Develop a hypothesis of an appropriate model

Assignment Help Operation Management
Reference no: EM131474159

Mullen Magic Shows is evaluating attendance at the shows and planning whether to train more magicians. They have the following data:

Year Total Audience

2013 97130

2014 101326

2015 96956

2016 99816

2017 99694

2018 103762

2019 104958

2020 110988

2021 112157

2022 110370

a) Plot these data, develop a hypothesis of an appropriate model, estimate the model’s parameters, and forecast passengers for 2023-2025.

b) Illustrate an exponential smoothing model using an alpha of .1 and then an alpha of .5.

c) In doing some analysis, they assume each show has about 500 attendees. Each magician they hire can work up to 50 shows a year and is paid $1500 per show up to 50 shows. Recently, magicians complained that they are under contract for 50 shows but only paid for shows they work. If each magician is paid $500 per show she/he does not work, what does this policy cost per year?

Reference no: EM131474159

Questions Cloud

Unfortunate failure of your travelerxtra smartphone : We are extremely saddened to learn of the unfortunate failure of your TravelerXtra smartphone,
What are the five dimensions of compensation strategy : What are the five dimensions of compensation strategy?
Customer complaints about our service center : The Customers First work group studied the high number of customer complaints about our Service Center and categorized the causes into four major groups.
Assume the start-up inventory is not part of calculation : Plot cumulative demand-level aggregate production plan with no back orders-no ending inventory. What production is needed each month to meet part a’s conditions
Develop a hypothesis of an appropriate model : Plot these data, develop a hypothesis of an appropriate model, estimate the model’s parameters, and forecast passengers for 2023-2025.
Difference between your opinion and the truth : How do you know the difference between your opinion and the 'truth'? Is your opinion true simply because it is your opinion?
The ways the firm can avoid those risks or reduce the risks : identifying risks you believe the company faces and the ways the firm can avoid those risks or reduce the risks?
Goals and values as the relate to strategic planning process : Explain the terms mission, vision, goals and values as the relate to strategic planning process ?
What methods can be used to predict demand for healthcare : Be vicariously liable for employees’ failings meant what exactly? What methods can be used to predict demand for healthcare?

Reviews

Write a Review

Operation Management Questions & Answers

  Book review - the goal

Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..

  Operational plan in hospitality enterprise

Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  Evolution and contributor of operations management

Briefly explain Evolution and contributor of Operations management.

  Functions and responsibilities of an operations manager

A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..

  Compute the optimal order quantity

Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.

  Relationship to operations practice in the organisation

Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.

  A make or buy analysis

Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.

  Prepare a staffing plan

Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Risk management tools and models

Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd