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- What are the principal types of modeling techniques that apply to the task oflogistics/supply chain network design and facility location? What are the strengthsand limitations of each?If Mr. Ishaq is the Director of Lexus Company in Nizwa, what does he need to do to predict customer sales or product demand? a. Forecasting b. Marketing c. Production d. CoordinationExplain how can the techniqy of forecasting can be improved ?
- Describe what is a medium range forecasting and it's three possible applications ?Does operations with different forecasting conditions have different types of decisions? What are these? What are they?What are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?
- Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons. FORECAST Week Method 1 Method 2 Actual Demand 1 0.90 .80 .70 2 1.05 1.20 1.00 3 0.95 .90 1.00 4 1.20 1.11 1.00 What are the MAD and MSE for each method?Following are two weekly forecasts made by two different methods for the number of gallons of gasoline, in thousands, demanded at a local gasoline station. Also shown are actual demand levels, in thousands of gallons: Week Forecast Method 1 Actual Demand 1 0.90 0.70 2 1.05 1.00 3 0.95 1.00 4 1.20 1.00 Week Forecast Method 2 Actual Demand 1 0.80 0.70 2 1.20 1.00 3 0.90 1.00 4 1.11 1.00 The MAD for Method 1 = 0.1250.125 thousand gallons (round your response to three decimal places). The mean squared error (MSE) for Method 1 = nothing thousand gallons2 (round your response to three decimal places).Discuss the strategic importance of forecasting. What strategic decisions do organizations need to make in terms of forecasting? What are some examples?