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Week 2 OPMT 620 HBD – Demand Forecasting and Inventory Management Case Study

Explore demand forecasting techniques and inventory management insights from the Week 2 OPMT 620 HBD assignment. Learn methods like exponential smoothing, moving averages, and linear trend analysis to inform healthcare and grocery industry decisions.

<h3>Week 2 – OPMT 620 HBD – Fall: Demand Forecasting and Inventory Management</h3>
<h3><strong>Instructions</strong>: Please upload your Excel documents to Brightspace for grading.</h3>
<hr>
<h4>Question 1: Forecasting</h4>
<p>The demand for midwives has been steadily decreasing in the Tri-cities area, despite rising population numbers and increased immigration into Canada. Here is the data over the years:</p>
<table style="height: 65px; width: 67.9132%;">
<thead>
<tr>
<th style="width: 33.8245%;">Year</th>
<th style="width: 4.51277%;">1</th>
<th style="width: 4.51277%;">2</th>
<th style="width: 4.51277%;">3</th>
<th style="width: 4.51277%;">4</th>
<th style="width: 4.51277%;">5</th>
<th style="width: 4.51277%;">6</th>
<th style="width: 4.51277%;">7</th>
<th style="width: 4.51277%;">8</th>
<th style="width: 4.51277%;">9</th>
<th style="width: 4.72794%;">10</th>
<th style="width: 4.73164%;">11</th>
</tr>
</thead>
<tbody>
<tr>
<td style="width: 33.8245%;">No. of Midwives Needed</td>
<td style="width: 4.51277%;">47</td>
<td style="width: 4.51277%;">48</td>
<td style="width: 4.51277%;">43</td>
<td style="width: 4.51277%;">38</td>
<td style="width: 4.51277%;">32</td>
<td style="width: 4.51277%;">34</td>
<td style="width: 4.51277%;">33</td>
<td style="width: 4.51277%;">36</td>
<td style="width: 4.51277%;">33</td>
<td style="width: 4.72794%;">30</td>
<td style="width: 4.73164%;">?</td>
</tr>
</tbody>
</table>
<p>The director of medical services predicted 5 years ago that Year 1 would require only 50 midwives to meet the demand.</p>
<ul>
<li><strong>Part a</strong>: Use exponential smoothing with two different smoothing constants, 0.5 and 0.9, to forecast demand for years 2 through 11.</li>
<li><strong>Part b</strong>: Use a 3-year moving average to forecast demand for years 9 through 11.</li>
<li><strong>Part c</strong>: Apply a linear trend analysis to forecast demand from Year 2 through Year 11.</li>
<li><strong>Part d</strong>: Determine the best forecasting method by using Mean Absolute Deviation (MAD) as a criterion.</li>
<li><strong>Part e</strong>: Discuss the implications of the data and analysis on healthcare needs and the broader population in the Tri-cities area.</li>
</ul>
<p><em>(5 Marks)</em></p>
<hr>
<h4>Question 2: Inventory Management</h4>
<p>City Market supermarket is evaluating the size of its replenishment order from suppliers Sunrise Farms and A&P Fruit Growers. Key considerations for this decision include:</p>
<ul>
<li><strong>Costs to Consider</strong>: Identify and examine the costs involved in replenishment, such as ordering costs, holding costs, and potential shortage costs, which could impact profitability and operational efficiency.</li>
</ul>
<p><em>(5 Marks)</em></p>

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Week 2 OPMT 620 HBD – Demand Forecasting and Inventory Management Case Study

Explore demand forecasting techniques and inventory management insights from the Week 2 OPMT 620 HBD assignment. Learn methods like exponential smoothing, moving averages, and linear trend analysis to inform healthcare and grocery industry decisions.

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