Operations Management 11 – Regression and correlation are both termed “causal” methods of forecasting. Explain how they are similar in this respect and also how they are different.

Regression and correlation are both termed “causal” methods of forecasting. Explain how they are similar in this respect and also how they are different.

Operations Management

 

Q1.  A firm cleans chemical tank cars in the Bay Gazimagusa area. With standard equipment, the firm typically cleaned 60 chemical tank cars per month. They utilized 10 gallons of solvent, and two employees worked 20 days per month, 6 hours a day. The company decided to switch to a larger cleaning machine. Last February, they cleaned 60 tank cars in only 15 days. They utilized 12 gallons of solvent, and two employees worked 6 hours a day. a. What was their productivity with the standard equipment? b. What is their productivity with the larger machine? c. What is the change in productivity?
Q2. Is there a difference between forecasting demand and forecasting sales?
Q3. Regression and correlation are both termed “causal” methods of forecasting. Explain how they are similar in this respect and also how they are different.
Q4. Describe briefly the steps to develop a forecasting system
Q5. What are the major decision areas in P/OM?
Q7. What is continuous improvement (CI)? What are the major tools for this philosophy?
Q8. How does productivity measurement differ between manufacturing and service operations?

Regression and correlation are both termed

 

 

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Regression and correlation are both termed

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Regression and correlation are both termed

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