Provide and discuss some examples of economies and diseconomies of scale in a college environment.
Maloney (2001) defines economies of scale as a fall in the cost per unit, driven by the increased total output of a product. On the other hand, diseconomies of scale are characterized by the growth of the business reaches to the extent where there is an increased cost per unit (McAfee & McMillan, 1995). A college example of this case is the cost of instruction in every student per hour, as it diminishes while the class size increases. But at the given point, the cost starts to increase as result of the diseconomies of scale. The information system of the institution becomes greatly scalable as the number of students added to the system increases, followed by the decline in the cost per student.
Discuss some forecasting issues that you encounter in your daily life. How do you make your forecasts?
The forecasting matters I experience in daily occasions are based on the manner in which I manage my time suitably following various elements and demands combined. At the end of the week, I go through to assess how "heavy" or time consuming the present modules I am enrolled progressing, and come up with the approximation to how long every assignment would need. In regards to the estimates, I come up with a clear picture of the amount of time I have to spend for leisure, family times and practicing my hobbies. Although the forecasting might not be accurate considering the demand for work, leisure and family keeps on fluctuating.
Provide some examples of time series that exhibit a) trends; b) seasonal patterns; and c) cyclical patterns.
Time series are sets of remarks gauged at a considerable point or period, hence creating a clear understanding on how the variables that we tend to forecast has generally transformed (Makridakis, Wheelwright & Hyndman, 2008).
A trend refers to a fundamental growth pattern or decrease in a time series (Makridakis, Wheelwright & Hyndman, 2008). Where examples vary from the decline or growth in US employment, demand for Play Stations, car rentals, hotel reservations and so on.
Makridakis, Wheelwright, and Hyndman (2008) defines the seasonal pattern as the recurring periods of good and bad over a short time. Relevant examples include the trend in booking holiday resorts, demand in the passengers' airline, and purchase of particular gifts for specific holidays like Easter, Christmas.
Cyclical patterns refer to the regular framework in the form of a data series that occurs in a long period, examples include stock market recession together with the change of climate.
Makridakis, S., Wheelwright, S. C., & Hyndman, R. J. (2008). Forecasting methods and applications. John Wiley & Sons.
Maloney, M. T. (2001). Economies and diseconomies: estimating electricity cost functions. Review of industrial organization, 19(2), 165-180.
McAfee, R. P., & McMillan, J. (1995). Organizational diseconomies of scale. Journal of Economics & Management Strategy, 4(3), 399-426.
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