he point in the supply chain where the business switches from forecast-driven to demand-driven is called the. point.
Q: Canton Supplies, Inc., is a service firm that employs approximately 100 people. Because of the…
A: Find the given details below: Given details: Month ($ 1000) 1 186 2 219 3 216 4 270…
Q: Given the demand data, answer the following questions below. Year Sales 1 - 123 2 - 118 3 -…
A: A moving average is a method to obtain a complete analysis of the trends in a data kit; it is an…
Q: The average demand for January has been 100 and the average annual demand has been 1000. Calculate…
A: Given - Demand for January = 100 units Average annual demand = 1000 units
Q: Please show work
A:
Q: Explain what probelms does over forecasting demand create within a supply chain
A: Over-forecasting in the power supply can cause a lot of problems and issues for the business. Here's…
Q: TWO LAST THIS YEARS AGO UNITS YEAR UNITS 3,495 2,696 3,475 2,375 YEAR UNITS I 4,785 3,475 4,195…
A: Decomposition is a determining procedure that isolates or deteriorates verifiable information into…
Q: The number of internal disk drives (in millions) made at a plant in Taiwan during the past 5 years…
A: Find the Given details below: Given Details: Year Disk Drives 1 138 2 156 3 184 4 202…
Q: Choosing between the three period and the five period forecasts, which one would you use as a…
A: Given data:
Q: After plotting the following demand data, a manager has concluded that a trend-adjusted exponential…
A: Given- α=0.6β=0.5 Month At (Actual) 1 208 2 219 3 232 4 244 5 258 6 268 7 285 8…
Q: 2
A: Forecasting is a strategy that uses previous data as inputs to generate informed predictions about…
Q: What problems does overforecasting demand create within a supply chain? What problems does…
A: The most significant elements of the production network are the gauge of the end client interest.…
Q: Flamingo Educational Services, a company located in the Tema metropolis, is a nationwide market…
A: Inventory management is keeping track of stock and monitoring it. It helps in minimizing the cost of…
Q: Which of the following is a pitfall of using a customer’s forecasts? Customers forecast process not…
A: Customer forecast refers to the most ongoing rolling volume predictions or forecasts for the…
Q: (i) MAD (ii) MAPD (iii) RSFE
A: AS PER THE GUIDELINES, WE ARE ONLY ALLOWED TO SOLVE FIRST THREE SUB-PARTS OF A QUESTION. SO, I AM…
Q: Developing joint forecasting with supply chain partners offersthe following benefits:a) Reduce…
A: A supply chain is a network between a business and its suppliers to manufacture and sell to the…
Q: In each of the following, name the term defined or answer the question. Answers are listed at the…
A: I have answered for question 1 to 3. Kindly post the remaining questions separately. 1) The demand…
Q: Short term forecast can be used for the following operation.
A: Short term forecastUp to 1 year, usually less than 3 monthsPurchasing, job planning, staff levels,…
Q: In the demand forecast, which of the following cannot be predicted? Select one: a. seasonal…
A: Demand forecasting is the process of predicting or estimating the future demand based on historical…
Q: Demand forecasting is the primary data for decision-making in any organization. a. What will happen…
A: Demand forecasting refers to a decision-making process that helps companies to predict future…
Q: The following table shows the actual demand observed over the last 11 years: Year Demand 1 2 7 10 3…
A: Forecast for Year 4 = (Sum of Demand of Year 3,Year 2, Year 1) / 3 Year 4 5 6 7 8…
Q: Given the following demand data, Period Demand 1 44 2 42 3 44 4 42 5 47 a. Compute a weighted…
A: Given data is
Q: a) The forecasted demand for the week of October 12 using a 3-week moving average = pints (round…
A: Forecasted demand is the future demand of customers predicted based on the previous data or demand.…
Q: expertise
A: The answer to this question is false
Q: Describe a scenario that you have encountered recently as a consumer where a business has either…
A: Forecasting is the method involved with making expectations dependent on over a wide span of time…
Q: Give examples of industries in which demand forecastingis dependent on the demand for other…
A: Demanding forecasting estimates future demand based on historical data, trends, seasonality, and…
Q: The Nuts’n’Bolts hardware store stocks some high-value items and a large number of rel- atively…
A: Lead time for low value components = 2 weeks Lead time for high value components = 4 weeks To…
Q: whic ah of the following pertains to an efficient supply chain? it deals with innovative…
A: Dealing with innovative products, possesses a short life cycle & investing in good forecasting…
Q: Sales of tablet computers at Ted Glickman's electronicsstore in Washington, D.C., over the past 10…
A: Given data is
Q: A restaurant manager with analyzing records of the last 6 weeks summarizes the daily demand figures…
A: Forecasting can help in predicting the demand for the product in the future. There are various time…
Q: Discuss the importance of accurate forecasts in supply chain management.
A: Forecasting refers to predicting the future to be ensured about the problems or the mistakes that…
Q: How has the development of the Internet affected the way companies forecast in support of their…
A: Before the advent of the internet, all the forecasts related to supply chain planning were done…
Q: Plot these forecasts AND the original demand data on graph paper or spreadsheet. Use a key to…
A: Find the given details below: Given details: Period Original Demand 3 Months Moving average 5…
Q: With this regard, critically examine the role of forecasting in ensuring proper management of…
A: Forecasting is the process of estimating the relevant events of the future, based on the analysis of…
Q: A restaurant manager with analyzing records of the last 6 weeks summarizes the daily demand figures…
A: Forecasting is critical for any business since it helps the organization to make informed business…
Q: Which type of forecasting approach, qualitative or quantitative, is better?
