Consider the Following Time Series with Forecast Values and Errors

question 60

Multiple Choice

Consider the following time series with forecast values and errors.
$$\begin{array} { | l | l | } \hline \begin{array} { l } \text { Actual } \\\text { Demand }\end{array} & \begin{array} { l } \text { Forecast } \\\text { Demand }\end{array} \\\hline 10 & 9 \\\hline 13 & 15 \\\hline 15 & 16 \\\hline 11 & 13 \\\hline 12 & 10 \\\hline\end{array}$$
-Calculate the mean absolute deviation (MAPE) .

• A)2.8
• B)13.4
• C)7.5
• D)1.6
• E)2.4

Analyze and record the impact of manufacturing overhead cost on financial statements.

Calculate and interpret fixed and variable manufacturing overhead variances.

Identify and analyze the effects of direct labor cost variances.

Comprehend the financial implications of raw material price and quantity variances.

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Definitions:

Incentive Pay

A form of compensation designed to reward employees for achieving certain performance targets or milestones, aiming to motivate higher levels of output.

Ethical Issues

Moral challenges and dilemmas that arise in the context of professional and personal conduct.

Scanlon Plan

An incentive plan designed to encourage cooperation, involvement, and sharing of benefits among employees through improved performance and productivity.

Gainsharing

Group incentive program that measures improvements in productivity and effectiveness objectives and distributes a portion of each gain to employees.