Management and Organizational Studies 3330A/B Lecture Notes - Lecture 1: Safety Stock, Carrying Cost, Standard Deviation

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3330A/B
• Professor: Oneil

Document Summary

4 basic patterns of time series data: horizontal, trend, seasonality, cycle. Mad= (actual-forecast)/n mse=(actual-forecast)sq /n (for mse square each absolute error separately and add up!!) Calculate a seasonal index for each season of each year. Forecast demand for the next year and divide by the number of seasons. Cpfr is a collaborative process between two trading partners that establishes formal guidelines for joint forecasting and planning. Factor rating model is a qualitative location analysis method; identifying dominant factors is the first step; higher factor equals better option (add factors together for each option then multiply by factor weight) Centre of gravity uses x and y coordinated to analyze location options; results may not always be an appropriate location option!! Finance, marketing, and operations work together in capacity planning srs. Intermittent operations produce a large volume of different products. Examples of product layout: car wash, grocery store line, high volume factory, Fixed position: farm, plane building (bombardier), any type of construction.