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You are a manager at a medium sized manufacturing operation that sells a customized product directly to the consumers and the data pattern is linear but it can have the occasion randomness. The causes of this randomness are never apparent until after the event.
As manager, you are to complete a corporate forecast for this expensive and customized product that trends generally with the present economic situation.
Requirement 1
Do the corporate forecast for this product using the data below to complete a 3 and 5 year weighted averages for the next year. For the judgmental forecasting component use the present economic situation.
Time Period
Historical Demand
1
456
2
399
3
712
4
498
5
487
6
567
7
450
Question:
What method is best here? Moving Average or Exponential Smoothing?
What is weighted average?
These models have been developed to establish a trade off between costs of providing and the waiting time of a customer in the queuing system. Constructing a model entails desc
advantage of quality circle process
INFORMATION RESOURCES: Information resources are of two kinds, namely, Documentary and Non-Documentary Sources. Documentary Sources: A document embodies thought. I
A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i
Discuss the methodology of operation research
explanation
B A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper
The scientific method in O R study generally involves the followings three phases: 1. Judgment phase, 2. Research phase 3. Action phase
classification
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