Giapetto's Woodcarving, Inc. manufactures several types of wooden products. Geoff McQuilkin is the production manager for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Giapetto's Woodcarving, Inc. manufactures several types of wooden products. Geoff McQuilkin is the production manager for wooden chests and toy soldiers. It is now December 31st 2022. Geoff wishes to forecast next month's (January 2023) demand for both chests and soldiers. Historical demand for the last two years (2021 and 2022) (in thousands of units) for Wooden Chests and for the last three years (2020 to 2022) for Toy Soldiers (again in thousands of units) is given in Tables 1 and 2 below: Table 1: Historical Sales Figures for Wooden Chests (thousands of units) Month Sales Month Sales Month Sales Month January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 275 278 279 287 289 290 January 2020 February 2020 March 2020 July 2021 August 2021 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 September 2021 October 2021 November 2021 December 2021 291 66 83 98 293 299 300 301 January 2022 February 2022 March January 2021 February 2021 March 2021 2022 April 2022 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 304 306 May 2022 303 June 2022 311 Sales 115 84 68 71 18 12 16 35 67 61 78 93 307 Table 2: Historical Sales Figures for Toy Soldiers (thousands of units) Month Sales Month Month 120 89 73 76 23 17 21 40 72 308 310 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 Sales 312 314 315 317 318 319 Sales 110 79 63 66 13 7 11 30 62 56 73 88 Build a spreadsheet model to forecast next month's demand (January 2023) for each product. Use exponential smoothing as the forecasting technique. Also set up your spreadsheet to compute the MAD, BIAS, and MSE. Assume any reasonable value for the alpha smoothing parameter. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 A B с WOODEN CHESTS Smoothing Parameter for Forecast Alpha (a) 3 Month D E Demand Average Forecast (At) (Dt) FL (Ft) Error (Et) G MAD H BIAS MSE 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 A B TOY SOLDIERS Smoothing Parameter for Forecast Alpha (a) Month Demand (Dt) D Average (At) E Forecast (Ft) Error (Et) G MAD H BIAS MSE Giapetto's Woodcarving, Inc. manufactures several types of wooden products. Geoff McQuilkin is the production manager for wooden chests and toy soldiers. It is now December 31st 2022. Geoff wishes to forecast next month's (January 2023) demand for both chests and soldiers. Historical demand for the last two years (2021 and 2022) (in thousands of units) for Wooden Chests and for the last three years (2020 to 2022) for Toy Soldiers (again in thousands of units) is given in Tables 1 and 2 below: Table 1: Historical Sales Figures for Wooden Chests (thousands of units) Month Sales Month Sales Month Sales Month January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 275 278 279 287 289 290 January 2020 February 2020 March 2020 July 2021 August 2021 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 September 2021 October 2021 November 2021 December 2021 291 66 83 98 293 299 300 301 January 2022 February 2022 March January 2021 February 2021 March 2021 2022 April 2022 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 304 306 May 2022 303 June 2022 311 Sales 115 84 68 71 18 12 16 35 67 61 78 93 307 Table 2: Historical Sales Figures for Toy Soldiers (thousands of units) Month Sales Month Month 120 89 73 76 23 17 21 40 72 308 310 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 Sales 312 314 315 317 318 319 Sales 110 79 63 66 13 7 11 30 62 56 73 88 Build a spreadsheet model to forecast next month's demand (January 2023) for each product. Use exponential smoothing as the forecasting technique. Also set up your spreadsheet to compute the MAD, BIAS, and MSE. Assume any reasonable value for the alpha smoothing parameter. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 A B с WOODEN CHESTS Smoothing Parameter for Forecast Alpha (a) 3 Month D E Demand Average Forecast (At) (Dt) FL (Ft) Error (Et) G MAD H BIAS MSE 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 A B TOY SOLDIERS Smoothing Parameter for Forecast Alpha (a) Month Demand (Dt) D Average (At) E Forecast (Ft) Error (Et) G MAD H BIAS MSE
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The production manager for the Classic Boat Corporation must determine how many units of the Classic 21 model to produce over the next four quarters. The company has a beginning inventory of 100...
-
Don is the production manager for Corporate Manufacturing Facilities (CMF). CMF works three production shifts per day. Because Don is so integral to CMF's operations, the company requires him to live...
-
Jane Wilson is the production manager for a company that produces high-fashion designer clothing for women. The product is made in small batches that are presold to high-end retailers, based on...
-
A corporation has 11 manufacturing plants. Of these, seven are domestic and four are outside the United States. Each year a performance evaluation is conducted for four randomly selected plants. What...
-
Three dates associated with Goff Companys cash dividend are May 1, May 15, and May 31. Discuss the significance of each date and give the entry at each date.
-
The highest recorded temperature in the state of Alaska was 100 F and occurred on June 27, 1915, at Fort Yukon. The heat index is the apparent temperature of the air at a given temperature and...
-
What are the energy equivalents (in \(\mathrm{MeV}\) ) of the mass of (a) an electron, (b) a proton, (c) a hydrogen atom, and (d) a helium atom?
-
Nationwide Auto Parts uses a periodic review inventory control system for one of its stock items. The review interval is six weeks, and the lead time for receiving the materials ordered from its...
-
a= b= Consider the function f(z) = 5z + az + bz 2 where z = C, and a, b R. If z = + is a solution to f(z) = 0, determine the values of a and b. QUESTION 2 Motorbike A has mass 407 kg and is...
-
Consider an economy that consists of three individuals: Maureen (M), David (D), and Suvarna (S). Two goods are available in the economy, x and y. The marginal rates of substitution for the three...
-
3. Cardiac medication with strength of 125 mg/100 mL to infuse at rate of 20 mg/hr. Calculate the ml/hr flow rate 4. Dosage of 2 mcg/min prescribed using 8 mg in 250 mL solution. Calculate the pump...
-
Question 2 (23 marks) Calgary Drama Club (CDC) is a drama club for young Calgarians. It provides an opportunity for young people to learn about drama and perform in the theatre at levels consistent...
-
Where are manufactures and supplier's current product specifications and procedures usually located? Explain
-
lim f(1)-f(x) What is x1 x-1 if f(x) = ex? (1 point)
-
It is found that a saturated solution of sodium chloride in water boils under atmospheric pressure at 109C. Under an absolute pressure of 25.4 kPa, water boils at 65.6C and saturated sodium chloride...
-
The book and market value balance sheets for the Archway Company are shown below. The firm has 1,000 shares outstanding. Assets Liabilities and owners' equity Book value Market Book value Market...
-
Assume the lease in a single-office building expires in 12 months. You have offered a $28 renewal rate per square foot and you believe there is a 75% chance the tenant will renew. If the tenant does...
-
What are the typical record-at-a-time operations for accessing a file? Which of these depend on the current file record?
-
Why should quality costs be measured and reported to management?
-
In what why is a flexible budget useful in preparing differential cost analyses?
-
What are five characteristics of TQM systems that can be found in most world-class manufacturing settings?
-
The financial statements for the business of Jets Ski Equipment are shown below. Additional information 1. All purchases and sales of inventories are on credit. 2. On 1 July 2019, J. Waters injected...
-
Some of the most recent financial statements for Hyland Pty Ltd are shown below. Additional information 1. All purchases and sales of inventories are on credit. 2. On 1 July 2020, the shareholders...
-
The comparative statements of financial position of Cresta Ltd as at 30 June 2019 and 2020, and the income statement and statement of changes in equity for the year ended 30 June 2020 are shown...
Study smarter with the SolutionInn App