Hint: Exponential Smoothing: The company has accumulated the demand data, shown below, for its computers, from which it wants to develop exponential smoothing forecast for period 13 a equal to 0.50. Month Demand 37 40 41 4 37 5 45 6. 50 43 8 47 56 10 52 11 55 12 54 13
Q: Sara manages one of the Albireds shoe lines, and is working to improve the group's forecasting…
A: Given data is
Q: Assuming that after analyzing two years, 8 time periods of quarterly demand data with four seasons…
A: Given data: seasonal factors are: S1: 1.03, S2: 0.92, S3: 0.88, and S4: 1.32 Estimated level L8 =…
Q: Given the following data, use exponential smoothing(a = 0.2) to develop a demand forecast. Assume…
A: Given data Exponential smoothing (a) or α= 0.2 Initial time period (F1) = 5 To develop the demand…
Q: Chambers Hotel use the simple exponential smoothing technique to forecast its occupancy for every…
A: Given- Actual demand for last Saturday At = 42 rooms Forecast for last Saturday Ft = 50 rooms…
Q: The Oceanside Hotel is adjacent to City Coliseum, a 24,000-seat arena that is home to the city’s…
A: Given data is
Q: Given the following history, use a three-quarter moving average to forecast the demand for the third…
A: Solution Moving average considers the average of the past data. The average can be of three periods…
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: How did you get 106 for 7/1/2021? For the forecast, how would you calculate an exponential…
A: Exponential smoothing is a forecasting model which considering the actual demand and forecasting…
Q: Given current demand in this period of 103, a forecast for this current period of 99, and an alpha…
A: Exponential smoothing is a forecasting model which helps to identify the forecasting value based on…
Q: The demand data for Double T Computer Services appears below. The company wants you to forecast the…
A: THE ANSWER IS AS BELOW:
Q: Problem 4 - do both a three period moving average and an exponential smoothing forecast with an…
A: Forecasting is the process of predicting the future demand based on the previous data and demand.
Q: • 4.33 Storrs Cycles has just started selling the new Cyclone mountain bike, with monthly sales as…
A: a) Using excel for performing regression with Sales as the dependent variable and period as…
Q: The average demand for January has been 80, and the average annual demandhas been 1800. Calculate…
A: Forecasting in operations management is a process by which predictions are made for the production.…
Q: Forecasted Year Sales Sales 2005 455 415.00 2006 510 427.00 2007 516 451.90 2008 570 471.13 2009 585…
A: Given that: Smoothing constant = 0.6 Starting Forecast = 415 and Year Sales 2005 455 2006 510…
Q: An operations manager at a grocery store has tracked the sales of a specific item over the last ten…
A: Given Data- Period Demand 1 24 2 23 3 26 4 36 5 26 6 30 7 32 8 26 9 25 10 28
Q: Zeus Computer Chips Inc. used to have major contracts to produce the Centrino-type chips. The market…
A:
Q: Period Actual 1 12 2 15 16 4 16 Given the information in the following table, Use exponential…
A: Note: - Since the actual data for period 5 is not given, the trend-adjusted forecast can be made by…
Q: Small Wonder, an amusement park, experiences seasonalattendance. It has collected two years of…
A: Seasonal index = Attendance in the quarterAverage attendance Average demand per season = Annual…
Q: Zeus Computer Chips, Inc., used to have major contracts to produce the Centrino-type chips. The…
A: Two years ago Units Last Year Unit This Year Units I 4805 I 3505 I 3195 II 3505 II 2705 II…
Q: Period 1 2 3 4 5 6 3. Using the table below, forecast using exponential smoothing. Assume the Alpha…
A:
Q: The following table shows the actual demand observed over the last 11 years: Year 1 2 4 7 8 10 11…
A: Given - Table for demand seen in past years- Year Actual Demand 1 6 2 9 3 4 4 9 5 13…
Q: Week Cheeseburger Sales 1 354 2 344 3 368 4 317 5 361 Based on historical observations…
A:
Q: A supermarket has experienced weekly demand of milk of D1 = 120, D2 = 127, D3 = 114, and D4 = 122…
A: Note: I have answered for 1st question. Kindly post the second question separately. Compute forecast…
Q: The sales of XYZ company for the previous three perlods are 45, 42, and 43 respectively Entimate the…
A: Forecasting sales refers to the prediction of future sales using previous data to estimate the…
