CHAP 8. 1) Forecasting- the process of predicting future events -important bc it drives all other business decisions (forecasting drives the plan‚ plan is made due to forecast) -poor forecasting can lead to loss of sales of increase costs. Leave company unprepared forecasting is an ongoing process that is always changing as new information and data become available. 2) Planning- selecting actions in anticipation for the forecast. 1) scheduling existing resources- use resources
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46% 16% -.82 3.75 -4.57 Five week moving average 10.73 15.57 7.9 28% 40% 16% 11.17 5.17 -2.72 Five week exponential smoothing 11.58 18.09 8.57 29% 43% 18% 0.62 1.93 -0.59 Three week exponential smoothing 11.13 17.78 7.89 29% 45% 17% -.27 1.74 -2.66 Aggregate demand model 30.57 14% 0.93 Question 2 Next consider using a simple exponential smoothing model. In your analysis‚ test two alpha values‚ .2 and .4. Use the same criteria for evaluating the model as in
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SCM 404 Demand Fulfillment Spring 2014 1. Implied Demand Uncertainty (IDU) has important implications for the structure and performance of a supply chain. Consider the table below from class on 1/9/13. For each customer characteristic or need‚ explain the meaning of the “+” or “-“ and explain why that characteristic has that effect. (3 points) Customer Need Impact on IDU Quantity of individual order + Response time (customer desired lead time) - Variety of products + Service level
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1.Inventory management is the planning and controlling of inventories in order to meet the competitive priorities of the organization.(Points : 2) | True False | 2. Supply chain integration is the effective coordination of supply chain processes through the seamless flow of information to suppliers‚ but does not include customers‚ such as distributors and retailers. (Points : 2) | True False | 3.Sustainability has three principle elements; financial responsibility
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• Question 1 5 out of 5 points Deterministic techniques assume that no uncertainty exists in model parameters. Answer Selected Answer: True Correct Answer: True • Question 2 5 out of 5 points An inspector correctly identifies defective products 90% of the time. For the next 10 products‚ the probability that he makes fewer than 2 incorrect inspections is 0.736. Answer Selected Answer: True Correct Answer: True • Question 3 5 out of 5 points
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Question 1 1. A demographics consultant was asked by the State Transit Authority to study the transport patterns of workers commuting to the Sydney CBD from the inner city suburbs. The study was to determine whether a relationship existed between the type of transport used and the location‚ so that the authority may prioritise the services it needs to expand or upgrade. The summary data for the study is available below: Car Bus Train Other Eastern Suburbs 81 161 148 39 Inner West & South
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What is Forecasting? Meaning Forecasting is a process of predicting or estimating the future based on past and present data. Forecasting provides information about the potential future events and their consequences for the organisation. It may not reduce the complications and uncertainty of the future. However‚ it increases the confidence of the management to make important decisions. Forecasting is the basis of premising. Forecasting uses many statistical techniques. Therefore‚ it is also called
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ADM 3301 Sample Mid-term Exam Duration: 2.5 hours Student name:_______________________ Student No.__________________ INSTRUCTIONS: 1- Write down the exam copy number (that exists at the top right corner of this page) on the identification white card next to your name. 2- Verify that your exam has 9 pages (including this title page). 3- Answer all questions on your examination copy. Use the opposite (blank) side‚ if necessary. Answers or calculations written on the sheet
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Demand Forecasting Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods‚ such as educated guesses‚ and quantitative methods‚ such as the use of historical sales data or current data from test markets. Demand forecasting may be used in making pricing decisions‚ in assessing future capacity requirements‚ or in making decisions on whether to enter a new market.
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the use in manufacturing plants and other businesses that run on fuel. BMI oil and gas forecasts have been extended to cover a 10-year period‚ providing a guide to likely supply and demand trends from 2008 to 2018 (Oil & Gas Outlook: Long-Term Forcasts‚ 2009). Gas demands have been rising because environmental concerns have caused fuel to be the choice for power in many parts of the world. It is suggested that the fuel demands will continue to grow in the coming years because many will continue
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