MyLab Operations Management with Pearson eText -- Access Card -- for Operations Management: Sustainability and Supply Chain Management
12th Edition
ISBN: 9780134165325
Author: Jay Heizer, Barry Render, Chuck Munson
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 34P
Question
•••• 4.49 Boulanger Savings and Loan is proud of its long tradition in Winter Park, Florida. Begun by Michelle Boulanger 22 years after World War II, the S&L has bucked the trend of financial and liquidity problems that has repeatedly plagued the industry. Deposits have increased slowly but surely over the years, despite recessions in 1983, 1988, 1821, 2001, and 2010. Ms. Boulanger believes it is necessary to have a long-range strategic plan for her firm, including a 1-year forecast and preferably even a 5-year forecast of deposits. She examines the past deposit data and also peruses Florida’s gross state product (GSP) over the same 44 years. (GSP is analogous to gross national product [GNP] but on the state level.) The resulting data are in the following table.
- a. Using exponential smoothing, with α =.6, then trend analysis, and finally linear regression, discuss which
forecasting model fits best for Boulanger’s strategic plan. Justify the selection of one model over another.- b. Carefully examine the data. Can you make a case for excluding a portion of the information? Why? Would that change your choice of model?
Refer to My OMLab for these additional homework problems: 4.50–4.62
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 1
Samsung Electronics Co. Ltd said on Thursday it expects chip shortages to affect chip demand from some customers in the final three months of the year, after reporting its highest quarterly profit in three years. The warning comes as producers of goods from televisions to cars have faced a host of supply chain issues ranging from a shortage of logic chip parts, manpower shortages, logistics snarls, and delays at parts plants due to power cuts in China.
Samsung said demand for server DRAM chips, which temporarily save data, and NAND flash chips that serve the data storage market, is expected to stay robust in the fourth quarter due to expansion of data centre investments. Although supply chain issues could limit demand from some mobile chip customers in the fourth quarter, demand for server and personal computer chips is expected to be robust in 2022 despite uncertainties, it said.
Analysts expect Samsung's fourth quarter earnings to be level or below its third quarter…
QUESTION ONEIn August 2020 government through the Republican President, Zambia launched a K470 million Multi sectoral youth empowerment programme. The Head of State said during the launch in Ndola that government will listen more to young people and address their concerns. As a result of this initiative government had identified oil refining as a major business which youths can venture into. Data collected from Indeni oil refinery (specimen) shows that there are two blending processes of which the inputs and outputs per production run are as follows
Inputs
Outputs
Crude A Crude B
Petrol Kerosene
Process 1
53
58
Process 2
45
44
The maximum amount available of crude A and B is 200 units and 150 units respectively.Market requirements show that at least 100 units of Petrol and 80 units of Kerosenemust be produced. The profits per production run from process 1 and 2 are $3 and $4respectively. You have been hired as a consultant to help these youth groups makerefining a…
Question 1AA CEO of a multihospital system is planning to expand operations into various states. It will take several years toget certificate of need (CON) approvals so that the new facilities can be constructed. The eventual cost (in millionsof dollars) of building a facility will differ among states, depending upon finances, labor, and the economic andpolitical climate. An outside consulting firm estimated the costs for the new facilities as based on declining,similar, or improving economies, and the associated probabilities as shown in the Table below.Decisionalternatives Declining Same ImprovingKentucky 22.00 19.00 15.00Maryland 19.00 18.50 18.00North carolina 19.50 17.00 15.50Tennesee 23.00 17.00 14.00Virginia 25.00 21.00 13.00
(e) Using a minimax regret approach, what alternative should the firm choose? (f) Economists have assigned probabilities of 0.25, 0.40, and 0.35 to the possible economic climate ofdeclining, same and improving respectively. Using expected monetary values,…
Chapter 4 Solutions
MyLab Operations Management with Pearson eText -- Access Card -- for Operations Management: Sustainability and Supply Chain Management
Ch. 4 - What is a qualitative foretasting model, and when...Ch. 4 - Identify and briefly describe the two general...Ch. 4 - Identify the three forecasting time horizons....Ch. 4 - Briefly describe the steps that are used to...Ch. 4 - A skeptical manager asks what medium-range...Ch. 4 - Explain why such forecasting devices as moving...Ch. 4 - What is the basic difference between a weighted...Ch. 4 - What three methods are used to determine the...Ch. 4 - Research and briefly describe the Delphi...Ch. 4 - What is the primary difference between a...
