Forecasting practices of Canadian firms: Survey results and comparisons

Article Abstract:

A survey of forecasting practices was carried out to provide a better understanding of Canadian business practices, and when possible, compare them with US practices. Companies in the US and Canada have the same use for forecasting information. Forecasts are generated and used mostly by marketing/sales. Judgmental procedures are used more frequently than any other method. Quantitative, causal and newer methods are not used as much. In line with this, firms do not keep as much data per product/service forecasted. Senior management revises the forecast frequently and believes that on average, accuracy is improved by the revision. Calculation of improvement metrics shows that the variation in the improvement may negate the advantage gained. [C] 2001 Elsevier Science B.V. All rights reserved. Keywords: Forecasting; Survey; Canada

United States, Research, Production (Economics)

---

An overhaul-replacement model for equipment subject to technological change in an inflation-prone economy

Article Abstract:

A study developed a stochastic finite horizon overhaul-replacement model to enable the analysis of critical variables in correctly gauging policy decisions pertaining to replacement or overhaul of equipment that are subject to technological changes. The proposed model incorporates inflation and income tax effects and allows for three types of decisions, namely, to keep, overhaul or replace. The optimal integrated overhaul-replacement policy that maximizes the expected existing value of the process over a specific planning horizon is determined by solving the model using linear programming.

General Industrial Machinery, Machinery Manufacturing, Asset & Risk Management, Models, Usage, Purchasing, Industrial equipment, Machinery, Mathematical models, Stochastic processes, Fixed assets, Replacement of industrial equipment

---

Similar abstracts:

• Abstracts: Fuzzy multi-criteria decision-making procedure for evaluating advanced manufacturing system investments. The development of a decision support tool for the selection of advanced technology to achieve rapid product development
• Abstracts: Structure optimization for continuous production systems with buffers under reliability constraints. Performance analysis of a batch production system with limited flexibility
• Abstracts: Performance analysis of a batch production system with limited flexibility. Equipment flexibility vs. inventory: A simulation study of manufacturing systems

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.