Elite Electric-OPM400 Assignment #1 15% of Final Mark (Source lonex) Elite Electric is a GTA based...

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Elite Electric-OPM400 Assignment #1 15% of Final Mark (Source lonex) Elite Electric is a GTA based company that has been in business for over 30 years. They manufacture a variety of products in the Elect Font oply Industry in Canada and the U.S. Many of their products manufactured are sold to cities and towns as well as to Provincial/State Electrical Companies. About half of their sales consists of spare parts for their products that are in service. Annual sales are approaching the twenty-five million dollars per year. Elite is having trouble with their forecasting. One of their more popular (and long lead-time) items is the energy storage system. With each system sold, they are ensured of sales of spare parts for several years to come. If the customer places the order with a different supplier, then those future sales are lost. This item requires about ten days to manufacture parts, assemble and test. Each energy storage system brings in approximately $3,000 in revenue. The company generally runs a make-to-order system, producing the products as they are ordered. Lately, they have had trouble meeting order dates, resulting in cancellation of orders. Often, they run short of the required materials to make these products, because they are trying to minimize inventory costs. At the last Executive Meeting, there was a lot of discussion about making this product a stock item and manufacturing them to a forecast. The Supply Manager was quick to point out the challenges of this type of system. You have been hired as a Business Graduate from Seneca College. One of your first tasks is to suggest a method of forecasting for this item. There does not seem to be any seasonal influence or trend in this market. You have been provided with the historical demand from 2021 and you will use these numbers to do some experimenting with Simple Moving Averages, Weighted Moving Averages and Exponential Smoothing. Elite Electric-OPM400 Assignment #1 15% of Final Mark (Source lonex) Elite Electric is a GTA based company that has been in business for over 30 years. They manufacture a variety of products in the Elect Font oply Industry in Canada and the U.S. Many of their products manufactured are sold to cities and towns as well as to Provincial/State Electrical Companies. About half of their sales consists of spare parts for their products that are in service. Annual sales are approaching the twenty-five million dollars per year. Elite is having trouble with their forecasting. One of their more popular (and long lead-time) items is the energy storage system. With each system sold, they are ensured of sales of spare parts for several years to come. If the customer places the order with a different supplier, then those future sales are lost. This item requires about ten days to manufacture parts, assemble and test. Each energy storage system brings in approximately $3,000 in revenue. The company generally runs a make-to-order system, producing the products as they are ordered. Lately, they have had trouble meeting order dates, resulting in cancellation of orders. Often, they run short of the required materials to make these products, because they are trying to minimize inventory costs. At the last Executive Meeting, there was a lot of discussion about making this product a stock item and manufacturing them to a forecast. The Supply Manager was quick to point out the challenges of this type of system. You have been hired as a Business Graduate from Seneca College. One of your first tasks is to suggest a method of forecasting for this item. There does not seem to be any seasonal influence or trend in this market. You have been provided with the historical demand from 2021 and you will use these numbers to do some experimenting with Simple Moving Averages, Weighted Moving Averages and Exponential Smoothing.