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Daily demand for newspapers for the last 10 days has been as follows: 12, 13, 16, 15, 12, 18, 14, 12, 13, 15 (listed from oldest to most recent). What are the forecast sales for the next day using a three-day weighted moving average where the weights are 3, 1, and 1 (the highest weight is for the most recent number)?
Question 1 options:
None of the above
A seasonal index of __________ indicates that the season is average.
Question 2 options:
Which Excel feature is an optimization technique that can maximize or minimize a quantity given a set of limitations or constraints?
Question 3 options:
Which of the following is not classified as a qualitative forecasting model?
Question 4 options:
Consumer market survey
Sales force composite
Jury of executive opinion
A plant manager is considering buying additional stamping machines to accommodate increasing demand. The alternatives are to buy 1 machine, 2 machines, or 3 machines. The profits realized under each alternative are a function of whether their bid for a recent defense contract is accepted or not. The payoff table below illustrates the profits realized (in $000’s) based on the different scenarios faced by the manager.
Alternative Bid Accepted Bid Rejected
Buy 1 machine $10 $5
Buy 2 machines $30 $4
Buy 3 machines $40 $2
Using the information above, which alternative should be chosen based on the maximin criterion?
Question 5 options:
Buy 2 machines
Buy 3 machines
Buy 1 machine