Discussion Question #2 - Present and discuss in detail the benefits and challenges of two applications of forecasting in Business Management.
Q: How forecasting helps in different disciplines of management science? Make a comparison between…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Q: What is the essence of forecasting in Operations Management?
A: Anticipating or forecasting is the way toward making expectations of things to come dependent on…
Q: Judgmental forecasts have the following strengths, except___________. a. Can include “inside” and…
A: A prediction based on subjective data. A judgmental forecast is one that is made by someone who is…
Q: EXERCISE 9 - FORECASTING Question 1 The following data summarizes the historical demand for a…
A: Given- Month Actual Demand March 20 April 25 May 40 June 35 July 30 August 45
Q: The forecast for week 6 is service calls. (Enter your response rounded to two decimal places.)
A: BELOW IS THE SOLUTION:-
Q: Successful Companies examine the future outcome using previous evidence."Does RMG in Bangladesh…
A: RMG ( Ready-made garments ) is one of the major drivers of the economy of Bangladesh. Bangladesh is…
Q: Why is reliable forecasting so important for businesses using a continuous replenishment inventory…
A: Continuous Replenishment is a method in which a supplier receives regular updates on real-time sales…
Q: Calculate the three-period simple moving average forecasts for months 4, 5 and 6.
A: ANSWER IS GIVEN BELOW:
Q: Forecasting is critical in modern times. It is believed that it started as a consequence of the…
A: BUSINESS FORECASTING is a gauge or expectation of future advancements in business like deals,…
Q: When the American Airlines CEO developed yield management, what type of information was crucial to…
A: We know that, Forecasting is a strategy that utilizes previous data as inputs to produce…
Q: Question 1 One use of short-range forecasts is to determine planning for new products. (A) True (B…
A: Forecasting is the process of prediction in which sales demand is estimated using historic…
Q: Discussion #1 & #2
A: As per the Bartleby Honor code we are not supposed to answer more than 1 question at a time. Please…
Q: A number of factors must be taken into consideration when selecting a particular forecasting model.…
A: A.The determination of a technique relies upon numerous elements—the setting of the estimate, the…
Q: Predict the number of requests for week 6 using each of these methods: a. Naïve b. A four period…
A: Forecasting is the process of estimating the future demand according to the previous or historic…
Q: If the forecasted value of the time series variable for one period is 28.5 and the actual value…
A: Forecasted value = 28.5 Actual value = 32
Q: What advantages as a forecasting tool does exponential smoothing have over moving averages?
A: A moving average forecast method takes into account instead of the last actual data, a number of…
Q: Question 4 Jo-Jo Inc is a manufacturing firm that produces soap. The company is owned by two…
A: Decision tree analysis is the technique represented through the graph to solve the business problem.…
Q: Question 3: Jane is trying to forecast demand for her store, using moving average with n-2, Fill in…
A:
Q: Identify two business situations where the Delphi method might be used to generate forecasts. Can…
A: The Delphi approach (also known as the Delphi procedure or process) is a way of gathering expert…
Q: Why is accurate forecasting so important to companies thatuse a continuous replenishment inventory…
A: Continuous Replenishment is a method by which a supplier is told day by day of real deals or…
Q: Calculate the forecast for week 16 using - a 2-period moving avergage - a 3-period moving average
A: Forecasting means predicting in advance the future sales.
Q: QUESTION 9 The following is the actual sales for Manama Company for a particular good: t Sales 19 23…
A: t sales x y 1 19 2 23 3 22 4 27 5 34
Q: Question: We know to predict the SSN number in the US if you were to take up a project/…
A: Aadhar card is an Indian unique identity number that contains 12 digits and information based on…
Q: why forecasting is needed in business a. to ascertain resource requirements b. to project profit…
A: Forecasting is a form of making knowledgeable predictions by utilizing historical data as the major…
Q: How do you forecast a department or service area such as a pet store
A:
Q: FORECASTING- EXPONENTIAL SMOOTHING QUESTION 3 PERIOD ACTUAL 1 42 40 3 43 4 40 41 39 7 46 8 44 9. 45…
A: In the question, we have time-series data, Actual data are presented over 11 periods, I would use…
Q: Question 18 A tire company needs a forecast for studded tires in the next forecast period. The…
A: Given: A smoothing constant of alpha = 0.20. The demand for the most recent period = 100 The…
Q: Question one The president of State University wants to forecast student enrollments for this…
A: Ans :-a) foreeact for thouse year =1800+20000+210003…
Q: Using naïve method to make a forecast involving data with trend, the forecasted sales volume for…
A:
Q: Being an Operational Manager, guide with reasons for the company to use appropriate forecasting…
A: Forecasting in the service sectors may provide some unusual challenges. One of the major challenge…
Q: Why forecasting is important for Airlines industry? What are the impacts of Covid-19 on forecasting…
A: The Airline Group of the International Federation of Operations Research is a nonprofit…
Q: What factors would you consider in deciding whether to use wide or narrow control limits for…
A: Control limits are the boundaries defined in a control chart within which all the random errors that…
Q: Question 1. The dean of a school of business is forecasting total student enrollment for this year…
A: The concept of Operation Management: Operation management is the management that applies to a…
Q: Discuss the techniques of forecasting and its types. Also explain the limitations of each technique?
