A supply chain is defined as the group of firms that provide all processes required to make a finished product available to the customer. When the technical core of a business is isolated from suppliers and customers it increases efficiency and makes it more responsive to changes in the marketplace. The authors identify requirements for a successful Supply Chain. Flexibility from multiple sourcing 23. All of the above.
Statistical forecasting assumes that past history is indicative of the future.
A moving average will respond more slowly if a large number of observations are averaged. Cyclical factors are not difficult to determine because the time between peaks and troughs is known. A firm is trying to decide which of 4 copy machines to rent. The service rates and rental costs of each machine are given below. A one-hour film processing store has a single machine that processes film as it arrives.