q10- What is the best description of Granger-causality? Select one: a. the ability of lags of one variable to contribute to the forecast of another variable b. the ability of a variable to predict its own future c. the ability of the one variable to explain it own past d.
Q: Lola, Jacy, and Tate plan to create a company to manufacture bicycles. After reviewing the pros and…
A: Ans) Concept: Lola , Jacy and Tate are planning to create a company to manufacture bicycles. They…
Q: Questions 1.Explain using illustrations how forecasting features in this company's operations.…
A: Forecasting is a technique to predict future value. It is useful to predict future demand, sales, or…
Q: Increase the amount of special sauce available by 1 ounce and re-solve. Does the solution confirm…
A: We reproduce the Excel as shown below: We solve the problem using Excel Solver as shown in the…
Q: XYZ Corporation operates two plants, each of which has a capacity of 170 units per day. Each day,…
A: Given that:
Q: The new-accounts officer at the Bank enrolls all new customers in checking accounts. During the…
A: Find the Calculations methods below: Arrival rate (λ): 5 Customers per hour Arrival rate (λ): 12…
Q: t one example of delivering poor quality on an IT project. What happened? What would you have done…
A: Studying and the use of facts era isn't a smooth subject. For the system to be implemented…
Q: What is facility layout?
A: To put Simply, facility layout is the arrangement of a facility to maximize processes that are not…
Q: Arnold Tofu owns and operates a chain of "hamburger" restaurants in northern Louisiana. Sales…
A: 1) Using Excel: In Excel select columns of profit and sales, go to insert tab select scatter chart.…
Q: Which term describes a product produced as part of a project? Work package Deliverable…
A: All outputs, physical or intangible that were already presented as part of something like a…
Q: 10. The forecast was 70 units for the current period while actual demand was 76. The forecast for…
A: Given data: Current period forecast = 70 units Actual demand = 76 The forecast for the next…
Q: What is the tool used by a project manager to check whether the resources are allocated correctly…
A: There are several tools available nowadays for resource management and overall every tool is similar…
Q: Under the operations analysis, how do you know how to assign responsibilities?
A: Operational analysis refers to the inspection or checking of the current state of performance for…
Q: The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest…
A: Exponential smoothing is a forecasting model which considering the the actual demand and forecasting…
Q: In no less than 200 words, describe the connection between “quality” and “strategy.”
A: The term quality defines good or bad, success or failure, and right or wrong of the resultant…
Q: Jordin Henry's machine shop uses 2,470 brackets during the course of a year. These brackets are…
A: Ans) Data:
Q: Johnson Electronics Corporation makes electric tubes. It is known that the standard deviation of the…
A: Given data: Mean (μ)= 2300 Standard deviation (σ) = 145 Sample size (n) =90
Q: What type of distribution network is shown in this diagram? Manufacturers Retailer Customers Product…
A: A manager must make two important high-level distribution decisions namely: If the product needs to…
Q: Why we should not hire a staff through friend's recommendation and should go through proper process…
A: Ans) Hiring a staff through friend's recommendation is not a good idea for the business. Business…
Q: Cynthia Knott's oyster bar buys fresh Louisiana oysters for $4 per pound and sells them for $10 per…
A: Given data; Cost price 4 $ per pound Selling price 10 $ per pound Salvage price 3 $ per…
Q: Create a time series plot. b) Develop a six period moving average. What is the forecast for month…
A: NOTE: We are allowed to do the first three sub-parts only. Forecasting demand is an essential task…
Q: a) Using a 2-year moving average, the forecast for year 6= 3750 miles (round your response to the…
A: Forecasting is a technique used to predict future outcomes on the basis of past data. Business…
Q: Importance of Quality control and Quality assurance for the national and international…
A: Quality is now seen as an issue of concern by many different parties both inside and outside of the…
Q: You are trying to invest $100,000 in a portfolio of stocks and bonds. You want the highest return…
A: Given data is
Q: Upper Control Limit (UCL) = ounces (round your response to two decimal places).
A: Mean (μ) = 14.0 ounces Standard Deviation (σ) = 0.20 ounce Sample Size (n) = 64 z = 3
Q: Rent'R Cars is a multisite car rental company in the city. It is trying out a new "return the car to…
A: Ans) Formula:
Q: A start-up company in Vanderbijlpark that produces toy buses and cars, has two primary resources…
A: Here, I have been given a case, from these data, I would formulate an LP, after formulating this LP,…
Q: Penny Farthing Penny Farthing, a leading manufacture of full metal and coil wire zippers, has been…
A: The indifference point is the point where the profit of the two alternatives is the same. The volume…
Q: 24,000-seat arena that is home to the city’s professional basketball and ice hockey teams and that…
A: The given value for the Smoothing parameter α = 0.20 We have to find the forecast for year 5. This…
Q: The Chattanooga Furniture store gets an average of 72 customers per shift. Marilyn Helms, the…
A: Arrival Rate = 72 customers per shift Cost of waiting = $1 min per customer Cost of salesperson per…
Q: Jenna Baker, CEO of Baker Mfg Inc., wishes to compare her company's inventory turnover to those of…
A: Given data: Net Revenue = $27,500 Cost of sales = $19,850 Inventory = $1,290 Total assets =$17,410
Q: The management of a supermarket wants to adopt a new promotional policy of giving a free gift to…
A: Given data: Mean (μ)=$95Standard devition (σ) = $32.37
Q: Discuss the impact by groups of stakeholders in a project implementation.
