Week of Temp 9/1/2019 9/8/2019 9/15/2019 9/22/2019 9/29/2019 10/6/2019 10/13/2019 10/20/2019 10/27/2019 11/3/2019 11/10/2019 11/17/2019 11/24/2019...

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Week of Temp 9/1/2019 9/8/2019 9/15/2019 9/22/2019 9/29/2019 10/6/2019 10/13/2019 10/20/2019 10/27/2019 11/3/2019 11/10/2019 11/17/2019 11/24/2019 12/1/2019 12/8/2019 12/15/2019 12/22/2019 12/29/2019 1/5/2020 1/12/2020 1/19/2020 1/26/2020 2/2/2020 2/9/2020 2/16/2020 2/23/2020 3/1/2020 SSSSS374732821227122222362 60 5178 50 8507 Demand (pounds of Finished Product) Demand (pounds of Finished Product) 58 3945 56 30000 6608 65 2762 25000 8482 5523 20000 10208 5178 15000 25 10356 20 13561 10000 30 13537 20 12477 5000 17753 19 16274 0 -10 0 10 20 30 40 50 60 70 80 21476 20022 15 12723 Temp Chart Area 11046 Demand Projection 21476 9616 -2 18937 20 12205 -2 14597 25520 13463 20 14375 3/8/2020 22 16545 3/15/2020 31 11540 You work for a pharmaceutical company that produces 6 products at their plant. One of these products (Prod 5) is used to treat a seasonal illness. Demand for all other products is relatively stable. 1. You want to develop a method to forecast the demand for Prod 5. a. You have gathered the weekly demand information for the last 3 seasons (Sept - Apr) and the average temperature for those weeks (see the Datafile - Data worksheet). i. ii. iii. Does the temperature appear to be a good indicator for demand? (HINT: Scatter plot) If so, develop a projection method based on the expected temperature for the coming week (production occurs one week prior to demand). (HINT: Trendline, Regression formula) If the average temperature in the coming week is expected to be 32, what is your forecast for demand? Week of Temp 9/1/2019 9/8/2019 9/15/2019 9/22/2019 9/29/2019 10/6/2019 10/13/2019 10/20/2019 10/27/2019 11/3/2019 11/10/2019 11/17/2019 11/24/2019 12/1/2019 12/8/2019 12/15/2019 12/22/2019 12/29/2019 1/5/2020 1/12/2020 1/19/2020 1/26/2020 2/2/2020 2/9/2020 2/16/2020 2/23/2020 3/1/2020 SSSSS374732821227122222362 60 5178 50 8507 Demand (pounds of Finished Product) Demand (pounds of Finished Product) 58 3945 56 30000 6608 65 2762 25000 8482 5523 20000 10208 5178 15000 25 10356 20 13561 10000 30 13537 20 12477 5000 17753 19 16274 0 -10 0 10 20 30 40 50 60 70 80 21476 20022 15 12723 Temp Chart Area 11046 Demand Projection 21476 9616 -2 18937 20 12205 -2 14597 25520 13463 20 14375 3/8/2020 22 16545 3/15/2020 31 11540 You work for a pharmaceutical company that produces 6 products at their plant. One of these products (Prod 5) is used to treat a seasonal illness. Demand for all other products is relatively stable. 1. You want to develop a method to forecast the demand for Prod 5. a. You have gathered the weekly demand information for the last 3 seasons (Sept - Apr) and the average temperature for those weeks (see the Datafile - Data worksheet). i. ii. iii. Does the temperature appear to be a good indicator for demand? (HINT: Scatter plot) If so, develop a projection method based on the expected temperature for the coming week (production occurs one week prior to demand). (HINT: Trendline, Regression formula) If the average temperature in the coming week is expected to be 32, what is your forecast for demand?