Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. Gulley's s Ice Cream Parlor wants to forecast ice cream sales. The company believes that sales are dependent on the weather temperature (i.e.: the hotter the weather the more ice cream sales, etc.). The data required for this forecast is to determine an average daytime temperature say for over a 15 week period and also for each of those weeks determine the amount of ice cream sales. The forecasting model that should be used is the Linear Regression model. In this model the variable being forecast (ice cream sales) called the dependent variable is related to some other variable (temperature) called the independent variable. Within this model, the correlation coefficient needs to be computed. This coefficient measures the strength of the relationship between the variables. In this model, the coefficient should be +1 which means that there is a positive linear relationship. When the weather gets hotter or increases so does the sales of ice cream increases. All models are not 100% accurate; therefore, it is necessary to measure forecast accuracy by using either MAD or MSE methods or preferably both. Assessing this forecast model alone is difficult. The lower the value of MAD relative to the magnitude of the data, the more accurate the forecast. Therefore, to achieve a better forecast another forecasting model would have to be used to evaluate and compare the MAD and MSE values and to assess which model is more accurate.
2. Three Tier Candles & Body Treats should forecast the demand during a specific period of time to determine the weighted average to forecast needed inventory during another period. Using this model will allow the owner to determine the amount of product needed to fill a specific forecasted demand. Understanding this data could allow the owner to better utilize JIT principals regarding product inventory and the amounts needed to have on hand as a consistent stock. To begin this forecast, the owner would "use the naïve method to generate an initial forecast" since an initial forecast is not available (Reid & Sanders, 2010, p. 280.). Once data is complete and graphed, to determine the most stable variation, the forecast with the least variation would be used.
A chemical corporation manufactures an average of seventy gallons of its cleaning solvent per hour around the clock. A consumer wants to sign a contract calling for daily delivery of 1,500 gallons of the solvent.
In terms of a Cause and Effect diagram, what may be the functional causes for the problems related to broken fiber boards? Construct a Cause and Effect diagram.
Can you give me your opinion on this, The CFO comes up to you one night and asks you to go out for a drink with her.
difference in joint tenancy and tenants in commondistinguish between a joint tenancy and a tenancy in common with
What is an example of decision making under uncertainty?
Illustrate what is the ex-dividend price of Novis's stock if the board follws its current policy? At the dividend declaration meeting, several board members claimed that the dividend is too meager and is probably depressing Novis's price. They prop..
Find the major techniques for directing and show which of these techniques you can successfully employ and why they are right for your managerial style.
personality styles on teamshow can you use the knowledge of your own and other team members styles to help address the
"Benefits of Electronic Health Records", it is noted that when fully functional and exchangeable, the benefits of EHRs offer far more than a paper record can. EHRs:
Imagine a product that might solve a common problem in your industry of interest. Write a sales letter using Monroe's Motivates Sequence, targeting a potential buyer of the product.
Prepare a paper describing the five bases of power and show which power bases are formal and which are personal
Describe the relationship between generalization and specialization in the consulting industry and find and describe two primary drivers that have been pushing the consulting industry.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd