QUESTION THREE (a) The actual demand of a product for 6 months are summarized in Table below: Actual Demand Values Month ( ) t Demand ( ) tD 1 300 2 450 3 700 4 900 5 1200 6 1400 iv. Compute the mean absolute deviation. v. Mean absolute percent error (MAPE)

QUESTION THREE (a) The actual demand of a product for 6 months are summarized in Table below: Actual Demand Values Month ( ) t Demand ( ) tD 1 300 2 450 3 700 4 900 5 1200 6 1400 iv. Compute the mean absolute deviation. v. Mean absolute percent error (MAPE)

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Related questions

Q: Question2. Describe the options that McDonald’s and its suppliers can pursue to overcome the…

A: There are different strategies Mc Donald's can use to over come the challenges and optimize their…

Q: hose activities or capabilities that add profitability, reduce risk, and promote growth in…

A: Valuation drivers are the variables that improve the worth of a company in the case of a sale. There…

Q: O Question 5 Customer Loyalty A. Calculate the Net Promoter Score (NPS) of this Company which offers…

A: Net promoter score is a tool to improve customer service by proactively looking for issues and…

Q: QUESTION 9 A popuar and effective tool for demand management and planning is called

A: The correct answer is Forecasting. Forecasting is the tool that helps a manufacturer in planning the…

Q: UESTION 3 Space and equipment are major components of cost in warehouse management. Cube utilization…

A: Given: Stock keeping unit(SKU) Number of pallets SKU 010 2 SKU 020 5 SKU 030 13 SKU 040 7…

Q: Question 28 In return for participating in Honda advertising and sales support programs, Honda…

A: Companies come up with any type of marketing campaign in order to motivate the dealers and…

Q: Question: Suppose a manufacturer's production function is given by: 16q = 65 – 4(1- 4)² – 2(k – 5)²…

Q: Q.No.04. What does BOM stands for? Why it is necessary for any firm to have correct forecast of BOM?

A: A Bill of Material serves as a complete list of all the materials and parts that a manufacturer…

Q: Question Three: Milka makes boxes of chocolates for which the demand is uncertain. " Quarterty…

A: Forecast with intuition and judgment: The demand in year 2 is on the average 20% above year 1 and…

Q: Question 2 Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the…

A: A Small Introduction about Forecast Forecasting is a procedure that involves authentic information…

Q: Production planning and control question

A: Given information Task Time Predecessors A 6 B 5 A, D C 3 D 5 E 4 C F 3 B,E…

Q: Month No. Produced Month No. Produced 2008–01 4,959 2009-01 6,733 2008–02 8,463 2009-02 1,006…

A: The 6-month moving average can be a suitable alternative because it is simple to compute and…

Q: Trinity product Limited makes and sells three which the following information is available Standard…

Q: Q.No.01. Draw a flowchart showing steps involved in Risk Management Process.

A: Risk Management is an architecture of principles, framework, and processes for managing risks…

Q: In a Q system, the demand rate for strawberry ice cream is normally distributed, with an average…

A: Recorder point refers to the amount of inventory that persuades the management to restock.

Q: Question 2 Alpha Electronics (AE) is a large manufacturer of electronics products. The company sells…

A: (a)

Q: Question 4: MTS [Make-To-Stock] Family of Appliance [Stove, Fridge] Best Buy Company forecasted…

A: Given data is Beg inv = 1000 Ending inv = 0

Q: QUESTION 4 In an effort to reduce energy costs, a major university has installed more efficient…

A: This question is part of Six sigma Business statistics and It fall within General business and…

Q: QUESTION 2 A) On the average, a firm has 10 weeks of work-in-process, and annual cost of goods sold…

A: ANSWER: NOTE: ACCORDING TO BARTLEBY WE HAVE A RIGHT TO ANSWER IF YOU WANT US TO ANSWER ANOTHER ONE…

Q: Calculate Conversion Cost.

