11 May What can the facility expect as far as number of donations for each day of the week?
Create a forecast for service needs, based on historical data (CLO 2).
Create an inventory plan for supplies (CLO 2).
Alyx could use your expertise again. The organization collected donation data and phone call volume for two months, to try to help with forecasting. Based on the data, can you help Alyx answer these questions?
1. What can the facility expect as far as number of donations for each day of the week?
2. What can the facility expect as far as number of phone calls? Does it depend on the day of the week or does the data have a different trend?
3. The facility estimates it ships out approximately ten donated items per box. Using your forecast, how many boxes will the facility need per month?
4.Boxes come in bundles of 25, with a supplier cost of $20 per bundle. The set-up cost per order is $10 and they use an interest rate of 3% to estimate holding cost. What is the EOQ for the boxes?
Hint: Look at the data from multiple perspectives (daily, weekly, bi-weekly?); what are the patterns?
*** The file labeled Project Data for Part 2 (first) is the data we are to use for this work. I have attached 4 other files- these files are examples of the work that we did with regards to forecasting and inventory in class. With Inventory management, we also studied how to calculate EOQ when demand is constant and how to estimate EOQ with varying demands. Calculating EOQ with varying demands is a bit complex. I am not sure how this project would be approached. With forecasting, we studied how to estimate forecasts using the moving average model and the exponential smoothing model. Please let me know if you have any additional questions or clarifications and i would be happy to help.
The final file to be presented should be in the form of a memo (or a summary) answering all the 4 questions. Excel file containing all the supporting calculations should also be included. Thanks