Business Finance - Management Week Three Assignment 2
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files (2)WeekThreeAssignment2InstructionsHM.docx
EKGMachines-Week2Assignment21.xlsx
WeekThreeAssignment2InstructionsHM.docx
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Assignment 2 of 2: Using calculus can take the guess-work out of the two inventory management questions: When should I re-order? How much to order? We base these two decisions on the single solution that results in the minimal Total Cost. Complete the attached template that includes a complete analysis of a Continuous Inventory Model. · Template for the inventory assignment. - Excel File (12.7 KB) |
Week Three Assignment 2
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EKGMachines-Week2Assignment21.xlsx
Sheet1
| Nelson Fabricators -- portable EKG machines | |||||||
| Alpha (a) = | 0.58 | Note: Starting condition impacts solution. See SOLVER to verify. | |||||
| Week | Actual Production | Forecast | Error | Abs Error | |||
| 1 | 434 | 434 | Assumption for initial conditions | ||||
| 2 | 613 | 434 | -179 | 179 | |||
| 3 | 640 | 537 | -103 | 103 | |||
| 4 | 531 | 596 | 65 | 65 | |||
| 5 | 758 | 559 | -199 | 199 | |||
| 6 | 711 | 673 | -38 | 38 | |||
| 7 | 790 | 695 | -95 | 95 | |||
| 8 | 807 | 750 | -57 | 57 | |||
| 9 | 646 | 783 | 137 | 137 | |||
| 10 | 714 | 704 | -10 | 10 | |||
| 11 | 881 | 710 | -171 | 171 | |||
| 12 | 746 | 808 | 62 | 62 | |||
| 13 | 702 | 772 | 70 | 70 | |||
| 14 | 945 | 732 | -213 | 213 | |||
| 15 | 977 | 854 | -123 | 123 | |||
| 16 | 750 | 925 | 175 | 175 | |||
| 17 | |||||||
| Bias | MAD | ||||||
| a = 0.3 | (was =average(f7…f21) | ||||||
| a = 0.7 | (was =average(f7…f21) | ||||||
| a = optimal | |||||||
| ANSWERS: | There is an upward trend in the data, so a higher alpha is more responsive to this trend. (A trend-adjusted method would be even better.) | ||||||
| Optimization provides the alpha which mimizing your historical forecasting error, and th |
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