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2 years ago

What are the importance of resources forecasting.

1 answer:

4 0

Forecasting plays an important role in operations management.Forecasting means to make a detailed analysis of future by making assumptions about it. It is an art and science of predicting what will happen in the future.
sometimes it is done by mathematical method and sometimes by the intuition of the operations manager. The importance of forecasting by the following
concepts:
Qualitative approach: It uses factors such as
experience, instinct and emotion.
Quantitative analysis: It depends heavily on
mathematics, historical data and casual variables.
Mixed methods: A method of forecasting a
company's future performance by using different methods by using a single analyst or a series of them.
Forecasting demand: It is a process in which sales data is used to estimate costumer demand, demand forecasting helps the business estimate the total sales and revenue for a future period of time.
Delphi: In this method decision makers and
respondants all meet to develop forecast. Every
share holder in the process provides input.
Forecasting accuracy: There are so many
standards to determine forecast accuracy. The
commonly used metrics are:
Mean Absolute Deviation: ( Actual-forecast) and
Mean Absolute Percent Error = 100 * ( actual-
forecast/ actual)
Trends and patterns: It is done by looking at
possible trends from the data of past sales or
market growth and use the information to
extrapolate what could happen in the future.
Inventory forecast analytics: It is mathematical
and statistical procedures.
Optimized purchase orders: The materials
planning system generates delivery schedule lines against existing scheduling agreements.
Inventory control: The process of ensuring that
the appropriate amounts of stock are maintained by a business to meet cosumer demand without delay by keeping holding stock minimum. Forecasting and inventory management will help in predicting about future of business and making sure sufficient inventory is present to meet the public demand.

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Gibson Energy Ltd.’s general ledger account for Cash in Bank showed the following at December 31, 2019:

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Answer:

1. Adjusted cash balance = Adjusted bank statement balance = $133,620.

2. See the adjusting journal entries and explanation in part 2. below.

Explanation:

Note: The data in the question are merged and they are first sorted in the attached excel file before the questions are answered as follows:

1. Complete the bank reconciliation at December 31, 2019.

The bank reconciliation is presented in two ways as follows:

a) Starting with cash book balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Cash book bal. at 31 Dec. yet to be reconciled 62,000

Add:

Collected note receivable from XYZ Corp 80,000

Less:

Dishonored NSF check (7,000)

Overdraft interest expense (1,320)

Bank service charge (60)

Adjusted cash balance at Dec 31  133,620 

b) Starting with bank statement balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Bank statement bal. at Dec 31 yet to reconciled 131,620

Add:

Cash deposited on December 9th yet be credited 85,000

Cash deposited on December 31 yet be credited 15,000

Check #52094 wrongly drawn 62,000

Less:

Outstanding checks 233 (83,000)

Outstanding checks 239 (77,000)

Adjusted bank statement balance at Dec. 31  133,620 

2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.

Date Accounts title & explanation DR ($) CR ($)

31 Dec 19 Cash 80,000

Note Receivable 78,049

Interest on note receivable 1,951

(To record note receivable & int. collected from XYZ)

31 Dec 19 Overdraft interest expense 1,320

Service charge 60

Cash 1,380

(To record interest expense and bank charges)

31 Dec 19 Account Receivable 7,000

Cash 7,000

(To record NSF check dishonored)

Download xlsx

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3 years ago

Use the model to calculate the average rate of change of profit when the ticket price rises from $200 to $300. (Round your answe

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Answer:

600

Explanation:

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Jose's Pizza Parlor, Inc., recently acquired controlling interest in Mariana's Pizza Parlor, Inc. This acquisition is called:

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(D) Horizontal merge

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When buying highly technical, few-of-a-kind products such as hydroelectric power plants, governments have found that general con

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Answer:

Cost-plus-fixed-fee pricing

Explanation:

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When is humor beneficial to a team?

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