Explain the value of seasonal indices in forecasting. How are seasonal patterns different from cyclical patterns?
Five jobs are to be run-first on process I then on process II. The jobs are listed below with their time requirements on the two processes. i) Sequence the jobs so that the total flow time and idle time will be minimized. ii) Show the sequence and duration on a bar chart and indicate the time at which each job will be completed.
Table 1(c) shows the demand of a goods for the year 2003 to 2009. Develop a trend equation and forecast 2013 demand.
Table 1(c)
Why and how exponential smoothing method predicts more accurate value than moving average method?
Why is it important to measure tracking signal in forecasting?
A manufacturing company has monthly demand for one of its products as follows:
February: 520 March: 490 April: 550 May: 580 June: 600 July: 420 August: 510 September: 610
Develop a three-period moving average forecast and a three -period weighted moving average forecast with weights of 0.50, 0.30, and 0.20 for the most recent values, in that order. Calculate MSE for each forecast, and indicate which would seem to be more accurate?
What is meant by "Co-efficient of correlation" in forecasting? Using proper diagram, explain how its value can be varied.
What do you understand by the Man-Machine chart? Prepare a Man-Machine chart for Machining of a component.
Room registrations in the Toronto Tower Plaza Hotel have been recorded for the past 9 years. To project future occupancy, management would like to determine the mathematical trend of guest registration. Given the following time-series data, develop a regression equation relating registrations to time. Then forecast 2023 registrations. Room registrations are in the thousands:
Define the term productivity. Explain different types of productivity variables that influences in production process.
The following are monthly actual and forecast demand levels for May through December for units of a product manufactured by the N. Tamimi Pharmaceuticals Company:
What is the value of the tracking signal as of the end of December?
How do firms decide what the upper and lower tracking limits should be? Explain.
PM computer service assembles customized personal computers from generic parts. Formed and operated by part-time UMass Lowell students Paullette Tyler and Maureen Becker, the company has steady growth since it started. The company assembles computers mostly at night, using part time students. Paullette and Maureen purchase generic computer parts in volume at a discount from a variety of sources whenever they see a good deal. Thus, they need a good forecast of demand for their computers so that they will know how many parts to purchase and stock. They have compiled demand data for the last 12 months as reported below:
Forecast the demand for January (period 13)
Find out the possible profit of the following LP model by solving graphically if- Objective function z=6x1+8x2z = 6x_1 + 8x_2z=6x1+8x2 Subjected to x1+2x2≤12x_1 + 2x_2 \le 12x1+2x2≤12 2x1+x2≤20,x1≥0,x2≥02x_1 + x_2 \le 20, x_1 \ge 0, x_2 \ge 02x1+x2≤20,x1≥0,x2≥0