The following data represents the home mortgage loan interest rates at a local bank over an eight-month period:
a.What is the forecast for month 8 using a moving average model with an AP = 4?
b.What is the forecast for month 9 using a moving average model with an AP = 6?
Definitions:
Material Requirements Planning
An inventory management system that determines the quantity and timing of raw materials needed for production to meet demand while minimizing stock levels.
Time And Motion Studies
The analysis of work processes to increase efficiency by reducing wasted time and motion.
Interchangeable Parts
Components that are, for practical purposes, identical. They are made to specifications that ensure they are so nearly identical that they will fit into any device of the same type.
Operations Management
The aspect of management dedicated to the design, administration, and supervision of the manufacturing process, along with the modification of business operations in the generation of products or services.
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