A: Qualitative approach: It is the method used to forecast decisions on the basis of intuition,…
Q: Often, firms will work with their partners across the supply chain to develop forecasts and execute…
A: The supply chain is a network of all individuals, organizations, services, practices and…
Q: What part does forecasting play in maintaining good customer order management?
A: Demand forecasting analyzes how much product your customers are likely to want during a specific…
Q: Understand how forecasting is essential to supply chain planning.
A: Forecasting is the process of identifying the demand accurately for future production planning and…
Q: a. Using linear regression analysis, what would you estimate demand to be for each month next year?…
A: THE ANSWER IS AS BELOW:
Q: Demonstrate the value of forecasting in the supply chain. In practice, how are statistical and…
A: Forecasting is the process of predicting the future demand or events according to the previous…
Q: Discuss how flexibility in production systems relates to the forecast horizon and forecast accuracy?
A: To understand the concept of a flexible production system, investigate how flexibility can be used…
Q: Which of the following pertains to an efficient supply chain? a. It deals with innovative products…
A: Good forecasting is important for an effective supply chain. a) It deals with innovative…
Q: Find forecasting error from the following table by using Tracking Signal. Period Actual…
A: n = 6
Q: The following table shows the actual demand observed over the last 11 years:…
A: Given Information:
Q: You know that sales are greatly inl uenced by the amount your i rm advertises in the local paper.…
A: Sales - An activity that refers to the selling of goods and services in a specified period over the…
Q: Given the following demand data, compute a simple exponential smoothing forecast for alpha values of…
A: Given data is
Q: Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14,…
A: Given data; Weights ; (3/5) for period 10 (1/5) for period 9 (1/5) for period 8 Demand for ; 15…
Q: Cadbury started an in-depth study to forecast customer demand based on data it previously recorded.…
A: Forecasting is a technique to understand and predict the future outcomes or demand based on the…
Step by step
Solved in 2 steps
- Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?
- Question 3: Jane is trying to forecast demand for her store, using moving average with n=2, Fill in the missing cells with correct values and find average error for first quarter and second quarter of year 2000 E Enroll- Year Quarter ment Forecast Error Abs Error 1997 313 3. 2 285 4 3 312 5. 4 339 6. 1998 1 359 7 320 356 385 6. 10 1999 396 367 11 397 12 423 13 14 2000 1 15 2000 3412M4If the forecasted value of the time series variable for one period is 28.5 and the actual value observed for the same period is 32, what is the forecast error for that period? Question 19 options: 3.5 2 -3.5 4Question 1 ABC Restaurant has made a forecast for last week's operations vs Actual result of the forecast last week. Period Monday Tuesday Actual 112 110 113 120 140 Forecast 115 104 Wednesday 110 Thursday 115 Friday 135 Using this table above, solve for Mean Absolute Deviation (MAD) Note: Round up to the last 2 decimals example 9.6568->9.66
- QUESTION 4 A company's focus should be on how to move from a demand-driven mentality to a forecast-driven mentality. True FalseQUESTION 2 The number of patients coming to the Healthy Start Maternity clinic has been increasing steadilyover the past eight months. You are provided with some historical data as follows: Month Clinic attendance (in thousands)1 3.42 3.93 4.54 5.05 5.86 5.97 6.58 6.7 a. Identify and give a brief explanation of the:-i. Dependent variableii. Independent variable b. Use simple linear regression to forecast annual demand for months 9 and 10 by using thetabular method to:-i. Derive the values for the intercept and slope. ii. Derive the linear regression equation. iii. Plot the linear regression line. iv. Develop a forecast of the clinic attendance for months 9 and 10.Question 3 ABC Restaurant has made a forecast for last week's operations vs Actual result of the forecast last week. Period Monday Tuesday Wednesday Thursday Friday Actual 112 110 113 120 140 Forecast 115. 1041 110 115 135 Using this table above, solve for Mean Absolute Percent Error (MAPE) Note Round up to the last 2 decimals, example 9.6568->9 66 3
- Q1) Forecasting is both art and science. Describe the situations where we use Qualitative forecasting techniques and quantitative forecasting techniquesQUESTION 8 You are given the following information, comprising of an individual's expenses for the year 2015. Use the information provided hereunder to answer the following questions. Month January February March April May June July August September October November December Expenses 1977 820 970 1082 1220 1281 1546 1788 895 1108 1824 1954 a) Determine the expenses forecast using a two (2) period moving average. Calculate the MAD and MSE. b) Determine the expenses forecast using a two (2) period weighted moving average. Use 0.8 & 0.2 for the weights of the most recent and second most recent periods respectfully. Calculate the MAD and MSE. c) Develop an exponential smoothing forecast using a=0.2. Assume the forecast for the first month is the actual expenses for that month. Calculate the MAD and MSE. d) Developed a trend line to forecast expensesQuestion Four: ABC Company sells home appliances. Daily sales for a six-day period were as follows: Day Sales Saturday 20 Sunday 24 Monday 30 Tuesday 40 Wednesday 36 Thursday 44 Forecast Friday sales volume using each of the following methods: A three-day moving average. A four day weighted average using weights of 0.1, 0.2, 0.3 and 0.4 Exponential smoothing with a smoothing constant equal to 0.2, assuming Wednesday forecast of 42. Determine a linear trend line equation for ABC Company. Use the trend equation to forecast Friday sales volume.