If your forecast for 2022 is 40, using the seasonal index below, what is your forecast for 2nd quarter of 2022? Seasonal Forecast Index 2022 Q1 1.1 Q2 1.2 Q3 0.9 Q4 0.8 Total 40 O 40/1.2 O (40/4)*1.2 O (40/4)/1.2 O 40*1.2
Q: Explain the importance of Process Selection in Facility Layout
A: Note: As per the Bartelby guidelines only the first question has been answered. Process selection...
Q: A company which installs swimming pools has recently merged with another regional installer. It is b...
A: Forecasting in advance helps to estimate the sales that could be generated in the future period. Thi...
Q: Week Demand of beef 1 500 2 550 3 600 4 720 5 780 6 800 Corresponding weights are W1...
A: An accuracy of the forecasting method can decide by identifying the MAD value of the each method. Hi...
Q: A company manufactures 5,000 units of a product per month. The cost of placing an order is Rs. 100. ...
A: Note: - Since we can answer only up to three subparts we will answer the first three subparts(a, b, ...
Q: a. Construct a causal regression model using PMIl as the causal variable. How well does your model f...
A: A regression model is a function that represents the connection between a response, dependent, meani...
Q: (c) A company manufactures two products: X and Y. Product X costs $8 per unit and contains 2 units o...
A: Objective Functions and Constraints: Based on the given details, the objective funct...
Q: A manufacturing company needs a Pareto diagram for the analysis of the following design department c...
A: Given, Element Dollars(in thousands) Progress Review 10 Support Activities 13 Qualification...
Q: What are the primary areas of concern for risk management, and how would you define them?
A: Risk management: The process of identifying, analysing and controlling of hazards/risks for the orga...
Q: Calculate the Economic Order Quantities (EOQs) for the A items.
A: A item = Sample number 6 Annual usage (D) = 6500Ordering cost (O) = 50Holding cost (H) = 15 % of 97....
Q: In project manangement what is a scope baseline?
A: Before defining the project scope baseline one needs to understand the project scope. Project scope ...
Q: Q3) Southern Sporting Goods Company makes basketballs, soccer balls, and footballs. Each product is ...
A: Part (A): Decision Variable:Suppose-B be the no. of units of basketballs to be producedS be the no. ...
Q: processing times for tasks, A, B. C, D, E, F, and G are 2.4, 2.2, 8.9, 1.0, 1.2. are 1.5 pective tas...
A: Cycle time = Production time/Demand = (8 * 60)/180 = 2.67 minutes Minimum number of workstations: ...
Q: Academic advisement is unevenly provided in many high schools and colleges. There is a plan to provi...
A: There are several types of advertisements in the academic area. Academic advising is simply describ...
Q: In a company two mechanics maintain two very important machines in a production process, which usual...
A: Two mechanics maintain two important machines, so there are two servers. The machines breakdown ever...
Q: PRODUCT MIX: The JP Manufacturing Company produces two products. Resource requirements for productio...
A:
Q: Explain how is the Agency Theory simplistic??
A: Agency theory can be stated as the principle that is generally used to determine and conclude proble...
Q: What is a the advantage of using the Fixed-Order-Quantity model in inventory management?
A: Inventory management is the management in which raw materials and finished products and stored and m...
Q: A local toy manufacturer is using a production line that runs 8 hours per day and producesa toy that...
A: Production is the process of manufacturing the finished products and services using raw materials an...
Q: Compute the weighted average forecast using the following weights: 0.20, 0.30, 0.10, and 0.40
A:
Q: ve money a
A: Small companies and startups typically cut corners because of expenses, but customer relationship ma...
Q: briefly explain the difference between planning and scheduling
A: Thorough production planning and optimum utilization of the resources are the primary goals of plann...
Q: Formulate the situation as a system of inequalities. (Let x represent the number of dinghies the com...
A: Given data is Available labor hours for metalwork = 108 Available labor hours for painting= 90 Labo...
Q: How long does a customer have to wait to have a job completed? hours
A: Given information: Number of servers (m) = 1Activity time (p) = 3 hoursStandard Deviation of activit...
Q: Discuss any example of VSM from daily life (Do not exceed 100 words)
A: Lean management is the manufacturing technique that works to provide value to the customers without ...
Q: After training, Mary Fernandez, a computer technician, had an average observed time for memory-c...
A: The detailed solution is given in Step 2.
Q: (d) A company has three factories. Each factory produces three different products (A, Band C). Facto...
A:
Q: You should benchmark a company that: O Is in a different business O Makes benches O Follows a differ...
A: Benchmarking refers to process of setting a standard by which one can compare the quality/efficiency...
Q: Analyse the 3 advantages and 3 disadvantages of using process layout in a manufacturing plant.
A: In a manufacturing plant when the machines and different equipment that have similar processes and f...
Q: Give a detailed account of the project report writing highlighting the importance of the various re...
A: Reporting in project management is to have a higher overview that provides the important data relate...
