Upon successful completion of this module, you will be able to:
� Perform demand forecasting using qualitative methods.
� Apply quantitative techniques in demand forecasting.
� Analyze optimal combination of inputs in production.
� Understand the innovation process and global competition.
In 550-word count, answer the following questions:
1. The table below shows the demand for gadgets (they’re like widgets, only they’re more mechanical) over a 5-month period. Calculate exponential smoothing forecasts for each month and for July. Use a coefficient of 0.5 and assume that the forecast for January was 8. Also, evaluate the quality of the exponential smoothing model by calculating the root-mean-square error for the data set. Note: Round all intermediate calculations to 2 decimal places (see table at bottom).
2. Discuss benefits and costs of unemployment benefits to individuals and to the economy.
3. Comment on the following statement: “A company should produce and sell any product as long as there is a market for it.”
� “It [the wood] is man’s fuel for burning; some of it he takes and warms himself, he kindles a fire and bakes bread. But he also fashions a god and worships it; he makes an idol and bows down to it” (Isaiah 44:15�17, NIV).
� “The facts about smoking…
o Cigarettes cause cancer. Smoking is the number one cause of deaths due to lung cancer, emphysema, and other serious diseases.
o For every person who dies of smoking-related illness, 20 more suffer from a chronic disease due to smoking.
o Smoking doesn�t just hurt you. Second-hand smoke from your cigarettes is a serious danger to your children, family, and friends” (www.ffsonline.org).
� “Alcohol Facts: Alcohol is created when grains, fruits, or vegetables are fermented, a process that uses yeast or bacteria to change the sugars in the food into alcohol. Alcohol has different forms and can be used as a cleaner or antiseptic; however, the kind of alcohol that people drink is ethanol, which is a sedative. When alcohol is consumed, it’s absorbed into a person’s bloodstream. From there, it affects the central nervous system (the brain and spinal cord), which controls virtually all body functions. Alcohol actually blocks some of the messages trying to get to the brain. This alters a person’s perceptions, emotions, movement, vision, and hearing” (www.abovetheinfluence.com).
Month Demand Table (Question 1)
The paper must fully meet the following:
� The prompt must fully addressed/answered in the thread.
� The thread is at least 550 words (excluding the title and references pages)
� References at least three peer-reviewed sources (published with the last four years) and one biblical integration
� Provide integration of a biblical concept that supports the paper. Biblical integration is more than just quoting a verse. Be sure to explain the biblical principle seen in the verse and how that principle may be applied to the issue at hand.
� The Bible, NIV, KJV, and NKJV are all acceptable for use in this order.
� All sources are cited in current APA format.
� Proper spelling and grammar are used.
� Sentences are complete, clear, and concise