Ch. 4 - Define time series.Ch. 4 - What effect does the value of the smoothing...Ch. 4 - Explain the value of seasonal indices in...Ch. 4 - Which forecasting technique can place the most...Ch. 4 - In your own words, explain adaptive forecasting.Ch. 4 - What is the purpose of a tracking signal?Ch. 4 - Explain, in your own words, the meaning of the...Ch. 4 - What is the difference between a dependent and an...Ch. 4 - Give examples of industries that are affected by...Ch. 4 - Give examples of industries in which demand...Ch. 4 - Prob. 21DQCh. 4 - Prob. 22DQCh. 4 - The following gives the number of pints of type B...Ch. 4 - 4.2 a. Plot the above data on a graph. Do you...Ch. 4 - Refer to Problem 4.2. Develop a forecast for years...Ch. 4 - A check-processing center uses exponential...Ch. 4 - The Carbondale Hospital is considering the...Ch. 4 - The monthly sales for Yazici Batteries, Inc., were...Ch. 4 - The actual demand for the patients at Omaha...Ch. 4 - Daily high temperatures in St. Louis for the last...Ch. 4 - Lenovo uses the ZX-81 chip in some of its laptop...Ch. 4 - Data collected on the yearly registrations for a...Ch. 4 - Use exponential smoothing with a smoothing...Ch. 4 - Consider the following actual and forecast demand...Ch. 4 - As you can see in the following table, demand for...Ch. 4 - Following are two weekly forecasts made by two...Ch. 4 - Refer to Solved Problem 4.1 on page 138. a. Use a...Ch. 4 - Solved example 4.1 Sales of Volkswagens popular...Ch. 4 - Refer to Solved Problem 4.1. Using smoothing...Ch. 4 - Consider the following actual (At) and forecast...Ch. 4 - Income at the architectural firm Spraggins and...Ch. 4 - Question 4.20 Resolve Problem 4.19 with =.1 and ...Ch. 4 - Question 4.21 Refer to the trend-adjusted...Ch. 4 - Question 4.22 Refer to Problem 4.21. Complete the...Ch. 4 - Question 4.23 Sales of quilt covers at Bud Baniss...Ch. 4 - Question 4.25 The following gives the number of...Ch. 4 - Prob. 25PCh. 4 - Question 4.27 George Kyparisis owns a company...Ch. 4 - Question 4.28 Attendance at Orlandos newest...Ch. 4 - Question 4.29 North Dakota Electric Company...Ch. 4 - Question 4.33 The number of internal disk drives...Ch. 4 - Dr. Lillian Fok, a New Orleans psychologist,...Ch. 4 - Emergency calls to the 911 system of Durham, North...Ch. 4 - Using the 911 call data in Problem 4.43, forecast...Ch. 4 - Question 4.47 Storrs Cycles has just started...Ch. 4 - Question 4.49 Boulanger Savings and Loan is proud...Ch. 4 - Question 4.24 Mark Gershon, owner of a musical...Ch. 4 - Lori Cook has developed the following forecasting...Ch. 4 - Prob. 45PCh. 4 - Question 4.32 The following data relate the sales...Ch. 4 - Question 4.34 The number of auto accidents in...Ch. 4 - Question 4.35 Rhonda Clark, a Slippery Rock,...Ch. 4 - Accountants at the Tucson firm, Larry Youdelman,...Ch. 4 - Sales of tablet computers at Ted Glickmans...Ch. 4 - Question 4.38 City government has collected the...Ch. 4 - Using the data in Problem 4.39, apply linear...Ch. 4 - Bus and subway ridership for the summer months in...Ch. 4 - Thirteen students entered the business program at...Ch. 4 - Question 4.48 Dave Fletcher, the general manager...Ch. 4 - The following are monthly actual and forecast...Ch. 4 - Prob. 1CSCh. 4 - Prob. 2CSCh. 4 - Prob. 3CSCh. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - For its first 2 decades of existence, the NBAs...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...Ch. 4 - Forecasting at Hard Rock Cafe Video Case With the...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What is precedent, and how does it affect common law?
Business in Action (8th Edition)
The Big Black Bird Company (BBBC) has a large order for special plastic-lined military uniforms to be used in a...
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
Feeding America Each year, the Feeding America network helps provide food to more than 46 million people facing...
Operations and Supply Chain Management 9th edition
Mary Williams, owner of Williams Products, is evaluating whether to introduce a new product line. After thinkin...
Operations Management: Processes and Supply Chains (11th Edition)
What are the three major business functions, and how are they related to one another? Give specific examples.