Q: From a single outlet with a five-member team back in 2010 to six outlets and a team of 50 members to...
A: given, From a single outlet with a five-member team back in 2010 to six outlets and a team of 50 mem...
Q: Explain what a SWOT analysis is and what it isn't.
A: SWOT analysis is an analytical technique to determine strengths, weaknesses, opportunities, and thre...
Q: Using the data given in the following table, if the seasonal index for quarter 3 is 1.12, what forec...
A: Find the Given details below: Given details: Year Quarter 2019 2020 1 120 113 2 135 13...
Q: As a regional manager in collaboration with other supply chain partners, which type of inventories w...
A: A supply chain can be stated as the entire framework of manufacturing and distributing an item or se...
Q: Compute the multifactor productivity measure for an twelve-hour day in which the usable output was 1...
A: Multifactorial productivity consider the input values in two or more forms. It identify the producti...
Q: how do we solve optimization problem
A: Optimization problems are those whose objective is either to maximize or minimize. Maximization is a...
Q: imple flow chart for applying a job
A: A job request is a arrangement that records factual education, communication information & profe...
Q: Two plants supply three customers with medical supplies. The unit costs of shipping from the plants ...
A: Given data is
Q: BOBO Van is a start-up company which develops an app to receive orders from customers and provide de...
A: Given- Arrival Rate λ = 6020= 3 orders per hourService Rate μ = 6015= 4 orders per hour
Q: Why is repetitive work not a project?
A: Project management is the management in which different types of skills and knowledge are required t...
Q: requirements over a typical six-month periou are as TUIIOW 1 3. 4. 5. Requirement 750 800 750 600 90...
A: Find the Given details below: Period 1 2 3 4 5 6 Total Requirement 750 700 800 750 600 900 4500
Q: In representing qualitative data, we might use a) Histograms b) Scatter plots c) Pie charts d) O...
A: Qualitative data can be stated as the descriptive and conceptual knowledge or data gathered through ...
Q: Solve for the intercept (a).
A: Given data is
Q: Virginia College promotes a wide variety of executive training courses for firms in the Arlington, V...
A: Given data Allowance = 12%
Q: Item SKU A3378 has a demand that is normally distributed during the lead time, with a mean of 360 un...
A: ITEM SKUA3378 Average demand during lead time, μ=360 Standard deviation during lead time, σ =12 Prob...
Q: QUESTION 2 2.1 Discuss the stages in the development of the procurement function, their characterist...
A: 2.1) Procurement process or function are a series of steps or processes that is essential to obtain ...
Q: 1 Maximize z= 3x + 7y. subject to 3x – 2y 0, y > 0.
A: Given data is Decision variables: - x and y Objective function: Max Z=3x+7y Subject to constraints: ...
Q: Provide various reasons as to why project costs may exceed the estimate and provide an alternative s...
A: Project costs are the sum amount of all the funds that is necessary to complete a particular project...
Q: List 5 claims that are made in the advertisement for the ultrasonic pest repeller.
A: Advertising can be stated as the one-way communication approach whose purpose or motive is to inform...
Q: Stakeholder interest and potential and the impact of the project
A: Stakeholders are individuals who have interest in a business venture and business or projects. These...
Q: Don’t Drink And Drive Brewery (DDAD) produces beer and ale. Beer sells for $5.70 per barrel, and ale...
A: Production planning is the demonstration of fostering an aide for the design and production of a giv...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?
- The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?
- The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?Make a 15-year simple linear regression forecast. Example: Railroad Products Co. RPC Sales Car Loadings Year ($millions) (millions) 1 9.5 120 2 11.0 135 3 12.0 130 4 12.5 150 5 14.0 170 6 16.0 190 7 18.0 220
- 7. Using both time series methods of forecasting, predict the number of meals that should be prepared for the next Monday. The forecast for the most recent Monday was 367 and for the most recent Friday was 354. a=0.3 Show your calculations DAY Monday Tuesday Wednesday Thursday Friday WEEK 1 360 372 375 358 333 WEEK 2 375 381 373 368 377 WEEK 3 367 376 378 360 353 WEEK 4 373 380 376 363 370Using the data given in the following table, if the seasonal index for quarter 3 is 1.12, what forecast (rounded to the nearest integer) should be made for quarter 3 of 2021? Quarter 2019 2020 Q1 120 113 Q2 135 132 Q3 144 140 Q4 115 118 A. 126 B. 141 C. 144 D. 118 E. 133Following table shows the weekly sales of smart phones at electronic retail store: Week Number of smart phones Sold Forecast using 3 period moving average Error Forecast using exponential smoothing (with α =0.4) Error 1 48 2 41 3 55 4 64 5 62 6 55 7 8 Answer the following questions based on the data given above. Show all your calculations. What is the expected sales for the 7th week based on 3 period moving average. What is the forecast for the 8th week using the same method if the actual sales for week 7 happens to be 70? What is the expected sales for the 7th week based on exponential smoothing with α = 0.3? Which of the above two forecasting method is better based on MSE? Explain why?