A: Forecasting - The process which is related with making the predictions for the future and the basis…
Q: QUESTION 9 Use the table below to answer the following questions (Choose only the letter) Periods…
A: Given data- Periods Observations 1 24 2 34 3 36 4 37 5 41 6 44 7 45
Q: Forecasting is both art and science. Describe the situations where we use Qualitative forecasting…
A: Forecasting refers to the art and science of forecasting or predicting the future scenario or what…
Q: Questions: 1. What are some of the potential benefits of a more formalized approach to forecasting?…
A: The process that uses to predict the future based on past data is known as forecasting. The…
Q: Forecast for the 11 quarter using exponential smoothing technique.
A:
Q: q. 15 Calculate the accuracy of your MA forecasts using MAD. What does the result tell you?…
A: Given-
Q: Q2: Daily high temperature in St. Louis for the last week were as follows: 93, 94, 93, 95, 96, 88,…
A: Formula:
Discussion #1 & #2 please
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?Dogs-R-Us and K-9, Inc. are two retail stores that cater to the needs of dog owners in the greater Charleston area. There is healthy competition between these two establishments. Both operate 52 weeks a year and both sell approximately the same type and dollar value of items. Table provides the cost of goods sold, the average inventory level, and unit value of each item sold in the two stores.a. Compare the two retail stores in terms of average aggregate inventory value.b. Compare the two retail stores in terms of weeks of supply.c. Compare the two retail stores in terms of inventory turnover.
- Question 1. Examine the negative effects on a global retailer for carrying too much inventory. Support your answer with appropriate examples. Answer guidelines: Question 1 A global retailer could encounter the following negative effects for carrying too much inventory. Please support your answer with examples. - weaker cash flow/working capital, high obsolete cost, high inventory holding cost, high storage cost, need to hire more human resources or any relevant answer.Customer satisfaction is the desired result of any supply chain management strategy. Q.1 - Explain to the managers of Converse, the relationship between flexibility, inventory, and customer satisfaction.Q.2 - Converse sneakers are produced in Indonesia. Identify the most suitable method of transport to be used for delivery from Indonesia to stores in South Africa. Motivate your answer. Q.3 - Would the following warehousing activities be necessary for Converse’s business?• Storage• Bulk breakingExplain your answerPlease provide answers to subparts d to J: Company B is a retailer of mobile phones in Australia that works 250 days in a year. The manager is determining a minimum-cost inventory plan for an upcoming phone to be launched in the market. She has collected the following information: • Annual demand: 1000 phones • Phone cost: $1,214 each • Phone RRP: $1,349 each • Net weight: 163 g each • Tare weight: 277 g each • Annual inventory holding cost: 15% • Cost per order to replenish inventory: $75 • Annual in-transit holding cost: 10% • Freight rate: $8.10 per kg • Time to process order for freight: 1 days • Freight transit time: 3 days Solve this problem using a non-linear programming (NLP) model to determine the followings: d. The total cost for holding the inventory e. The total cost for transportation f. The total cost for holding the phones during transit g. The total cost for this inventory plan h. The number of orders i. Ordering point j. The profit from this inventory plan
- Q: Discuss position of logistics in SCOR model and which aspects of SCOR are part of logistics. Explain with any example of your choice.19. SPRAY-PAINT INVENTORY The Graphic Hobby House made purchases of assorted colors of spray paint during the year as follows. Beginning inventory 200 cans at $2.20 March 400 cans at $2.40 May 700 cans at $2.00 August 500 cans at $2.30 November 300 cans at S2.60 At the end of the year, they had 450 cans of spray paint in stock. (a) Find the inventory value using the weighted-average method. (b) Find the inventory value using the FIFO method. (c) Find the inventory value using the LIFO method.Sonnie’s Gourmet Sandwich Café, a popular new fast casual restaurant, serves high-quality, made-to-order sandwiches. Located in a local outdoor shopping center, parking in front of Sonnie’s is limited. However, there are many parking spaces available behind the café within a five-minute walk. The café has an inviting, bright, and open interior with deli cases, blackboards listing specials, and oak tables and chairs. The café’s popularity at lunch is a concern for Sonnie. During the prime lunch time, between 11:30 a.m. and 1:30 p.m. Monday through Friday, the waiting line is often out the door. On average Sonnie would like to serve 40 customers per hour at lunch. Working professionals, who typically spend more than other customers at lunch, are on busy schedules and do not have time to wait in line. Sonnie estimates that currently some customers go to other restaurants because of the line. The menu at Sonnie’s includes nine standard sandwiches such as roast beef, pastrami and rye, and a…
- Cost tradeoff exists between transportation and inventory Select one: a. True b. FalseWhat is the difference between Forward and Reverse auction?(please do not copy answers on the internet, thank you)12. Determine the planned purchases for January (a) at retail and (b) at cost for the lingerie department when the seasonal merchandise plan indicates the following planned figures: Round to the nearest dollar. Sales $88,000 Markdowns 8% BOM Stock $81,000 EOM Stock $66,000 Markup 49%