Operations and Quality Management Assignment - UTS

Assignment Task

Question 1

i. In this exercise you should calculate three types of averages, the absolute forecast error and the mean absolute deviation (MAD) and explain the accuracy.

1. Calculate the straight average for 6 months

2. Calculate the moving average for 3 months

3. Calculate the weighted moving average (WMA) for 3month

4. Calculate the absolute forecast error

5. Calculate the MAD

ii. Which of the forecasts is the most accurate and why?

Question 2

Inventory management

The ABC Stationary Company purchases paper from the Seaboard Paper Company. Wallace produces stationary that require 1,415,000 square metres of stationary per year. The cost per order for the company is $2,200; the cost of holding 1 square metre of paper in inventory is $0.08 per year.

Determine the following:

1. Economic order quantity

2. Minimum total annual cost

3. Optimal number of orders per year

4. Optimal time between orders

Question 3

Please complete the production planning exercise

Forecast = 2000, 2500, 2000, 3000

Beginning inventory = 200

Ending inventory = 700

Required

1. Plan for level production and production rate
2. Calculate inventory for each period
3. Please write the formulas for

Question 4

1. Please create a product hierarchy for the Stationary bike trainer

2. Please calculate the retail cost for the S1 Sport Stationary Bike Trainer

Question 5

Please provide a visualization of the gallery procedures choosing an appropriate charting method. (Please use Lucidchart or some other visualization software to ensure you have a good quality ‘business ready’ artifact). 

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