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Types of Forecasts in Operations Management

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Types of Forecasts in Operations Management

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Questions and Answers

How can a Des Moines distributor of Sony laptop computers develop monthly indices for sales?

By using data from the past 3 years, by month, and calculating the average yearly demand.

What is the formula provided to calculate the average monthly demand?

Total yearly demand divided by 12 months.

How do you calculate the seasonal index for a specific month?

You divide the monthly demand by the average monthly demand and then multiply by 100.

What is the purpose of developing monthly indices for sales?

To understand the seasonality and trends in demand for Sony laptop computers. Signup and view all the answers

Why is it important to calculate the average yearly demand?

To have a baseline for comparison and to understand the overall demand trend. Signup and view all the answers

How can the distributor use the seasonal index for a specific month in sales forecasting?

By multiplying the seasonal index with the estimate of total demand divided by the number of months. Signup and view all the answers

What data is needed to calculate the seasonal index for each month?

Monthly demand data and the average monthly demand. Signup and view all the answers

How does the distributor determine the average monthly demand?

By dividing the total yearly demand by 12 months. Signup and view all the answers

What does the seasonal index indicate for a specific month?

It shows whether the demand for that month is above or below the average monthly demand. Signup and view all the answers

Why is it important to consider seasonal fluctuations in sales forecasting?

To make accurate predictions and adjust strategies according to the varying demand levels throughout the year. Signup and view all the answers