A: The formula used here is, Conversion cost=Direct labour+manufacturing overhead

Q: Using Figure 7.6 in the discussion of value-stream mappingas a starting point, analyze an…

A: A Small Introduction About Forecast Forecasting is beneficial to businesses because it helps them…

Q: An organization is efficient when it does the following: Has a good balance sheet.…

A: Organizational strives to be efficient as well as effective in the overall business process. There…

Q: Q23. Molly Malone sells shellfish from a cart. She charges $8 for cockles, $12 for mussels, and $16…

A: $8 for cockles $12 for mussels, and $16 for oysters.

Q: QUESTION 27 Determine the value of X in the below table. Item: A Safety Stock = 20 %3! Description:…

A: Given data is

Q: Question 47 Different levels of supply chain analytics include Descriptive, Predictive,…

A: The processes used by the organizations to obtain the input or insight and take out value from…

Q: Q 10. Explain revenue models.

A: Revenue models is considered as the strategy of managing an organisation's revenue streams and…

Q: FastBus Inc. FastBus Inc. offers low-cost bus transportation between Philadelphia and New York…

A: Customers served=Days×Avg passengers per trip×No. of buses×No. of trips=365×2×28×2×7=286,160

Q: Question Tesco: Internatlonal Strateglc Business Units Jack Cohen founded Tesco Plc (TSCO.L) in…

A: A strategic business unit represents subunits in a business that focuses on a specific objective. A…

Q: QUESTION 2 In an effort to reduce energy costs, a major university has installed more efficient…

A: The above question is part of Business statistics and It would fall within the Operations Management…

Q: QUESTION 3 a. Delightful Coffee Limited (DCLL) purchases coffee from Hopeful Harvest Plantations…

A: Economic order quantity helps companies to save cost. However, at times discounts are given by…

Q: Question 17 which results During recessions, people's reservation price (aka reserve price) in…

A: Determining requirement: Before starting the process it is very important to identify or determine…

Q: i. Find three months weighted moving averages by assuming the weights 1 0.15 W = , 2 0.36W = and 3…

A: Forecasting is the process of predicting the future demand based on the previous data and demand.

Q: QUESTION Research shows that around 33% of the companies cancel their outsource contracts within 5…

A: Outsourcing is a tactical strategy to plan and operate for any business. Whenever a third-party…

Q: QUESTION 12 serve as mechanisms for controlling the financial aspects of implementing a single-use…

A: These plans are made for dealing with non-repeating issues. Single-use plans are additionally…

Q: QUESTION 29 Which of the following is not a "supply option" for sales & operations planning? A.…

A: Adjusting price:- Making the adjustments / changes in the pricing is not the task of the operations…

Q: Value based purchasing incentivizes healthcare organizations based on: a Low inventory levels…

A: The Hospital VBP Program rewards intense consideration medical clinics with impetus installments for…

Q: Inventory is considered an important driver of supply chain performance. Effective inventory…

A: 1. For any manufacturing company inventory plays an important role. Inventory can be defined as…

Q: Question 1 For supply item ABC, Andrews Company has been ordering 400 units per week. A new…

A: Annual demand, D= 20800 Quantity,Q= 400 Ordering cost = $22 Insurance and handing cost, I= $7 Price…

Q: Q7.An example of a leading performance measure is: a. Number of new customers b. Production cycle…

A: Leading performance measure means the measures or the tactics used by the firm which will attract…

Q: Bonus question: Explain how firms use quantity discounts to charge different prices to different…

Q: Question 17 What is the difference between the bank customer relationship in conventional bank…

A: Murabaha, also known as cost-plus finance, is an Islamic financing system in which the buyer and…

Q: Question 10 A marketing company is trying to decide whether it should offer promotions to its new…

A: Promotion is a strategy that a company uses to promote its product in the market, it helps the…

Q: Question 8 Not yet answered Marked out of 0.50 PFlag question The cost of direct material, direct…

A: To run an organization, there are numerous kinds of costs incurred. These are necessary for smooth…

Question

QUESTION THREE
(a)
The actual demand of a product for 6 months are summarized in Table below:
Actual Demand Values
Month ( ) t Demand ( ) tD
1 300
2 450
3 700
4 900
5 1200
6 1400
iv.
Compute the mean absolute deviation.
v.
Mean absolute percent error (MAPE)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

