Create an equation that you believe would accurately predict the demand for this product in a future month and solve the equation to derive a forecast for this product in the future month that you had selected.

Forecasting

Part 1

 

Select a product that you can purchase at a grocery store or at a discount retailer and respond to the following:

  • Identify the factors that would impact the demand for the product that you have selected.
  • If you wish to develop a forecast of the demand for this product in a future month (or for other appropriate time period), identify what type of forecasting method would be appropriate.
  • Identify the variables for which you would need values to be able to calculate an actual forecast for a future month (using the forecasting method you selected).
  • Create an equation that you believe would accurately predict the demand for this product in a future month and solve the equation to derive a forecast for this product in the future month that you had selected.

 

Part 2: Scheduling

For an organization, the following project schedule is given. Assume that all times are in days.

Task Predecessor Normal Time Crash Time Crash Cost Slope
A None 7 7 NA
B A 3 3 NA
C A 8 4 600
D A 4 4 NA
E B 6 5 600
F C, D 2 2 NA
G E, F 6 6 NA
H F 5 3 400
I G, H 4 4 NA
J I 2 2 NA

In a 3- to 4-page Microsoft Word document, address the following:

  • Draw the AON project network using Microsoft Project, Microsoft Visio, or some other tool capable of creating such a network. Perform a critical path analysis for the network and calculate the ES, EF, LS, and LF times.
  • Calculate the slack time for each activity.
  • Identify the critical path.
  • Assume that the organization will receive a $400 bonus for each day the duration of the project is shortened. The organization is also responsible for paying the crash cost associated with shortening the schedule. To maximize the net profit, identify which task you should crash and by how much.

Support your responses with examples.

 

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