Chapter 1 Introduction to Operations Management True/False 1. Operations managers are responsible for assessing consumer wants and needs and selling and promoting the organization’s goods or services. Answer: False Page: 4 Difficulty: Easy 2. Often‚ the collective success or failure of companies’ operations functions will impact the ability of a nation to compete with other nations. Answer: True Page: 4 Difficulty: Easy 3. Companies are either producing
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days when annual budgeting and planning steered the businesses‚ with changes being quiet predictable and minimal. With the increasing competition and changing economic environment‚ necessity to predict the future was recognized and as a result forecasting techniques were developed and widely adopted. Forecasts take a structured approach in scoping the uncertainties within a specified timeframe. Those predictions have the reasonable chances of being accurate. In the current situation of highly volatile
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employee also because if their performance goes beyond their expectation like Ya kun that have many outlets throughout the world‚ they may required more employee either full time or part-time. Other forecasting method that we can use to forecast their manpower is ratio analysis. In this method‚ the forecasting would be based on the historical ratio between some causal factor (like sales volume) and the number of employee required such salespeople. In this case‚ Ya Kun need more employee because they
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PROBLEMS ON FORECASTING FCT 1 Given an actual demand of 103‚ a previous forecast value of 99‚ and an alpha of .4‚ the exponential smoothing forecast for the next period would be FCT 2 A forecasting method has produced the following over the past five months. What is the mean absolute deviation (MAD) ActualForecastErrorError1011-11810-22108 2266 0098 11 FCT 3 What is the forecast for May based on a weighted moving average applied to the following past demand data and using the weights .5‚
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SOLUTIONS TO SELECTED PROBLEMS FROM NAHMIAS’ BOOK CHAPTER 2 FORECASTING 2.13 Fcst 1 Fcst 2 Demand Err 1 Err 2 Er1^2 Er2^2 |Err1| 223 210 256 33 46 1089 2116 33 289 320 340 51 20 2601 400 51 430 390 375 -55 -15 3025 225 55 134 112 110 -24 -2 576 4 24 190 150 225 35 75 1225 5625 35 550 490 525 -25 35 625
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recruit‚ retain‚ and optimize the deployment of the personnel needed to meet business objectives and to respond to changes in the external environment. The process involves carrying out a skills analysis of the existing workforce‚ devising manpower forecasting‚ and taking action to ensure that supply meets demand. This may include the development of training and retraining strategies. As companies reorganize to gain competitive edge‚ human resources play a key role in helping companies deal with a fast-changing
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Supply Chain Management Simulation Debrief Slides ©© Enspire Enspire Learning Learning and and Harvard Harvard Business Business School School (revised Dec 2010) 1 Board Members’ Objectives Member Objective Betty Forecasting: choice of options (consensus vs. mean) Doug Forecasting: choice of options (role of risk) Yvonne Stocking Levels: Weighing the costs of over/understocking Meryl Production flexibility: accurate response/ sourcing strategy (focus on flexibility) Paul Production flexibility:
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the machine because it was essential for us to observe the trend in order to forecast the demand before purchasing the machine. At the same time‚ this strategy would give us more time and demand information in order for us to make a more holistic forecasting. Since the demand was expected to grow at an approximated linear rate‚ a linear equation i.e. Y = MX +C with C = 0 was used to estimate the slope to forecast the demand trend. This led us to make our first purchase on Day 88 at station 1. However
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Please type your work in Microsoft Word. Given that the clew website is not available‚ assignments are to be collected at the beginning of the class on Wednesday‚ October 09‚ 2013. Late assignments are not accepted. This assignment is designed to be individual. Identical assignments will not be graded and automatically assigned a grade of zero. 1. (10 points) You have collected the processing time for five units of Product X at different points in time and the relevant data are shown in the
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factors that are difficult to predict. There are only two months long of peak of the retail-selling season (December-January) on ski-wear business. Small delays in delivery time can cause big financial losses. In this case we have problems with forecasting that involves wrong production and lead to missing sales opportunities‚ overstock‚ and loosing money. The company face a “fashion gamble” each year manufacturing in advance‚ before market response‚ knowing that market trends may change in the
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