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) Student Name: Student ID: 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 1 Additional Assessment (11.5 %) Spring 2020 www.it-ebooks.info http://www.it-ebooks.info/ www.it-ebooks.info http://www.it-ebooks.info/ Additional Praise for Implementing Enterprise Risk Management “Educators the world over seeking to make the management of risk an integral part of management degrees have had great difficulties in providing their students with a definitive ERM text for their course. The Standards and associated Handbooks helped, but until the arrival of Implementing Enterprise Risk Management: Case Stud- ies and Best Practices, there has been no text to enlighten students on the application of an effective program to manage risk across an enterprise so that objectives are maximized and threats minimized. Fraser, Simkins, and Narvaez have combined with a group of contributors that represent the cream of risk practitioners, to pro- vide the reader with a clear and concise journey through the management of risk within a wide range of organizations and industries. The knowledge, skills, and experience in the management of risk contained within the covers of this book are second to none. It will provide a much needed resource to students and practition- ers for many years to come and should become a well-used reference on the desk of every manager of risk.” —Kevin W. Knight AM, chairman, ISO/TC 262—Risk Management “The authors—Fraser, Simkins, and Narvaez—have done an invaluable service to advance the science of enterprise risk management by collecting an extensive num- ber of wonderful case studies that describe innovative risk management practices in a dive.