User Account

All Pages

Forecasting, Operation Management

Assignment Help:
The cafeteria supervisor at CarWash is interested in developing a forecast model for the number of meals to be prepared each day. The following daily data from the cafeteria’s register were collected. Using the data, the supervisor had already computed forecast values using a regression model. However, s/he would like to assess the regression model’s accuracy to a base model called “exponential smoothing.”

WORKING AREA FOR THE PROBLEM
Exponential Regression
Day Meals Forecast Error Forecast Error
1 37 36.94
2 40 38.66
3 41 40.38
4 37 42.11
5 45 43.83
6 50 45.55
7 43 47.28
8 47 49.00
9 56 50.73
10 52 52.45
11 55 54.17
12 54 55.90

a) Your job is to compute forecasts using exponential smoothing technique with alpha of 0.3. Assume the initial forecast for day 1is 37. Show details for at least three calculations


b) Is the regression model a better fit to the data? Explain why. Use CFE and MAD as accuracy measurements.


c) Regardless of your decision in part (b), assume now that CarWash had been using the regression model in forecasting. What would you conclude about its performance? Show details for updated MAD calculations, at least for three periods. Use action limits that correspond to 3s control limits, and plot the corresponding tracking signal values. (HINT: 1sigma = 1.25 MAD, action limit is plus and minus and counts for how many MAD we have in specified number of sigma.)

Related Discussions:- Forecasting

Explain a mechanistic and organic organization, Contrast a mechanistic and ...

Contrast a mechanistic and organic organization giving an example of each. What would a bureaucracy be more like, mechanistic or organic? Why?

Explain use technology and information resources to research, Imagine that ...

Imagine that you are a senior manager for one of the following companies: • Apple • Burger King • Nike • General Mills Create a market entry strategy along with a st

Explain integration of social networking, Choose any company web site (it c...

Choose any company web site (it can be your own company) and evaluate its effectiveness. Write an essay of between 750-1000 words, double-spaced, focusing on such topics as the web

Explain the algarve is in what country, The Algarve is in what country

The Algarve is in what country

Objectives of operation process chart, Objectives of Operation Process char...

Objectives of Operation Process chart 1. It helps to decide whether a further and more detailed record is needed. 2. It is used in the design stages to assist the layout of th

Explain what are the factors that must be considered, In this fast paced an...

In this fast paced and complex environment, many companies are finding they cannot do it alone. An effective supply chain of partners is becoming more and more of a necessity. Let'

Describe your opinions about executive compensation, 1. Why some employees ...

1. Why some employees entitled to overtime and others are are exempt from being paid overtime? 2. Explain what job sharing is and how it typically works in terms of compensation

Problem 8, a small assembly line for the assembly of power steering pumps n...

a small assembly line for the assembly of power steering pumps needs to be balanced. exhibit 8.11 is the precedence diagram. the cycle time is determined to be 1.5 minutes. how wou

Design a operations management system, The purpose of operations management...

The purpose of operations management is to make the best use of productive resources. It entails the design and control of all the systems for the productive use of various raw mat

Explain statement is true with respect to job satisfaction, Which of the fo...

Which of the following statement is true with respect to job satisfaction and performance/ a. reward do not cause job satisfaction/ b. job satisfaction does not cause performance/

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd