Blog

To _____ an activity means to shorten the time it will take.

The postmaster of a small western town receives a certain number of complaints each day about mail delivery. Determine three-sigma control limits using the following data.  Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Comp. 4 10 14 8 9 6 5 12 13 7 6 4 2 10 What is the UCL?  (Study Guide Question)

The advertising manager for Roadside Restaurants, Inc., needs to decide whether to spend this month’s budget for advertising on print media, television, or a mixture of the two. She estimates that the cost per thousand “hits” (readers or viewers) will vary depending upon the success of the new cable television network she plans to use, as follows: Strategy Cable Network Successful Failure Print $10 10 Mixed 4 14 Television 1 21   If she uses the maximin criterion, which advertising strategy will she use? (Variant of Class Example)

Compute the seasonal relative for quarter 1 for this data using the centered moving average method. Quarter Year 1 Year 2 1 2 3 2 6 10 3 2 6 4 5 9

An electrical contractor’s records during the last five weeks indicate the number of job requests: Week:             1          2          3          4          5 Requests:          20        22        18        21        22 Predict the number of requests for week 6 using the following method:   Exponential smoothing with α=.30. Use 20 for week 2 forecast.

Two different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: Predicted Demand Period Demand F1 F2 1 68 66 66 2 75 68 68 3 70 72 70 4 74 71 72 5 69 72 74 6 72 70 76 7 80 71 78 8 78 74 80 What is the MAD for F1? 

Which of the following is not a type of judgmental forecasting?

The range of probability for which an alternative has the best expected payoff can be determined by:

Apple’s Citrus Fruit Farm ships boxed fruit anywhere in the world. Using the following information, a manager wants to forecast shipments for the first four months of next year. The monthly forecast equation being used is: where  = January of last year = Forecast of shipments for month The order of years is last year, this year, and next year. Answer the following question. Determine trend amounts (unseasonalized or deseasonalized shipments) for the first month of next year.

Below shows a company’s historical demand of 10 previous quarters.   Quarter Demand 1 14 2 18 3 35 4 46 1 28 2 36 3 60 4 71 1 45 2 54   A 4-period seasonality has been identified. Answer the following questions using Centered moving average method.   What is the seasonal relative for quarter 3?