Compute the monthly production and ending inventory

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Reference no: EM13826573

1, Given the following production plan, use a (a) chase production strategy and (b) level production strategy to compute the monthly production, ending inventory/(backlog) and workforce levels. A worker is capable of producing 100 units per month. Assume the beginning inventory as of January is zero, and the firm desires to have zero inventory at the end of June.

Month Jan Feb Mar Apr May Jun
Demand 2000 3000 5000 6000 6000 2000
Production





Ending Inventory





Workforce





2. Given the following production plan, use a (a) chase production strategy and (b) level production strategy to compute the monthly production, ending inventory/(backlog) and workforce levels. A worker can produce 50 units per month. Assume that the beginning inventory in January is 500 units, and the firm desires to have 200 of inventory at the end of June.

Month Jan Feb Mar Apr May Jun
Demand 2000 3000 5000 6000 6000 2000
Production





Ending Inventory





Workforce





3. The owner of the chocolate outlet store wants to forecast chocolate demand. Demand for the preceding four years is shown in the following table:

Year  Demand (pounds)
1 68800
2 71000
3 75500
4 71200

Forecast demand for Year 5 using the following approaches: (1) a three-year moving average; (2) a three-year weighted moving average using, 40 far Year 4, .20 for Year 3 and 40 for Year 2; (3) exponential smoothing with a = .30, and assuming the forecast for Period 1 = 68,000.

4. Forecasts generated by two forecasting methods and actual sales are as follows:

Month Sales Forecast 1 Forecast 2
1 269 275 268
2 289 266 287
3 294 290 292
4 278 284 298
5 268 270 274
6 269 268 270
7 260 261 259
8 275 271 275

Compute the MSE, the MAD, the MAPE, the RSFE and the tracking signal for each forecasting method. Which method is better? Why?

Reference no: EM13826573

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