Economic order quantity (E) analysis has recently become practical as a conseque

Question

Economic order quantity (E) analysis has recently become practical as a consequence of high-speed computers. Inventory is the common thread that ties all the functions and departments of the organization together. The Delphi method solicits input from customers or potential customers regarding their future purchasing The naive forecast for the next period is the actual value observed in the current period. A utility curve that shows utility increasing at an increasing rate as the monetary value increases represents the utility curve of a risk seeker Time-series models rely on judgment in an attempt to incorporate qualitative or subjective factors into the forecasting model. An exponential forecasting method is a time-series forecasting method. Qualitative models produce forecasts that are little better than simple guesses or coin tosses. The fewer the periods over which one takes a moving average, the more accurately the resulting forecast mirrors the actual data of the most recent time periods. The process of isolating linear trend and seasonal factors to develop a more accurate forecast is called regression. Bias is the average error of a forecast model. Under the assumptions made to develop the EOQ model, average inventory is one half of the maximum inventory. Please circle your answer! set of logical and mathematical operations performed in a specific sequence is called a(n) (a) complete enumeration. b) diagnostic analysis. c) algorithm.

Explanation / Answer

a set of logical and mathematical operations performed in a specific sequence is called

algorithm

its also know as a process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer

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