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MGMT617 - Production Planning and Inventory Control GDB No. 01 Solution and Discussion Spring 2017 Due Date May 11, 2017

MGMT617 - Production Planning and Inventory Control GDB No. 01 Solution and Discussion Spring 2017 Due Date May 11, 2017

PRODUCTION PLANNING & INVENTORY CONTROL (MGMT617)

Dear Students,

This is to inform that Graded Discussion Board (GDB) No. 1 would be opened on 5th of May, 2017; and last date for posting your discussion comments/ solution will be 11th of May, 2017.

Topic:

“Forecasting”

The following demand set is to be used to test two basic Exponential Smoothing models of forecasting. The first model uses α = 0.2 and the second one uses α = 0.4.

For both cases, forecast the demand for Period 16. Also, calculate Mean Absolute Deviation (MAD) and conclude which model is more appropriate.

 Period Demand 1 51 2 46 3 49 4 55 5 52 6 47 7 51 8 56 9 51 10 45 11 52 12 49 13 48 14 55 15 49

NOTE:

• Show all forecasts along with necessary calculations in tabular form.
• Compare MAD for both models and clearly mention which value of α gives better forecasts.
• You may solve the problem in MS Excel and copy/paste the table in GDB comments.

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