labor productivity

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    labor productivity

    For problem 1, calculate the labor productivity for each new store and do a comparison to determine the one with the highest productivity. For problem 2, find the forecasts using different methods indicated in the problem, then find MAD for each method and determine the one with the lowest MAD. For problem 3, first construct a project network diagram using AOA or AON based on the information in the table. Just draw it in your scratch paper. Then find the critical path and completion time for the project.
    1. Tried and True Clothing has opened four new stores in college towns across the state. Data on monthly sales volume and labor hours are given below. Which store location has the highest productivity?

    Store Annandale Blacksburg Charlottesville Danville
    Sales volume $40,000 $12,000 $60,000 $25,000
    Labor hours 250 60 500 200

     

     

     

    2. Mary Hernandez has invested in a stock mutual fund and she is considering liquidating and investing in a bond fund. She would like to forecast the price of the stock fund for the next month before making a decision. She has collected the following data on the average price of the fund during the past 20 months.

    Month Fund Price Month Fund Price
    1 63 1/4 11 68 1/8
    2 60 1/8 12 63 1/4
    3 61 3/4 13 64 3/8
    4 64 1/4 14 68 5/8
    5 59 3/8 15 70 1/8
    6 57 7/8 16 72 3/4
    7 62 1/4 17 74 1/8
    8 65 1/8 18 71 3/4
    9 68 1/4 19 75 1/2
    10 65 1/2 20 76 3/4

    a. Using a 3-month moving average, forecast the fund price for month 21.

    b. Using a 3-month weighted average with the most recent month weighted 0.60, the next most recent month weighted 0.30, and the third month weighted 0.10, forecast the fund price for month 21.
    c. Compute an exponentially smoothed forecast using a=0.40 and forecast the fund price for month 21.

    d. Compare the forecasts in (a), (b), and (c) using MAD and indicated the most accurate.

     

    3. Given the information for the project in the following table, please indicate the project critical path and the completion time.

    Activity Activity Predecessor Time (weeks)
    1 — 3
    2 — 7
    3 1 2
    4 2 5
    5 2 6
    6 4 1
    7 5 4

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