- Obtain the linear trend equation for the following data on new checking accounts at Fair Savings Bank and use it to predict expected new checking accounts for periods 16 through 19.
- Use trend-adjusted smoothing with α= .3 and β = .2 to smooth the new account data in part What is the forecast for period 16?
The Dine Corporation is both a producer and a user of brass couplings. The firm operates 220 days a year and uses the couplings at a steady rate of 50 per day. Couplings can be produced at a rate of 200 per day. Annual storage cost is $2 per coupling, and machine setup cost is $70 per run.
- Determine the economic run quantity.
- Approximately how many runs per year will there be?
- Compute the maximum inventory level.
- What is the average inventory on hand?
- Determine the length of the pure consumptionportion of the cycle.
A company must decide which type of machine to buy, and how many units of that type, given the following information:
Product demand and processing times for the equipment are:
|PROCESSING TIME PER UNIT (minutes)|
- How many machines of each type would be required to handle demand if the machines will operate 8 hours a day, 250 days a year, and what annual capacity cushion in processing time would result for each?
- With high certainty of annual demand, which type of machine would be chosen if that was an important consideration? With low certainty, which type of machine would be chosen?
- If purchasing and operating costs are taken into account, which type of machine would minimize total costs, given your answer for part a? Operating costs are $6/hr for type 1 and $5/hr for type 2.
Control charts for means and ranges. Processing times for new accounts at a bank are shown in the following table. Five samples of four observations each have been taken. Use the below samples data to construct upper and lower control limits for both a mean chart and a range chart. Do the results suggest that the process is in control?
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