customer. 2. Quantitative Method- Used when situation is “stable” and historical data exists. Used for existing products and current technology. Involves mathematical techniques. E.G.‚ forecasting sales of color televisions. Naïve approach‚ moving averages‚ exponential smoothing‚ trend projection‚ linear regression. Time Series Forecasting- Set of evenly spaced numerical data. Obtained by observing response variable at regular time periods. Forecast based only on past values‚ no other variables
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| Chapter 14 Questions | | 3. Many companies take customer orders via Web sites. Put yourself in the place of the person at Ford Motor Company considering this approach to taking customer orders for the Ford Explorer sport utility vehicle. | What information would you need to collect from the customer? | I would collect information on the exact specifications of the Ford Explorer such as Model Year‚ engine capacity‚ interior finishing‚ power windows‚ power steering‚ and any luxury
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correlation coefficient‚ bias‚ mean absolute deviation (MAD)‚ mean squared error (MSE)‚ and mean absolute percent error (MAPE) are shown. Correlation Bias MAD MSE MAPE Naïve -- 541.38 6865.52 69‚856‚200 .19 Moving Average (3 periods) -- 491.36 6‚138.27 59‚540‚560 .17 Weighted Moving Average (3 period; .6‚ .3‚ .1) -- 424.81 6‚501.58 61‚107‚180 .18 Exponential smoothing (alpha = 0.5) -- 794.28 5‚880.56 50‚755‚960 .16 Trend Analysis .54 0.00 4‚355.70 31‚285‚700 .12 Seasonal Additive Decomposition
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method 1.moving averages 1.regression analysis 2.Opinion poll 2.exponential smoothing 2.multiple regression 3.Historical Analogy 3.econometric models 4.Field Surveys 5.Business barometers 6.Extrapolation Technique 7.Input-Out put Analysis 8.Lead Lag Analysis 9.Sales force composites 10.Consumer Market survey Simple Average Method The historical data is used for extrapolating and forecasting. Either simple averages or moving averages could be
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1.From your knowledge of restaurant‚ from the video‚ from the Global Company Profile that opens this chapter‚ and from the case itself. Identify how each of the 10 decisions of operations management is applied at Hard Rock Cafe? 1) Design of goods and service Hard Rock Cafe us famous for foods from classic American -burgers and chicken wings- . So they try to be good in service to customers and always modifying the menu. The experience concept is to provide not only a custom meal from the menu
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E-mail: ravigor@hotmail.com Contents Introduction Some applications of forecasting Defining forecasting General steps in the forecasting process Qualitative techniques in forecasting Time series methods The Naive Methods Simple Moving Average Method Weighted Moving Average Exponential Smoothing Evaluating the forecast accuracy Trend Projections Linear Regression Analysis Least Squares Method for Linear Regression Decomposition of the time series Selecting A Suitable Forecasting Method More on Forecast
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Index Cover Page 1 1. Executive Summary 3 2. Background 3 3. Issue Statement 4 4. Analysis of the problem 4-9 1. Moving Average 4-6 2. Holt Winters’ Exponential Smothing 6-7 3. Simple Average 7 3. Exponential Smothing 8-9 5. Recommandations 10 6. References 11 Executive Summary In the given case study‚ Snow the revenue manager of the Hamilton hotel has to make a decision which is to accept the group of not for 22nd August. As it is a business hotel and generally it
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|623 | Use simple linear regression to forecast the annual number of births for each of the next three years. Determine the coefficient of determination for the data and interpret its meaning. Moving Averages IPC’s Plant estimates weekly demand for its many materials held in inventory. One such part‚ the CTR 5922‚ is being studied. The most recent 12 weeks of demand for the CTR 5922 are : |Week |Demand in units
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one customer. They forecast monthly guest counts‚ retail sales‚ banquet sales‚ and concert sales (if applicable) at each café. In order to evaluate management‚ a 3-year weighted moving average is applied to cafe sales. As the text described‚ the most recent two years are weighted 40% each while the third prior year is weighted at 20%. If cafe general managers exceed their targets‚ a bonus is computed. By having a sophisticated evaluation scale‚ the company in addition to the employees that had
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ISQS 3344 Test 1 review Chapter 1 What employers want The ability to think cross functionally Working in teams and collaborative learning Increase productivity and knowledge by 50% Operations management- the science and art of ensuring that goods and services are created and delivered successfully to customers. Planning Directing Controlling Organizing Government regulations- California 2006 Increase mpg standard for all vehicles or pay fine Lots of hybrids sold but companies
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