BIT2026 - Forecasting Methods to Solve Logistics Management Assignment

Assignment Task

Please prepare a report addressing the following questions:

Question 1 

Using relevant literature, critically evaluate the use of Moving Average (MA) and Exponential Smoothing (ES) forecasting methods to solve logistics problems. Consider the benefits and drawbacks of the two methods.

Question 2 

A supermarket has recorded sales for product A in the past 50 months. The data is provided in Q1-SalesData.2022.xls file, available on Bright space under:

BIT2026>Content>Assessment>Assessment 2> Assessment 2 Data.

a) Use Single Exponential Smoothing (SES) to forecast the sales for the next month. Explain your approach in detail.

b) Use the Moving Average method to forecast the sales for the next month. Explain your approach in detail.

c) Analyse the graphical representation of your data before and after applying Single Exponential Smoothing (SES) and Moving Average method and explain what it shows.

Question 3 

A workshop purchases a component used in the production of its products directly from the supplier. The production operation requires 20,000 components annually. Assume that the ordering cost is £40 per order, the unit cost is £2 per component and the annual holding cost is 20% of the value of the inventory. The company has 250 working days per year and a lead time of five days. Answer and explain the following inventory policy questions:

a) Calculate the Economic Order Quantity (EOQ) and explain your answer

b) Calculate the Re-Order Point (ROP)

c) Determine the total annual costs associated with your recommended EOQ

d) If holding costs were to increase to 30%, what would be the effect on EOQ, ROP and total annual costs? Explain your answer.

Question 4 

A manufacturer whose headquarters are in Manchester is planning on opening a new DC in Edinburgh. The new DC will supply four outlet stores in the Edinburgh area. The coordinates for these four outlet stores and the demand of each one of these outlets per year are presented in ‘Q3-Facility location.2022.xls’ file, available under: BIT2026>Content>Assessment>Assessment 2> Assessment 2 Data.

The distributer wants to determine the location (X and Y coordinates) of the new DC that minimises the total distance travelled from this new DC to all outlet locations.

d) At what centre-of-gravity coordinates should the new store be located? Explain the solution method and the results.

e) The outlet stores each projected to grow by 15% in the next year. How will this influence the new DC’s location (coordinates)? Explain your answer.

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