ENGINEERING MANAGEMENT (QUIZ #2) NAME............ ID.... SECTION........... Q1: What do you understand by a time series Forecast? Explain the different patterns found using time series forecasts with relevant examples 5 Q2: Compute the total productivity measure for all the three weeks shown. Assume 35 hr per week and an hourly wage $8. Overhead cost is 2 times to total weekly labor cost. Material cost is $5 per kg. Standard price is $70 per unit. Also compute the productivity growth of week 2 and 3 7 Workers Week 1 2 3 Output (Units) 90 Output has been increased by 30 units Output has been decreased by 25 units from week Materials (Kg) 230 255 5 Workers has been increased by 2 Workers has been decreased by from week 210 Bonus: A machine produces 750 pieces of chocolate per hour, the operation has a scrap rate of 12%. What will be the process yield? (ANSWER HERE) 2 Q3. Why do we forecast? Explain in your own words 3