The current values of sales of a product in a company are as follows: November - 22, December - 35, January - 28, February - 20, March - 33, April - 20. What is the forecast for May using a mean mobile three months? Select one: a. twenty b. 25.25 c. 24.33 d. 26.33

The current values of sales of a product in a company are as follows: November - 22, December - 35, January - 28, February - 20, March - 33, April - 20. What is the forecast for May using a mean mobile three months? Select one: a. twenty b. 25.25 c. 24.33 d. 26.33

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section: Chapter Questions

Problem 40P: The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels....

See similar textbooks

Related questions

Q: Suppose that a publishing company periodically replenish its supply of paper stock. The paper comes…

A: Annual demand, d= 90 per quarter =90×4=360 rolls Cost of one roll, u =OMR 150 Ordering cost,o =OMR…

Q: inda Boardman, Inc., an equipment manufacturer in Boston, has submitted a sample cutoff valve to…

A: Mean (X) = 8.00 Standard Deviation () = 0.04 Lower Specification Limit (LSL) = 8 - (3 * 0.047) =…

Q: Follow the instructions. Typewritten for an upvote. No upvote for handwritten. PLEASE SKIP IF YOU…

A: The Breakeven Point is that level of sales at which there is no profit no loss. It is calculated…

Q: North South Bank employs several account officers, each working eight hours per day. The processes a…

A: Option 3 is correct How many officers are currently employed? 3 officers Given: Each officer working…

Q: 1. supply chain Design has helped organisations with alternative ways or choices to realize their…

A: 1. Supply chain design can be broadly defined as the methodology through which an organization…

Q: a. Formulate the objective function and the constraint function for Philip's machinery. Determine…

A: Linear programming is a mathematical technique that is also used in operations management…

Q: Sunblessed Juice Company sells bags of oranges and cartons of orange juice. Sunblessed grades…

A: Revenue and variable cost: Grades of oranges that are available: Least average quality that is…

Q: What steps do employees take to ensure that previously gained knowledge is retained inside an…

A: Face to face training is where a newly joined employee meets with senior employees to learn about…

Q: What should be done regarding an employee who had an accident while carrying out their duties at…

A: Accidents at the workplace are the unplanned incidents that physically injure a worker while…

Q: Differentiate between the most used scheduling methods and scheduling techniques.

A: Scheduling is the process of arranging the production activities in order so that the complete…

Q: Question 2: What is the proposed labor productivity with the professional buyer? O 3.2 crates per…

A: Productivity is the measure of output produced per unit of input used.

Q: Warehousing is an important contributor to both productivity management and quality in a…

A: Given: Stock keeping unit(SKU) Number of pallets SKU 010 4 SKU 020 6 SKU 030 14 SKU 040…

Q: When arranging insurance, what must be disclosed by an insurer to the insured, and what does not…

A: Insurance is the protection of risk that an individual purchases to protect against financial…

Q: Multiple choice 1.0 Which of the following is not part of the triangle of success for…

A: Entrepreneurial process can be stated as a process that focuses on the factors relevant for ensuring…

Q: From Profit = Total SP – Total CP , what does SP stand for ?

A: Given data: • Phone cost: $1,214 each • Phone RRP: $1,349 each

Q: Why have ERP systems evolved as the central component of the information technology infrastructure…

A: ERP stands for Enterprise Resource Planning. It is a multi-functional software which supports all…

Q: A product has value when its benefits to the customer are equal to or greater than the price that…

A: The question is related to customer satisfaction . Value is the relationship between the price of a…

Q: Canine Gourmet Super Breath dog treats are sold in boxes labeled with a net weight of 15 ounces (425…

A: Given: Process average (m) = 425 grams (of 10 packets) Standard deviation of packet weight = 1.02…

Q: How impactful were product discounts on customer questions?

A: Based on the parameters you specify, a Product Discount pertains to something like a specific…

Q: Payoff potential Level of risk • Safety Cost

A: Given: Project A is rated: Payoff potential Level of Risk high low Safety Cost of project…

Q: What is a contract law, specifically focusing on offer and acceptance?