A: Introduction: Project management is the process of organizing an organization's assets to meet a…
Q: Evaluate the effectiveness of a Agile/Scrum approach compared to a plan-based approach based on the…
A: The concepts of agile and scrum are not so different from each other. Agile is a concept that helps…
Q: During which relationship is the “from” activity unable start until the “to” activity is started?…
A: Finish-to-start (FS) implies that the "from" activity can only start when the "to" activity has…
Q: 5. Consider the following project network, consisting of 10 activities (A-J) Activity Predecessor(s)…
A: AOA is a project management tool that used to map and schedule the project activities, events or…
Q: 17. Which of the following is true for a critical activity?
A: Critical activity refers to an activity that has a slack value of 0. Slack = LS - ES or LF - EF
Q: All of the below are tips to ensure a successful operating budget process except? Recognize and…
A: The operating budget refers to the list of total earnings and expenses done by an organization in a…
Q: The data has been sorted for your convenience. Calculate the percent of total complaints for each…
A: The customer service team is the first line of defense in dealing with customers’ complaints. A lot…
Q: agement capacity planning and control in business. Select a business to illustrate your…
A: The maximum level of output that a corporation can produce for its goods and services depends on its…
Q: Question B Elaburate the Smart Warehouse contribution to enhance companies’ supply chain…
A: An automated warehouse system, either entirely or in part, is known to as a smart warehouse. The…
Q: Companies have relied on their operations functions not only to maintain day-today operations, which…
A: Focusing on agility is one strategy manufacturing companies may use to get a competitive edge…
Q: Firms focusing on responsiveness tend to a. locate facilities close to the market they serve. b.…
A: In supply chain management, considerations around facility network infrastructure are essential.…
Q: QUESTION 1 The table below shows the sales figures for a brand of shoe over the last 12 months.…
A: Ans) 1) Simple three months moving average: Formula: Forecast of current period = Average of…
Q: What are the 7 layout strategies
A: Layout is a system which is designed to facilitate the efficient flow of materials through the…
Q: ABC Wash, Inc., makes commercial and industrial laundry machines (the kinds hotels use), and has…
A: Find the Level Strategy below: a. The Cost of the strategy is $ 1380400 b. Back order Requirement:…
Q: Environmental Impact Assessment vs. Strategic Environmental Assessment and Management, Post-Project…
A: There are certain environmental assessments that are performed before a project is planned and…
Q: Describe the steps used to develop a forecasting system.
A: Forecasting is a method of predicting the unknown. In other words, it is a step forward by looking…
Q: Data collected on the yearly registrations for a Six Sigma seminar at the Quality College Year 1…
A: A time series forecasting technique called exponential smoothing may be expanded to handle data with…
Q: A brewery produces regular beer and a lower-carbohydrate "light" beer. Steady customers of the…
A: Let the number of regular beer units produced be R and light beer units be L. Minimum Regular beer…
Q: Describe, with examples, why it is beneficial for operations managers to anticipate changes to…
A: Operations managers are tasked with managing the flow of products and services to customers. They…
q10-
What is the best description of Granger-causality?
the ability of a variable to predict its own future
the ability of the one variable to explain it own past
None of the above
Step by step
Solved in 2 steps
- 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_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 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_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?
- Do the sales prices of houses in a given community vary systematically with their sizes (as measured in square feet)? Answer this question by estimating a simple regression equation where the sales price of the house is the dependent variable, and the size of the house is the explanatory variable. Use the sample data given in P13_06.xlsx. Interpret your estimated equation, the associated R-square value, and the associated standard error of estimate.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?Q5) Monthly sales for a six month period are as follows: Month SalesJan 18,000Feb 22,000Mar 16,000Apr 18,000May 20,000June 24,000 Compute the sales forecast for July using the following approaches: (1) Four-month moving average; (2) Weighted three-month moving average using .50 for June, .30 for May and .20 for April;(3) Exponential smoothing with α (smoothing constant) equal to .40, assuming a February forecast of 18,000
- The owner of Leisure Boutique in a local mall is reviewing their forecasting model for errors. Month Actual Forecasted March 64 63 April 66 67 May 70 71 June 78 75 July 80 79 August 84 83 September 92 87 October 94 91 What is the cumulative forecast error? Group of answer choices a) -16 b) 16 c) 12 d) -12K The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week Of August 31 September 7 September 14 September 21 September 28 October 5 - Pints Used 350 370 412 378 371 378 a) The forecasted demand for the week of October 12 using a 3-week moving average = 375.67 pints (round your response to two decimal places). b) Using a 3-week weighted moving average, with weights of 0.15, 0.30, and 0.55, using 0.55 for the most recent week, the forecasted demand for the week of October 12 = decimal places and remember to use the weights in appropriate order the largest weight applies to most recent period and smallest weight applies to oldest period.) pints (round your response to twopage 4 of 19) - Google Chrome squ.edu.om/mod/quiz/attempt.php?attempt3D1245076&cmid%3663426&page%3D3 earning System (Academic) erations Management || fall20 Quiz stion 4 Mean Absolute Deviation (MAD) is the always the best in assessing a forecast model accuracy yet vered Select one: ked out of O a. True O b. False Hajir lag question 13 Next page 10 19