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ninth edition
Forecasting
editionIn
The McGraw-Hill ninth
Companies,
Operations Management
Chapter 11
ninth edition
Forecasting
Demand Management
Exponential Smoothing
Operations Management
ninth edition
Demand Management
Independent Demand:
Finished Goods
A
C(2)
B(4)
D(2)
Dependent Demand:
Raw Materials,
Component parts,
Sub-assemblies, etc.
E(1)
D(3)
F(2)
Operations Management
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Operations Management
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Types of Forecasts
Qualitative (Judgmental)
Quantitative
Operations Management
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Components of Demand
Operations Management
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Sales
x
x x
xx
x
x xx
x
x x
x
x
x
x
x
x
x
x
x
x
x
x
xxxx
x x
x
x
x
x
x
x x
x
x
Linear
x
Trend
x
Year
Operations Management
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Qualitative Methods
Executive Judgment
Historical analogy
Grass Roots
Qualitative
Market Research
Methods
Delphi Method
Panel Consensus
Operations Management
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Delphi Method
l. Choose the experts to participate. There should be
a variety of knowledgeable people in different
areas.
2. Through a questionnaire (or E-mail), obtain
forecasts (and any premises or qualifications for
the forecasts) from all participants.
3. Summarize the results and redistribute them to
the participants along with appropriate new
questions.
4. Summarize again, refining forecasts and
conditions, and again develop new questions.
5. Repeat Step 4 if necessary. Distribute the final
results to all participants.
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Operations Management
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Operations Management
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Demand
650
678
720
785
859
920
850
758
892
920
789
844
Week
1
2
3
4
5
6
7
8
9
10
11
12
13
The
TheMcGraw-Hill
McGraw-HillCompanies,
Companies,In
In
14
1000
Demand
900
Demand
800
3-Week
700
6-Week
600
500
1
9 10 11 12
Week
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Week
1
2
3
4
5
6
7
Demand
820
775
680
655
620
600
575
Question: What is
the 3 week moving
average forecast for
this data?
Assume you only
have 3 weeks and 5
weeks of actual
demand data for the
respective forecasts
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Demand
820
775
680
655
620
600
575
3-Week
5-Week
758.33
703.33
651.67
625.00
710.00
666.00
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=1
i=1
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Demand
650
678
720
Weights:
t-1 .5
t-2 .3
t-3 .2
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Week
1
2
3
4
Demand Forecast
650
678
720
693.4
F4 = 0.5(720)+0.3(678)+0.2(650)=693.4
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Demand
820
775
680
655
Weights:
t-1 .7
t-2 .2
t-3 .1
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Demand Forecast
820
775
680
655
672
F5 = (0.1)(775)+(0.2)(680)+(0.7)(655)= 672
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= smoothing constant
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Demand
820
775
680
655
750
802
798
689
775
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Demand
820
775
680
655
750
802
798
689
775
0.1
820.00
820.00
815.50
801.95
787.26
783.53
785.38
786.64
776.88
776.69
F1=820+(0.1)(820820)=820
0.6
820.00
820.00
820.00
817.30
808.09
795.59
788.35
786.57
786.61
780.77
F3=820+(0.1)(775820)= 815.5
F4=820+(0.6)
(815.5820)=817.3
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Week
1
2
3
4
5
Demand
820
775
680
655
F3=820+(0.5)(775-820)=797.75
0.5
820.00
820.00
797.50
738.75
696.88
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MAD =
A
t=1
- Ft
n
The ideal MAD is zero. That would mean
there is no forecasting error.
The larger the MAD, the less the desirable
the resulting model.
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Sales Forecast
220
n/a
250
255
210
205
300
320
325
315
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Sales
220
250
210
300
325
40
n
MAD =
t=1
- Ft
40
=
= 10
4
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a
0 1 2 3 4 5
Yt = a + bx
(Time)
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a = y - bx
b=
xy - n(y)(x)
2
x - n(x )
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Week
1
2
3
4
5
Sales
150
157
162
166
177
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Competitive
Operations
Answer:Management
First, usingFor
the
linear Advantage
regression
formulas, we can
compute a and b.
35
Week Week*Week
Sales Week*Sales
1
1
150
150
2
4
157
314
3
9
162
486
4
16
166
664
5
25
177
885
3
55
162.4
2499
Average
Sum Average
Sum
xy - n(y)(x) 2499 - 5(162.4)(3) 63
b=
=
= 6.3
2
2
55 5(9)
10
x - n(x )
a = y - bx = 162.4 - (6.3)(3) = 143.5
Competitive
Operations
Management
The resulting
regression For
model
is: Advantage
Yt = 143.5 + 6.3x
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36
Sales
Sales
Forecast
2
3
Period
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Month
Demand
1500
2200
2700
4200
7800
5400
Operations Management
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3.
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Month
Attendance
(x) (,000)
Demand
1500
12
2200
14
2700
18
4200
19
7800
22
5400