Describe the mean absolute deviation

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Assignment:

Reflection is a powerful learning tool and is important when reviewing supply chains because of the analysis that must be done. You must be aware of prior strategies and calculations to see what changes can be made. One part of supply chain reflection is analyzing the strategies and calculations and determining if you fully understand how decisions were made.

Assessment Deliverable

Forecast Error Measures (MAD vs. MAPE): Describe the mean absolute deviation (MAD) and mean absolute percentage error (MAPE) as common approaches to measuring forecast error. Describe the similarities and differences between MAD and MAPE, emphasizing their distinct uses in evaluating forecast accuracy.

Computational Complexity of Forecasting Procedures: Compare the computational difficulty of moving average and exponential smoothing forecasting procedures. Consider both the ease of performing the calculations (the keystrokes) and the clarity of the output. Express your opinion on which dimension is more important, and why.

Understanding EOQ, TBO, and OPY: Describe how economic order quantity (EOQ), time between orders (TBO), and orders per year (OPY) are essentially the same information but offer varying perspectives. Highlight their interconnectedness and roles in shaping a comprehensive understanding of inventory management.

Case Study Scenario - Optimizing Flour Orders for a Bakery: Imagine you are the manager of a small bakery with a weekly flour consumption of 210 pounds. Your flour supplier charges a fixed order fee of $35, and the cost of flour is $1.30 per pound. Incorporate an annual holding cost of 25%. Explain how you would determine the optimal quantity of flour to purchase when placing an order. Discuss the specific formulas, tools, and technology you would employ to optimize inventory and order quantities.

Reference no: EM133852690

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