A: A contract is a legally enforceable agreement between two or more parties where each assumes a legal…

Q: How does synchronous manufacturing differ from MRP with respect to scheduling?

A: Scheduling is specifically arranging the work of the production process. It is used to accurately…

Q: FIGURE 13.18 DECISION TREE FOR HEMMINGWAY, INC. Successful 0.5 Start R&D Project ($5 million), Not…

A: Cost of the project $5 million Cost of building production facility $20 million Earning from…

Q: ge of producti

A: A system for agreed standards for every stage of production is known as Quality assurance.

Q: According to the sunk cost effects of innovation, newer firms are more likely to innovate compared…

A: The term sunk cost can be understood as the cost which has already been spent and the company will…

Q: What is the relationship between inventory management and the supply chain?

A: Connection between inventory management and the supply chain The supply chain is a process that all…

Q: definition of entrepreneurship

A: The entrepreneur is defined as a person who has the desire to establish new business, ability to…

Q: Where exactly does Instagram's operational CRM tie into its overall strategy?

A: Instagram is the second most accessed network behind Facebook. The popular visual-first social…

Q: Florida Southwestern State College has decided to implement a new registration system that will…

A: Users may be turned into active collaborators in the development process with the aid of JAD. As a…

Q: What is the role of Aggregate Planning in operations at your organization?

A: Operations are the day-to-day activities performed y the organizations. These activities are…

Q: Whitebridge Hardware Store Whitebridge Hardware Store has a monthly demand for lawn fertilizer…

A: Formulae used: Error = Actual Demand - Forecast Absolute Error = ABS (Error) = |Actual Demand -…

Q: A bedding store has a steady demand for 300 mattresses each year. The store orders mattresses from a…

A: Annual demand = 300 Order cost = $50 Annual holding cost = 5% of unit cost Retail price = $250

Q: This section explains project scheduling strategies such as the WBS, Activity Definition, and…

A: Scheduling is the process of arranging the production activities in order to complete the…

Q: Discuss The DMAIC methodology that used to incorporate Six Sigma and Lean tools to improve processes…

A: Six sigma can be broadly defined as a data driven methodology that is used to reduce the number of…

Q: a) The upper and lower 3-sigma control chart limits are: UCL = (enter your response as a number…

A: A p-bar chart is a graphical representation of the number of defects found in a given time period.…

Q: Work through the simplex method step by step to solve the problem and find an optimal solution. The…

A: Linear programming is a mathematical technique that is also used in operations management…

Q: The table below shows the net income for several choices (choice 1, choice 2, and choice 3) if…

A: Given data: Choice Outcome 1 Outcome 2 Outcome 3 1 65 83 62 2 69 70 73 3 84 82 63…

Q: Would she be effective if she changed?

A: Susan's leadership style is production centered leadership/task oriented leadership, according to…

Q: Which of the following is NOT a strategic operations management decision? Select one: a. maintenance…

A: Operations Management can be a part of an organization's internal strategy. When incorporated,…

Q: Assessment Criteria 1. Pay of potential

A: Given: Assessment criteria Importance weights 1. Pay of potential 5 2. Level of risk 4 3.…

Q: 25. Used for computing production capacity, production quotas, wage incentives, costing, etc.. O…

A: Companies need to determine a standard based on which they can set benchmark time, wages for their…

Q: 6. The ABC Logistic company buys in lots of 900 boxes for packaging which is yearly supply , the…

A: Given- Annual demand (D) = 900 boxes Ordering cost (S) = OMR 4 Holding cost (H) = 20% × OMR 10…

Q: (a) Using the Optimistic criterion, which alternative is best? (b) Using the Laplace criterion,…

A: Here, there are five alternatives, for each alternative, we have three states of nature, and each…

Q: A direct time study was taken on a manual work cycle using the snapback timing method. The regular…

A: Basic time, commonly expressed as "T" is defined as the time taken by any operator to perform a…

Q: The essence of sound financial management to supply chain/procurement managers.