Q: John's House of Pancakes uses a weighted moving average method to forecast pancake sales. It…
A: Weighted moving average:In weighted moving average equal weights are assigned to all periods in the…
Q: A large Portland manufacturing would like to forecast the monthly demand for a piece of…
A: Given that: Month Actual Demand 1 14 2 17 3 20 4 21 5 25
Q: The company's sales history (in thousands of units) is shown in the table below. Use exponential…
A: Concept and formulas used: FIT = Forcast Including Trend FIT = Ft + Tt Ft = FITt-1 + a…
Q: The forecast for the month of November was higher than the actual demand and the forecast for the…
A:
Q: Explain how can does the number of periods in a moving average affect the responsiveness of the…
A: Moving Average (MA) forecasting calculates the average over a certain number of periods in order to…
Q: Dave's Bar-B-Q operated a moble kitchen that serviced construction sites, office buildings, and…
A: From the given data, Let F3 = forecast value for third week of june Y2= 6 F2=4.7…
Q: Using exponential smoothing method, forecast the demand for the fourth period. The historical demand…
A: Alpha=0.9 At Ft Period Demand Forecast 1 41 41 2 42 0.9(41)+0.1(41)=41 3…
Q: Using exponential smoothing method, forecast the demand for the fourth period. The historical demand…
A: Exponential smoothing is a time series method for forecasting to know the demand for the next…
Q: If we use a simple exponential smoothing method with ??=0.3, ??11=100 and ??12=120, what is your…
A: Inventory management is the management in which raw materials and finished products are stored and…
Q: Period Demand 1 40 2 40 3…
A: Assessing strategy in which the last time frame's actuals are utilized as this present period's…
Q: 1. Compute the exponentially smoothed forecast of calls for each week. Assume an initial forecast of…
A: THE ANSWER IS AS BELOW:
Q: Exponential Smoothing, Exponentially Smoothed MAD, and Tracking SignalThe XYZ Company was flooded by…
A: Formula:
Q: Sales of tablet computers at Ted Glickman's electronicsstore in Washington, D.C., over the past 10…
A: Given data is
Q: 6. Consider the following data table. (12 Points) a) Forecast demand using exponential smoothing…
A: Error = Real demand - Forecast Absolute Error = Positive value of Error Error Square = square of…
Q: Week Of Pints Used August 31 September 7 September 14 September 21 September 28 October 5 345 370…
A: c) Exponential smoothing is also the forecasting technique. In this method of forecasting, alpha is…
Q: State the Common features that describe principles of forecasting. The lost Paradise of Dilmun Park…
A: (1) Principles of forecasting states that any forecasting technique that is being used must be such…
Q: Passenger miles flown on Northeast Airlines, a commuter firm serving the Boston hub, are shown for…
A: Given, Week 1 2…
Q: Find forecasting error from the following table by using Tracking Signal. Period Actual…
A: n = 6
Q: Using exponential smoothing method, forecast the demand for the fourth period. The historical demand…
A: Exponential Smoothing: The exponential smoothing process is continuing to practice past data of the…
Q: Th e manager of a small health clinic would like to useexponential smoothing to forecast demand for…
A: In exponential smoothing; Here,
Q: Herman Hahn is attempting to set up an integrated forecasting and inventory controlsystem for his…
A: Time-series forecasting and seasonality factors in it:
Q: Given an actual demand this period of 143, a forecast value for this period of 119, and an alpha of…
A: Exponential smoothing is a period arrangement gauging strategy for univariate information that can…
Q: If actual recent demand was 41.5, using the focus forecasting approach, the forecast technique to…
A: THE ANSWER IS AS BELOW:
Q: The number of internal disk drives (in millions) made at a plant in Taiwan during the past 5 years…
A: Regression is a statistical technique used in finance, investing, and other fields to identify the…
Q: Passenger miles flown on Northeast Airlines, a commuter firm serving the Boston hub, are shown for…
A:
Q: Using the double exponential smoothing forecast, is it possible to forecast a demand thatis bigger…
A: Forecasting is a prediction method that can use historical data and current market trends and…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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?
