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1. If last period's forecast was 27 and the demand was 30, what was the forecast error? What would be the forecast for the next period using an exponential smoothing model with alpha 5 .5?
2. Use the Excel spreadsheet that accompanies this chapter to evaluate different fore- casting models using the ice cream sales data. Try the following parameters for the moving average and simple exponential smoothing models: n 5 1, 4, 8; alpha 5 0.1, 0.5, 0.9. Which parameters yield the best forecasting model for the periods under evaluation?
The component designer for a major off the road vehicle manufacturer estimates that she can (a) increase the average time between failures of a part by 5%, or (b) reduce the average repair time by 10%. The service life of automobile tires is modeled ..
Charlie Jones, a fireman for Boulder County, Colorado, saw an ad for the vacation of his dreams in the local, "Boulder County Gazette." The ad read, "Seven days at the wonderful luxury Windell resort
Why is forecasting important in organizations, especially as related to understanding the relevant time horizon to develop a forecast against? What are some examples from industry?
In regards to hazardous chemicals , define instantaneous monitoring, integrated monitoring, personal monitoring, and area monitoring, and explain the differences among each one. Provide a scenario in which in each method would be used.
The company pays for the cash purchases when they are made. The company pays for 70% of purchases on account in the month that the purchases are made and 30% in the next month. Prepare a schedule of expected cash payments (cash budget) for the first ..
The Minute Stop Market has one pump for gasoline, which can service 10 customers per hour (Poisson distributed). Cars arrive at the pump at a rate of 5 per hour (Poisson distributed).
Calculate the schedule variance, schedule performance index, and cost (actually value in this case) performance index. How is the project going? Hint: Note that this problem is different since revenue rather than cost is the relevant measure. Use car..
Identify two ways to deal effectively with a social loafer on your team.
who has not previously purchased any options,is purchasing Option H in addition to $2400 of equipment. What will be the total price of their order?
the warehouse manager and his staff have been very impressed with your presentation thus far. they are very interested
Explain how the purchasing function contributes
Mississippi Company produces and sells one product. Its sales and expenses for last month were: Compute Mississippi Company’s margin of safety in dollars and as a percentage of sales.
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