A: Here we have to understand that the supply chain comprises a network of commodities, businesses,…

Q: 1. Compute the starting feasible solution using the Northwest Method. 2. Compute the entering…

A: The transportation model is used to calculate the minimum cost of the route by selecting different…

Q: UNCERTAIN DEMAND Lead time demand for an item averages 100 units, with a standard deviation of 30.…

Q: In your own words, explain each of the following quality of service (QoS) architecture: (i) Best…

A: The quality of service (QoS) architecture is a piled architecture of services and mechanisms for…

Q: What happened to the Planting Process, the answer is partially answered

A: Scheduling – the method of deciding what task to assign to which of the resources & when to…

Q: New Accounts Period New Accounts Period 200 6 232 11 214 248 12 3 211 250 13 4 228 253 14 235 10 267…

A: Given data is

Concept explainers

Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.

Question

100%

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Forecast for May using a mean mobile three months

VIEW

Step 3 Answer

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.

Similar questions

The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.
The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?
What forecasting techniques are used in the management of technology and innovation?
Here are the data for the past 21 months for actual sales of a product: Last Year This Year 275 375 350 425 400 350 350 275 350 January February March April May June July August 300 400 425 450 400 460 400 300 September 375 October 500 November 550 December 500 Develop a forecast for the fourth quarter of this year using a three-quarter, weighted moving average. Weight the most recent quarter .5, the second most recent .25, and the third .25. 1050 1500 1000 1031
Imagine you work for a breakfast cereal company that makes prepared products that are served cold. Your company wants to introduce a new hot breakfast cereal that would require some minimal preparation by the consumer. How would you propose forecasting initial demand for this product? Identify one quantitative and one qualitative technique. How do the techniques complement each other?
Here are the data for the past 21 months for actual sales of a product: Last Year This Year 300 275 400 375 425 350 450 425 400 400 350 350 300 275 September 375 350 October 500 November 550 December 500 January February March April May June July August Develop a forecast for the fourth quarter of this year using a three-quarter, weighted moving average. Weight the most recent quarter .5, the second most recent .25, and the third .25. 1050 1500 1000 460 400 O 1031
Choose the type of forecasting technique (survey, Delphi, averaging, seasonal, naive, trend, orassociative) that would be most appropriate for predicting:d. The impact a price increase of 10 percent would have on sales of orange marmalade.
a) Using the trend-projection (regression) method, develop a forecastfor the sales of Volkswagen Beetles in Nevada through year 6.b) What is the MAD?~c) What is the MSE?
(4) Weekly demand for dry pasta at a supermarket chain is as follows Week Demands 1 517 2 510 3 557 4 498 5 498 6 444 7 526 8 441 9 541 10 445 Forecast the demand for week 11 by using five-period moving average. Calculate the same using weighted average methods with weights are 0.3, 0.2, 0.2, 0.1 and 0.2 with start assigning weights to the most recent data
Here are the data for the past 21 months for actual sales of a particular product: LAST YEAR THIS YEAR January 345 290 February 395 375 March 470 365 April 460 475 May 400 440 June 470 325 July 430 365 August 325 280 September 375 375 October 535 November 570 December 550 Develop a forecast for the fourth quarter using a three-quarter, weighted moving average. Weight the most recent quarter 0.50, the second most recent 0.25, and the third 0.25. Do the problem using quarters, as opposed to forecasting separate months.
What is bias error in forecasting? What are some of the causes?
Can you please demonstrate #7 how to identify the coefficient? Given: Year Demand 1 7 2 9 3 5 4 9 5 Predict the value for Year 5: 2 year moving average What is MSE for 2 year moving average? 2 year moving average using 0.6 (weight for the oldest period) and 0.4(weight for most recent period Exponential smoothing, =0.2 and forecast for Year 1 = 5 Linear trend Which forecast method has the least amount of error using MAD? What is the coefficient?