- At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.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?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?
- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?A concert promoter is forecasting this year's attendance for one of his concerts based on the following historical data: Year Attendance 4 years ago 10,000 3 years ago 12,000 2 years ago 18,000 Last year 20,000 What is this year's forecast using exponential smoothing with alpha = .2, if last year's smoothed forecast was 15,000? %3D A. 20,000 B. 19,000o C.17,500 D.16,000 E.15,000Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table: Year -1 2 Registrations (000) 5.0 5.0 Year Forecast 4 4.3 This exercise contains only parts a and b. a) Using a 3-year moving average, the forecasted registrations (in thousands) for years 4 through 12 are (round your responses to one decimal place): 5 4.6 4 3 3.0 5 6 6.6 7 8 4 5 6 9 10 6.0 11.0 9.0 7.0 9.0 13.0 16.0 6 7 8.7 8 9 7 9 8.3 b) Using a 3-year weighted moving average in which the registrations in the most recent year are given a weight of 2, and registrations in the other 2 years are each given a weight of 1, the forecasted registrations (in thousands) for years 4 through 12 are (round your responses to one decimal place): Year Forecast 8 10 9.6 9 11 12.6 10 12 15.3 11 11 17.0 12
- Suppose a four period weighted average is being used to forecast demand. Weights for the periods are: Wt-4 = 0.1 Wt-3 = 0.2 Wt-2 = 0.3 Wt-1 0.4 Demand observed in the previous four periods was: At-4 = 325 At-3 = 361 At-2 = 478 At-1 = 400 What will be the demand forecast for period t? (Keep one decimal place in your answer).2. A major airline uses an airport in a large city as a hub for its connecting flights. Each day the airline faces a number of claims from its passengers who lost their baggage. The number of lost baggage claims in the last 14 days have been 67, 25, 57, 58, 35, 29, 77, 44, 38, 36, 23, 69, 53, and 45 a. Use moving average method with N = 3 to forecast the expected number of claims for tomorrow. b. Use exponential smoothing method with parameter α = 0.7 to forecast the number of lost baggage claims that the airline should expect in the next 2 days. c. If the criterion for accuracy is the mean squared error (MSE), which of the forecasting methods in parts (a) and (b) are preferred? d. If you become in charge of providing forecasts for the number of claims in the next 2 days using exponential smoothing method, what would be your point and 90-percent prediction interval forecasts for the number of claims in each of the next 2 days? Use MSE as your evaluation criterion.The number of heart surgeries performed at HeartvilleGeneral Hospital has increased steadily over the past sev-eral years. The hospital’s administration is seeking the bestmethod to forecast the demand for such surgeries in year 6.The data for the past 5 years are shown. The hospital’s administration is considering the followingforecasting methods. Begin error measurement in year 3 soall methods are compared for the same years.i. Exponential smoothing, with a = 0.6. Let the initial fore-cast for year 1 be 45, the same as the actual demand.ii. Exponential smoothing, with a = 0.9. Let the initial fore-cast for year 1 be 45, the same as the actual demand.iii. Trend projection with regression.iv. Two-year moving average.v. Two-year weighted moving average, using weights 0.6 and0.4, with more recent data given more weight.vi. If MAD is the performance criterion chosen by the admin-istration, which forecasting method should it choose?vii. If MSE is the performance criterion chosen by the…