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The use of a seasonal index as a forecasting technique measures the ratio of the:
A seasonal index is used in forecasting to adjust for regular fluctuations in demand due to seasonal variations. Here's how it works:
Average Seasonal Demand: Calculate the average demand for each season (e.g., monthly or quarterly averages).
Average Demand for All Periods: Compute the overall average demand across all periods in the data set.
Ratio Calculation: The seasonal index is the ratio of the average seasonal demand to the average demand for all periods. This ratio indicates how a particular season compares to the average demand, highlighting periods of higher or lower demand relative to the norm.
Adjustment Factor: This index is then used to adjust forecasts to account for predictable seasonal effects, improving forecast accuracy.
By using the ratio of average seasonal demand to average overall demand, the seasonal index provides a clear measure of seasonal variation.
Chase, C. W. (2013). Demand-Driven Forecasting: A Structured Approach to Forecasting. John Wiley & Sons.
Hanke, J. E., & Wichern, D. W. (2014). Business Forecasting. Pearson.
Which of the following circumstances must exist to implement a warehouse management system (WMS)?
Implementing a Warehouse Management System (WMS) requires certain operational capabilities. The essential condition is that the facility must be able to put away product and identify the physical product location:
Product Put Away and Location Identification: A WMS relies on accurate tracking of product locations within the warehouse. This capability is crucial for inventory management, order fulfillment, and efficient warehouse operations.
Random Location System: While beneficial, it is not mandatory for WMS implementation.
RFID: Not a prerequisite, though it can enhance WMS functionality.
ERP Interaction: Integration with ERP systems is common but not a strict requirement for WMS implementation.
'Warehouse Management: A Complete Guide to Improving Efficiency and Minimizing Costs in the Modern Warehouse' by Gwynne Richards
Requirements for successful application of a demand-driven supply network include:
A demand-driven supply network relies on the synchronization of demand information between all stakeholders in the supply chain. This synchronization ensures that all parties have access to accurate and timely demand data, enabling better alignment of production, inventory, and distribution with actual market needs. Automatic communications from POS terminals, joint safety stock determinations, and single sourcing are important elements but do not capture the full scope of the collaborative alignment required for a demand-driven approach. The core requirement is that demand information is shared and utilized across the supply chain to drive operational decisions.
Christopher, M. (2016). Logistics & Supply Chain Management. Pearson.
Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation. Pearson.
Which of the following types of alignments between extended supply chain partners will yield the highest level of competitive advantage?
Types of Alignments: Alignments between extended supply chain partners can be categorized into financial, social, process, and strategic alignments.
Financial Alignment (Option A): This involves financial transactions and agreements, which are fundamental but do not necessarily drive competitive advantage on their own.
Social Alignment (Option B): This pertains to relationships and cultural compatibility, which can enhance cooperation but are not the primary source of competitive advantage.
Process Alignment (Option C): This involves harmonizing processes and operations, which improves efficiency but still may not yield the highest level of competitive advantage.
Strategic Alignment (Option D): This refers to aligning long-term goals, objectives, and strategies across the supply chain partners. When partners are strategically aligned, they work towards common goals, share risks and rewards, and are more likely to innovate together. This deep level of collaboration can lead to a significant competitive advantage. Reference: Strategic Supply Chain Management literature, Collaborative Planning and Execution guides.
A company is determining where it should manufacture a product weighing 1 lb. for the Chicago market with a demand of 100,000 items per year. Costs for each of four possible locations are summarized in the table below. If the company wants to minimize the total cost to supply the items to the Chicago market, where should the items be produced?
To find the total cost of supplying the items to the Chicago market from each location, we need to multiply the demand (100,000 items) by the sum of the material and labor cost per item, the shipment cost to market per item, and the import duty per item. The shipment cost to market per item can be obtained by dividing the shipment cost to market per 100 lb. by 100, since each item weighs 1 lb. The raw material shipment from source cost is irrelevant for this question, since it does not affect the total cost to supply the items to the Chicago market. Using this formula, we can calculate the total cost for each location as follows:
Houston: 100,000 x ($7 + $5/100 + $0) = $712,000
Taiwan: 100,000 x ($6 + $6/100 + $2) = $814,000
Chicago: 100,000 x ($10 + $0/100 + $0) = $1,000,000
Seattle: 100,000 x ($12 + $5/100 + $0) = $1,205,000
The location with the lowest total cost is Chicago, with $1,000,000. Therefore, the items should be produced in Chicago to minimize the total cost to supply the items to the Chicago market.
