time-series‚ and seasonal e. departmental‚ organizational‚ and territorial Which of the following is not a step in the forecasting process? a. determine the use of the forecast b. eliminate any assumptions c. determine the time horizon d. select a forecasting model(s) e. validate and implement the results 2. 3. 4. 5. 6. 7. 1 8. The two general approaches to forecasting are a. qualitative and quantitative b. mathematical and statistical c. judgmental and qualitative d. historical
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Mindy Sidwell MG-495 Midterm Exam Student’s Answer Sheet Each Multiple Choice Question is worth 3 points. Please place the letter that corresponds with your answer(a‚ b‚ c‚ d‚ or e) in the appropriate box below. 1. b 14. b 2. a 15. a 3. a 16. a 4. a 17. d 5. c 18. a 6. e 19. e 7. b 20. d 8. a 21. b 9. b 22. c 10. a 23. c 11. a 24. c 12. a 25. b 13. c . . Each
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------------------------------------------------- Note: Each Question carries 10 marks. Answer all the questions. Q1. Define Managerial Economics and explain its main characteristics. Q2. State and explain the law of demand. Q3. What is Demand Forecasting? Explain in brief various methods of forecasting demand. Q4. Define the term equilibrium. Explain the changes in market equilibrium and effects of shifts in supply and demand. Q5. Explain features of LAC curve with a diagram. Q6. Explain cost output relationship
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product (“DuraBear”). Two factors have led to the company not employing any formal forecasting techniques. One of these is the sudden change in product mix‚ the other is the rapid growth has focused their attention on building capacity. The President of the company‚ Mr. Ralph Wada‚ has recognized the need for a more formal forecasting process as the company matures. He has expressed an opinion that forecasting should be as simple as possible and yet still meet the needs of the business. Mr
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3. Why is demand forecasting important for effective supply chain management? * Demand forecasting is important for effective supply chain management because it provides critical‚ accurate and timely demand information. It estimates the future demand and the basis for planning and sound business decisions. Demand forecasting helps to minimize the deviation between actual demand and the forecast and having accurate demand forecasts allows a supply chain to run smoothly. 4. Explain the impact
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SUCCESSFUL COMPANIES THE VALUE OF INFORMATION SHARING IN THE RETAIL SUPPLY CHAIN: TWO CASE STUDIES Tonya Boone and Ram Ganeshan PREVIEW Retail supply chains are complex‚ with each company in the chain having multiple echelons of distribution. Forecasting and requirements planning are further challenged by managers’ reliance on “local” rather than chain-wide retail demand to make key operational decisions. A frequent consequence is the bullwhip effect . Using two case studies‚ Tonya and Ram show
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company‚ industry comparisons‚ economy-wide changes‚ changes in government policies etc. Two forecasting approaches are used‚ namely; ‘Top-down’ forecasting approach and ‘Bottom- down ‘forecasting approach Using ‘top-down forecasting approach the investors are first involved in making the analysis and forecast of the economy‚ then for industries and finally for companies. Using ‘Bottom’-down forecasting approach‚ the investor start with the analysis and forecasts for companies then made analysis
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Cross-Functional Alignment in Supply Chain Planning: A Case Study of Sales and Operations Planning Rogelio Oliva Noel H. Watson Working Paper 07-001 Copyright © 2007‚ 2008‚ 2009 by Rogelio Oliva and Noel H. Watson Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Cross-Functional Alignment in Supply
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Inventory Crisis. The uncertainty of demand made it hard for them to forecast which model to produce. And since they have variety of product because of localization‚ it is harder to manage inventory. A lead time of four to five weeks also made forecasting a difficult job and it also caused higher safety stocks. Another cause of the crisis is that the people in HP got their noses up. No one wants to talk to the other. There’s a poor communication inside the organization. If they don’t want to ride
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65055_18_ch18_p765-811.qxd 10/11/06 12:29 PM Page 808 808 Chapter 18 TABLE 18.14 Month January February March April May June July August September October November December Forecasting DEPARTMENT STORE SALES FOR THE COUNTY‚ SEPTEMBER 2002 THROUGH DECEMBER 2006 ($ MILLIONS) 2002 2003 2004 2005 2006 55.8 56.4 71.4 117.6 46.8 48.0 60.0 57.6 61.8 58.2 56.4 63.0 57.6 53.4 71.4 114.0 46.8 48.6 59.4 58.2 60.6 55.2 51.0 58.8 49.8
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