MGT 311
Learning Outcome:
· Describe the concept of operations functions, supply chain strategy, process selection, forecasting, capacity planning, production forecast methods and schedule operations.
· Demonstrate process-flow analysis, process design solutions, operations strategies, Inventory Control System and customer services in the business operation.
Assignment Question(s): (Marks 5)
Question 2:
An Electronic Company estimates the annual demand for a certain product as follows:
|
Week |
1 |
2 |
3 |
4 |
5 |
6 |
|
Demand |
649 |
524 |
561 |
738 |
515 |
598 |
a. Forecast the demand for week 7 using a five-period moving average? (Marks 1.5) (word count maximum:100)
b. Forecast the demand for week 7 using a three-period weighted moving average. Use the following weights: W1 = .4, W2 = .4, W3 = .2 (Marks 1.5) (word count maximum:100)
c. Forecast the demand for week 7 using exponential smoothing. Use α value of .1 and assume the forecast for week 6 was 602 units? (Marks 1.5) (word count maximum:100)
d. What assumptions are made in each of the above forecasts? (Marks 0.5) (word count maximum:150)