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Herman Hahn is attempting to set up an integrated forecasting and inventory control system for his hardware store, Hahn's Hardware. When Herman indicates that outdoor lights are a seasonal item on the computer, he is prompted by the program to input the seasonal factors by quarter. Unfortunately, Herman has not kept any historical data, but he estimates that first- quarter demand for the lights is about 30 percent below average, the second quarter demand about 20 percent below average, third-quarter demand about average, and fourth- quarter demand about 50 percent above average. What should he input for the seasonal factors?
Traditional learning methods include lectures, hands-on, on-the-job training, self-directed learning, apprenticeship, case studies, business games, role plays, behaviour modelling,
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A technique that uses a series of probability distributions and then transforms them into various risks is called: Answer Probability estimating Monte Carlo simulation
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