RES 342 Week 5

Assignments from the E-Text

Prepare answers to the following assignments from the e-text, Applied Statistics in Business and Economics, by Doane and Seward:

Chapter 12

Chapter Review #1

Chapter Exercises 12.48 and 12.50

Chapter 13

Chapter Exercises 13.30 and 13.32

Chapter 14

Chapter Exercise 14.16

Applying Time Series Methodologies Simulation

Complete the simulation Applying Time Series Methodologies located on your student website. During the third cycle of the simulation, you will need to make a decision regarding sales forecasts for Blues Inc. After completing the simulation, prepare a 350-word memo to Myra Reid, the Vice President, Production, at Blue Inc. In your memo, inform Myra of your forecasts and explain the reasons for your decision. Be sure to take into account the results of the previous two cycles of the simulation in your explanation to Myra.

Individual Assignment: Quiz

Prepare to take a quiz on topics covered in previous weeks.

Discussion Questions

What is the purpose of forecasting? Why are forecasts not always correct? What are the limitations of forecasting?

Why is the trend commonly thought to be the most important component of forecasting? How is the linear trend method related to linear regression? Why are simple moving averages and weighted averages commonly used forms of forecasting?

Whats the most important concept youve learned from this course that you can take away and use in either your work or personal life?

Is forecasting important in your organization. What are the limitations of forecasting ?

What are the differences between Six-Sigma and cause-and effect (Ishikawa) diagram. Support your answer with an example.