Operations Management Principles IP 2
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Title: Operations Management Principles IP 2

Essay Details:

Subject: Business
Author: Mary D
Date: November 7, 2016
Level: University
Grade: A
Length: 4 / 1100

Essay text:

Since a forecast is required for the next period only, the techniques being considered are Moving average, Weighted Moving Average and Exponential Smoothing. (Stevenson, 2007, p.96) In order to make an appropriate choice the nature of the given data must be studied. For this a plot of the given data is drawn (Stevenson, 2007, p.96) and shown in Figure 1. Figure 1 ?C Plot of Actual Quantity From the plot it is evident that the process is fairly stable, though there is significant variation about a central level. There is no consistent directional change. Nor does the quantity for any period seem to be dependent on the immediately preceding quantities...

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