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Recommend a forecasting technique and calculate a forecast where possible. Support your selection of a forecasting technique. A good way to determine what technique to
| Recommend a forecasting technique and calculate a forecast where possible. Support your selection of a forecasting technique. A good way to determine what technique to use is to create a chart from the data you have. | ||||||||||||||||
| Name | ||||||||||||||||
| Question 1 | ||||||||||||||||
| The following data is available. Pick a forecasting technique and make a forecast for April. | ||||||||||||||||
| 2021 | 2022 | |||||||||||||||
| April | May | June | July | August | September | October | November | December | January | February | March | April Forecast | ||||
| 200 | 252 | 258 | 274 | 255 | 220 | 237 | 280 | 208 | 272 | 218 | 255 | |||||
| Question 2 | ||||||||||||||||
| You have launched a new electronic device. It is meant to replace old technology. It is a new product that has never been used before. | ||||||||||||||||
| List all Possible Forecast Techniques | ||||||||||||||||
| What Data would you want? | ||||||||||||||||
| Question 3 | ||||||||||||||||
| The following data is available. Pick a forecasting technique and make a forecast for April. | ||||||||||||||||
| April | May | June | July | August | September | October | November | December | January | February | March | April | ||||
| Sales | 250 | 230 | 250 | 260 | 250 | 265 | 275 | 270 | 280 | 275 | 290 | 300 | ||||
| Forecast | ||||||||||||||||
| List all possible forecast techniques | ||||||||||||||||
| Question 4 | ||||||||||||||||
| The following data is available. Pick a forecasting technique and make a forecast for April. | ||||||||||||||||
| April | May | June | July | August | September | October | November | December | January | February | March | April | ||||
| Sales | 250 | 230 | 250 | 260 | 250 | 265 | 275 | 270 | 280 | 275 | 290 | 300 | ||||
| Forecast | 281.67 | |||||||||||||||
| List all possible forecast techniques | ||||||||||||||||
| Question 5 | ||||||||||||||||
| You supply Oca Nera restaurant with Parmigiano cheese. You drive to the restaurant on Mondays to take the order, and the delivery is made by your delivery van on Tuesday. The food is great, but the owner/chef is a bit disorganised, he sometimes asks if you have some cheese with you on Monday because he is going to run out, and sometimes he asks for a rush delivery. You want to try and forecast Monday meals because you are going on Monday morning to take the weekly order, and you want to bring what you think he may need for Monday so you don't have to make another trip. You have the data below that you were able to read off a note pad in the chef's office last time you delivered. You were once a chef, and you know that every Italian meal uses about 20grams of cheese. The forecast for the coming week is 550 meals. Hint, use the seasonal Forecasting Method. | ||||||||||||||||
| Monday | Tuesday | Wednesday | Thursday | Friday | Saturday | Sunday | Monday | Tuesday | Wednesday | Thursday | Friday | Saturday | Sunday | Monday Forecast | ||
| Meals next two weeks | 80 | 45 | 50 | 60 | 65 | 120 | 95 | 88 | 38 | 45 | 62 | 70 | 125 | 104 | ||
| Grams of cheese to bring on Monday morning | ||||||||||||||||
| Question 6 | ||||||||||||||||
| A. What is categorized as independent demand? | Cheese | Meals | ||||||||||||||
| B. What is categorized as dependent demand? | Cheese | Meals | ||||||||||||||
| C. What is level 0 in our Bill of Material (BOM)? | Cheese | Meals | ||||||||||||||
| D. What is level 1 in our Bill of Mateial (BOM)? | Cheese | Meals | ||||||||||||||
| E. Give something that would be considered level 2 in the BOM. | ||||||||||||||||
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Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
12th Edition
840062338, 840062346, 9780840062338, 978-0840062345
