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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)

Graded Discussion Board # 1

 

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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