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Construct a real world business problem and then apply Time Series Forecast.

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i did the mail to the mth302 teacher 

he replied that

"Dear you only have to explain a world problem or question and then tell us about the benifits of Time series and forcast.

MTH302 GDB IDEA SOLUTION

Solved by Hinna

 

 


1. Determine Variable Unit Costs. Determine the variable costs of producing one unit of this product. Variable costs are those costs associated with making the product or buying it wholesale. If you are making a product, you will need to know the cost of all the components that go into that product. For example, if you are printing books, your variable unit costs are paper, binding, and glue for one book, and the cost to put one book together. Let's say you calculate your unit variable cost at $11.50.


2. Determine Fixed Costs Fixed costs are costs to keep your business operating, even if you didn't produce any products. To determine fixed costs, add up the cost of running your factory for one month. These costs would include rent or mortgage, utilities, insurance, salaries retirement benefit cost of non-production employees, and all other costs. In other words, fixed costs are all costs of your business except those directly related to producing your products. Let's say you determine your monthly total fixed cost at $25,000

MTH302 GDB IDEA SOLUTION

 

Construct a real world business problem and then apply Time Series Forecast.

 

 Total Marks 5

 Starting Date Tuesday, July 05, 2011

 Closing Date Wednesday, July 06, 2011

 

SOLUTION

 

1. Determine Variable Unit Costs. Determine the variable costs of producing one unit of this product. Variable costs are those costs associated with making the product or buying it wholesale. If you are making a product, you will need to know the cost of all the components that go into that product. For example, if you are printing books, your variable unit costs are paper, binding, and glue for one book, and the cost to put one book together. Let's say you calculate your unit variable cost at $11.50.

 

 

2. Determine Fixed Costs Fixed costs are costs to keep your business operating, even if you didn't produce any products. To determine fixed costs, add up the cost of running your factory for one month. These costs would include rent or mortgage, utilities, insurance, salaries retirement benefit cost of non-production employees, and all other costs. In other words, fixed costs are all costs of your business except those directly related to producing your products. Let's say you determine your monthly total fixed cost at $25,000.

Well, The solution presented by Hinna is wrong. You need to talk here about forecasts and not fixed / variable costs.

 

Please go through your lecture nr. 32 and 33. The idea is to devise a real time business problem that you may face and then see how you can use the forecasting technique to resolve your problem. Tip is, consider a business expansion is gonna happen and accordingly you need to forecast your requirements to handle this expansion.

 

I hope this guideline is sufficient.

 

Regards

this solution is totally wrong

do not do that

you just take an example of every day life like sales of the shopkeeper like any company and disciss that what are the benefit sof timeseries and forecast

 

Realization of the fact that "Time is Money" in business activities, the dynamic decision technologies presented here, have been a necessary tool for applying to a wide range of managerial decisions successfully where time and money are directly related. In making strategic decisions under uncertainty, we all make forecasts. We may not think that we are forecasting, but our choices will be directed by our anticipation of results of our actions or inactions.

Indecision and delays are the parents of failure.

tariq bhai u did'ne take any example ??? is that right ??

 

Construct a real world business problem

(A PLASTIC ADORING FIRM) 
Suppose that a company is engaging in the production of PLASTIC sheet with it following aspects of companies with Annual production of the capacity as 000 Metric tons Annual 
In normal actual (000Tons) capacity it raised its production as 

2009 120 Tons Annual 

2010 150 Tons Annual

2011 ? Tons Annual 
Apply into Time Series Forecast.

New forecast = old forecast + proportion of error á

Putting Values into Formulas 
New forecast = old forecast + á x (old actual – old forecast)
000 + 0.1 (000 - 000)
= 00 + 0.1(00)
= 0+0
=000 Tons approximately 
= 000 Tons (For Year 2011) 

PLEASE PUT THE OOO AS YOUR OWN CAPACITY CHART

kindly right solution bata den samjha den thanx

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