Question: Questions: A. Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and

 Questions: A. Two independent methods of forecasting based on judgment and

Questions: A. Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 10 months. The forecasts and actual sales are as follows: Compute the MSE and MAD for each forecast (For the MSE and MAD formulas, see on page 81 in the chapter 3 on Forecasting in the 13th Edition of Stevenson's Operations Management book). Which of the two forecasts has the lower MAD and MSE? B. Search online for three ERP softwares and three MRP softwares. Among the three ERP softwares, which one would you choose and why? Among the MRP software, which one would you choose? If you had a choice between the ERP and the MRP softwares that you chose previously, which one would you choose and why? What were the criteria that you used for your choice? C. Think of two companies: one manufacturing a good and another providing a service. In a small paragraph, explain the difference between the two (Hint: look at the following characteristics: output, customer contact, labor content, uniformity of input, measurement of productivity, opportunity to correct problems before delivery, and inventory

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!