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Forecasting is an uncertain science since it calls for predictions but current theoretical and mathematical models (quantitative and qualitative) make it possible for organizations to predict with an acceptable margin of error. Think about it this way: Without forecasting, organizations would always be responding rather than acting.
Select one industry from the list below: Bank, restaurant, health clinic/hospital, airline, or university.
What specific variables would be needed by that organization in order to forecast? Be sure you explain why you selected each variable and why it is important to forecasting.
Which variables are used for short-range forecasting, long-range forecasting, or for both. Make sure you support your selections.
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What are three of the five purposes of a performance measurement system? What are three of the five benefits listed that the right information to the right people can provide?
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A manager just received a new price list from a supplier. It will now cost $1.00 a box for order quantities of 801 or more boxes, $1.10 a box for 200 to 800 boxes, and $1.20 a box for smaller quantities. Ordering cost is $80 per order and carrying co..
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What inference can you draw from the numbers collected?
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