Question & (5 polints The oometation ooemiclent takes on a value between 0 and 1

Question

Question & (5 polints The oometation ooemiclent takes on a value between 0 and 1 O-1 and +1 Question 9 (5 points) which of the tollowing methods Is used by companies tor montoring and controlling torecasts? O tacking signals O trend charts O seasonal Indices O control signals Question 10 (S points A tracking signal value that goes outside the control limits Imples the forecasting method being used is good and no changes are required the forecasting method beng used should be mooned changed O the forecasting method is under control O the new tracking signats should be used Question 11 (S points) Which of the following Is one of the components of total costs Invotved with managing wating lInes? O Costs related to raw matertals O Costs related to work-in-process Inventory O Coets related to customer wating time O Costs retated to custorner arrtval rate

Explanation / Answer

8) -1 to 1

The correlation coefficient range is -1 to +1. If value is closer to 0, it means, it is high

9) Tracking signals

Both tracking signals and control charts are used to monitor forecast. It helps to give estimate about the absolute deviation from forecast and take corrective actions immediately

10) The forecasting method used should be modified/changed

If value goes outside the range, it means the forecasting is not accurate and there are problems. To correct errors, the method must be modified or changed

11) Costs related to customer waiting time

It is the component involved in costing which helps to determine the total cost and how to minimize the waiting time

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