Explain the importance of demand forecasting in the context of the Wilson approach and how it affects inventory decisions.
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Explain the importance of demand forecasting in the context of the Wilson approach and how it affects inventory decisions.
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- In what scenarios or industries is the Wilson approach most suitable for inventory optimization? Provide examples and explain why.What exactly is meant by the term algorithmic cost modeling? What makes this method distinctive in comparison to others?Explain the challenges of experience-based approaches, and how algorithmic cost modelling address these challenges.
- Computer Science THREE TABLES: 1. PROJECT WORKER_TABLE COLUMNS leavedate, worker_id, joindate, project_id, performance 2. PROJECTS TABLE COLUMNS projectid, project_name, capacity, startdate 3. WORKERS table COLUMNS worker_id, worker_name, gender, companyjoindate, birthdate, birthday, supervisory_id USE MYSQL TO ANSWER QUESTION BELOW Q: Find the ID and name of the project(s) that have a gender ratio of greater than one[Gender ratio = #of females/# of males]Explain how relevant costing may be utilized in decision-making using two instances.Explain the challenges and limitations associated with the use of cost estimation tools.
- What is algorithmic cost modeling? What differentiates this procedure from others?Based on the case study given, write a short summary on what was the main problem with the company’s Procurement exercise.Question 1: Create an ER Diagram based on the following description. UPS prides itself on having up-to-date information on the processing and current location of each shipped item. To do this, UPS relies on a company-wide information system. Shipped items are the heart of the UPS product tracking information system. Shipped items can be characterized by item number (unique), weight, dimensions, insurance amount, destination, and final delivery date. Shipped items are received into the UPS system at a single retail center. Retail centers are characterized by their type, uniqueID, and address. Shipped items make their way to their destination via one or more standard UPS transportation events (i.e., flights, truck deliveries). These transportation events are characterized by a unique scheduleNumber, a type (e.g, flight, truck), and a deliveryRoute. ) Please create an Entity Relationship diagram that captures this information about the UPS system. Be certain to indicate identifiers and…
- Analyze how conventional costing is used in different contexts.What is an inventory model?Southland Corporation's decision to produce a new line of recreational products resulted in the need to construct either a small plant or a large plant. The best selection of plant size depends on how the marketplace reacts to the new product line. To conduct an analysis, marketing management has decided to view the possible long run-demand as low, medium or high. The following table shows the projected profit in millions of dollars: Plant Size Low Medium High Small 150 200 200 Large 50 200 500 a. What is the decision to be made, and what is the chance event for Southland's problem? b. Construct a decision tree. c. Recommend a decision based on use of the optimistic, conservative, and minimax regret approaches.