Operations and supply CHAIN management:

WEEK 8 HOMEWORK – CHAPTER 11
1. Qualitative forecasts and causal forecasts are not particularly useful as inputs to inventory and scheduling decisions. Why is this statement true?

2. What type of time-series components would you expect for the following products and services?

a. Monthly sales of a retail florist.

b. Monthly sales of milk in a supermarket.

c. Daily demand for telephone calls.

d. Monthly demand for newspapers.

3. What are the advantages of exponential smoothing over the moving average and the weighted moving average?

4. Is there a difference between forecasting demand and forecasting sales? Can demand be forecast from historical sales data?

5. Describe the difference between fit and prediction for forecasting models.

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