret the MAD of the most accurate among the forecasting models above.3. Based on your decision in Item 1, what should be the forecast for Month 11?