MGT 320 Assignment 5 - Operations Management
Operations Management MGT 320 – Spring 2020
Additional Assessment (11.5 %) – Chapter 3
Start Date: 26 April 2020 - 8:00 pm
Due Date: 21 May 2020 - 11:59 pm
(Note: please upload your answer on Moodle using Additional Assessment Submission Link)
Section:
1. Following table shows the sales of smart phones for the past several months. Use this data to answer the following questions.
|
Month |
Products sold |
3WMA Forecast |
|
|
Exp. Smoothing Forecast |
|
|
|
1 |
511 |
|
|
|
|
|
|
|
2 |
524 |
|
|
|
|
|
|
|
3 |
522 |
|
|
|
|
|
|
|
4 |
522 |
|
|
|
|
|
|
|
5 |
533 |
|
|
|
|
|
|
|
6 |
540 |
|
|
|
|
|
|
|
7 |
552 |
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
a. Find the forecast for month 8 using 3 month weighted moving average (3WMA) with weights (0.5, 0.3 and 0.2). The most recent day having the most weight. (15 Points)
b. Find the forecast for month 8 using exponential smoothing with the smoothing constant 0.2 (20 Points)
c. Compare the two methods using MSE as a measure of error. Which method is better for this data? (15 Points)
2. What does qualitative forecasting mean? When is qualitative forecasting used? Describe two qualitative techniques and indicate at least two advantages and two disadvantages for each technique. (30 Points)
3. Briefly describe the four components of time series data. (20 Points)
The End
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1 |
Additional Assessment (11.5 %) Spring 2020 |
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Solution: MGT 320 Assignment 5 - Operations Management