Operations Management, Binder Ready Version: An Integrated Approach
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- Question 6 Tech Company is a medium-sized consumer electronics retailer. The company reported $155,000,000 in revenues for 2007 and $110,050,000 in Costs of Goods Sold (COGS). In the same year, Tech Co. held an average of $20,000,000 in inventory. How many times did Tech Co. turn its inventory in 2007?arrow_forwardQuestion 1The Rotary Club is holding a pizza sale to finance outreach projects. The Club made an agreement to purchase pizza from Pizza Hut at a 30% discount which the Rotary Club can then resell for a profit. It is expected that of the 500 families in the community, at most 70% will buy pizza. Based on a survey of their personal preferences, the students believe that they should orderno more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. They also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. The standard price (before discount) for the cheese, pepperoni and vegetarian is $12, $15 and $14, respectively. The Rotary Club makes a profit of 10%, 15% and 20%, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. a) Formulate a linear programming model that would determine the optimal solution. An explanation for the derivation of EACH equation should…arrow_forwardQUESTION 32 Suppose sales for the past 6 months have been82, 97, 84, 106, 108, and 100Using a smoothing coefficient of 0.6, what is the exponentially smoothed value for the 3rd period? (please round your answer to 1 decimal place)arrow_forward
- Question 3 The Paria Oil Company is seeking police protection for the duration of industrial turmoil at its Head Office, due to layoff caused by the Covid 19. During discussions with the Police to deal with the turbulence, the Police suggested that a mobile patrol would be adequate because the disorder was largely contained. However, the CEO of Paria insisted on permanent police presence. The CEO then offered to compensate the Police, if they agreed on a permanent on site presence during the turmoil. The Police thereafter indicated that they will provide 10 officers at a rate of $5000 per day, which they will maintain during the entire strike period. A few weeks after the strike was over, the Commissioner of Police, sent an invoice to Paria Oil Company for the cost of protection for two months. However, Paria Oil refused to compensate, and argued that the Police have a duty under law to protect the company from any pending violence and lawlessness. The Commissioner of Police has…arrow_forwardQuestion 2 Mary a songwriter submitted a song to the companies that she is under. Both companies then contacted her for the song submitted. Because of her contract with both companies, she is obligated to allow both companies to use the song submitted, but it will become a problem in the future because of copyright and publishing issues. She then needs to decide which company should use the song. Whichever option, the songwriter will fail to comply with the contract she signed with both companies. choose the correct dilemma below Epistemic Dilemma Ontological Dilemma Self-imposed Dilemma World-imposed Dilemma Obligation Dilemma Prohibition Dilemma Single-agent Dilemma Multi-person Dilemmaarrow_forwardQuestion 02: Following data set indicates the annual electricity consumption of Sri Lanka in Mega Watt Hours (MWh) from 1996 to 2022. Year Electricity Consumption in MWh1996 1,5881997 1,5581998 1,7531999 1,4082000 1,3102001 1,4242002 1,6772003 1,9372004 1,6852005 1,4882006 1,5622007 1,6192008 1,6872009 1,8412010 1,8652011 1,6372012 1,6532013 1,6992014 1,6982015 1,5232016 1,5572017 1,7952018 1,9342019 2,1252020…arrow_forward
- Question 4 Yalelo is a manufacturing Zambian Company. You have been asked by the Board of Directors of this Mid-Sized Listed manufacturing Company at LuSE to update them on emerging corporate governance issues that should be of interest to them. Prepare a report for the Board on the ‘Corporate Governance’ issues that should be of current concern to the Directors of this Company.arrow_forwardQUEStion 10 Suppose sales for the past 6 months have been81, 93, 117, 81, 91, and 100 What is the 4-month moving average for the 4th period? (please round your answer to 1 decimal place)arrow_forwardQuestion 4 The below data represent the advertising expenditure and sales of Little Liu Ltd from year 2008 to 2017. Table: Advertising Expenditure vs. Sales from 2008 to 2017 Year Advert. Expenditure Sales (x, £000) (y, £000) 2008 8 30 2009 12 40 2010 11 29 2011 5 29 2012 14 43 2013 3 17 2014 6 20 2015 8 30 2016 4 22 2017 9 40 Total 80 300 Work out the values of parameters of the relationship shown in the Figure (i.e. work out the equation of the relationship).arrow_forward
- Question 1. Five (5) accounts you consider most at risk of being materially misstated.arrow_forwardQuestion 1. Read the case below about Square, Inc then answer the following questions TRUE/FALSE In October 2015, amid rising fears about the security of credit card transactions, financial institutions and businesses made the transition to using chip cards. Unlike the quick swipe of a magnetic stripe on the back of traditional credit and debit cards, chip cards have to be left inside the terminal while the embedded chip verifies the transaction. While there is no consistent method for measuring transaction speed, news agencies report average chip speeds of anywhere from 8 seconds to 13 seconds. The switch to chip readers was precarious, with many businesses taping over the chip card slots in the terminals until the kinks were worked out. Even after a year, some businesses still could not process chips and continued to utilize the magnetic stripe for transactions. Financial institutions thought the additional security benefits of the chips would overshadow the added wait times. Yet…arrow_forwardQuestion Nyame Bekyere Wholesale Supply and Distribution Company sells parts, equipment, and supplies for recreational activities like plastic slides, bouncy castles, swings and electronic trains. In addition, NBWSDC has a service department for the repair and service of the recreational items. The owner, Mr. Osei Nyame Bekyere, bought the company five years ago from its original owner. The organization is set up in three divisions: service, retail parts and supplies, and wholesale. The owner and president, has a vice president for each operating division, for example the warehouse has three groups: receiving (checking orders for completeness, returning defective merchandise, stocking the shelves, filling orders), service parts, and order filling for distribution to customers. The warehouse group is responsible for all activities related to parts and supplies receiving, storage, and distribution. The retail sales division includes all functions related to selling of parts and…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education
Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.
Introduction to Forecasting; Author: Ekeeda;https://www.youtube.com/watch?v=5eIbVXrJL7k;License: Standard YouTube License, CC-BY