QUESTION 30 The following tabulations are actual sales and forecasts for 6 months. What is ME (Mean Error) at the end of June? (carry to 2 decimal places) Month January February March April May June Demand 408 395 405 420 430 388 Forecast 400.00 403.20 399.92 401.95 409.17 417.50
Question 2 Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other persons. Recently, Mr. Ferdinand has been running out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers demand. I Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three- week and a four-week weighted moving average to forecast demand for his beef. II. Show how Mr. Ferdinand can test the accuracy of his forecast. II. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef.
Question 2 Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the local community. Customers love the quality of meet that Mr. Ferdinand sells so they tend to recommend his product to other persons. Recently, Mr. Ferdinand has been rumning out of beef to sell to his customers. One customer suggests to him that he must use past sales records to forecast demand for his beef so that he can meet his customers demand. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three- week and a four-week weighted moving average to forecast demand for his beef. I. II. Show how Mr. Ferdinand can test the accuracy of his forecast. III. Explain to Mr. Ferdinand two ways in which he can benefit from doing forecast for his beef. 日正
QUESTION TWOGM Motors of Lusaka produces electronic motors for power actuated values for block makers in Lusaka. The GM Motors has been in operational for a year now and Mr. Banda, the plant manager, thinks that the growth in sales will continue for the years to come. Mr. Banda wants to develop a long range forecast to be used to plan facility requirements for the next three years. The sales records for the past ten years have been accumulated; Years Annual Sale (K’000)2007 10002008 13002009 18002010 20002011 20002012 20002013 22002014 26002015 29002016 3200 Required:a) Develop a regression equation for predicting the sales for the electronic motors. b) Use the regression equation to predict the sales for the next three year. c) Find the relationship between the sales and the years. Explain what your finding means. 2. A firm uses simple exponential smoothing with a=0.1…
Question 2: Discuss the eight demand states with respect to bifocal lenses for glasses.
QUESTION 22 When Nike's customers trigger events in its supply chain by ordering a customized product, then the supply chain management is considered: O pull-based model push-based model Best-guesses model Build-to-stock
Q.No.4. Find the ranges of values of p and q, which will render the saddle, point for the game.
Q15) Cost management system is used for measuring inventory and cost of goods sold for external shareholders. Select one: True False
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 3412M4
Question 17 Month- -Expected Demand- -Production Days Jan- -1000- -21 Feb- 700- 18 Mar -800- -18 Apr 1250- -22 May- -1350 19 Jun- 1300 20 Cost Information: Subcontracting cost - SR 22 per unit per month Average pay rate SR 12 per hour Labor-hours to produce a unit -4 hours per unit Daily working hours - 8 hours a) Using excel., calculate the total cost of the following plan: - Plan : is to maintain a constant workforce at a level necessary to meet the lowest demand month and to meet all demand above this level by subcontracting. (Answer in Field) Attach your solutions. Add your answer
29 00:24 1 令.l 50 B/s Question no. 02: A Leading manufacturer of Action Figures is about to introduce four new Action Figures. The accompanying table summarizes price and cost data, combined fixed costs equal $650,000. A marketing research study predicts that for each unit sold of Noyan, 2 units of Dogan, 3 units of Bamsi and 4 units of Turgut will be sold. Action Figures Turgut Bamsi Dogan Novan Selling Price (in dollars) 35 26 24 16 Variable Cost/unit (in dollars) 17 12 12 11 Table 1 a) How many product mix units must be sold to break even? b) How does it translate into sales of individual games?
Question 4 The below data represent the advertising expenditure and sales of Little Liu Ltd from year 2008 to 2017. Table: Advertising Expenditure vs. Sales from 2008 to 2017 Year Advert. Expenditure Sales (x, £000) (y, £000) 2008 8 30 2009 12 40 2010 11 29 2011 5 29 2012 14 43 2013 3 17 2014 6 20 2015 8 30 2016 4 22 2017 9 40 Total 80 300 Work out the values of parameters of the relationship shown in the Figure (i.e. work out the equation of the relationship).