Time Series Analysis, Forecasting & Operations Management Concepts
Time Series Components
A time series is a set of values of a variable measured at successive points in time.
Key Components
- Trend: The gradual increase or decrease of a time series over a longer period.
- Seasonality: Regular patterns of variability within certain time periods, such as a year, week, etc.
- Cycle: Any regular pattern above and below the trend line lasting more than one year.
- Random Variations: Fluctuations caused by chance events and/or unusual situations.
Time Series Forecasting Methods
Smoothing
Read MoreConstruction Contracts and Estimates
Types of Contracts
- Lump Sum
- Item Rate
- Percentage Rate
- Cost Plus Percentage Rate
- Cost Plus Fixed Fee
- Target
- All-in-One
- Labor
- Cost Plus Fluctuating
Types of Approximate Estimates
- Service Unit
- Plinth Area
- Cube Rate
- Carpet Area
- Approximate Quantity Method
Types of Detailed Estimates
- Original/Fresh
- Revised
- Supplementary
- Special Repair
- Annual Repair/Maintenance
Measurement Sheet
| Sr. | Particular of Item | Nos. | Length | Breadth | Height | Qty. | Remark |
|---|---|---|---|---|---|---|---|
| Abstract Sheet (Rate Analysis) | |||||||
| Sr. | Particular | Qty | Unit | Rate | Amount | Remark |
Rules of Measurement Writing
- Before
Mastering the Maturation Period: Inventory & Sales Cycle
Understanding the Maturation Period
The maturation period of a company is the time it takes from purchasing raw materials to converting them into sales, encompassing warehousing, manufacturing, and sales processes. A longer maturation period necessitates more working capital.
Averaging the Maturation Period
Companies experience various cycles, which can be categorized as:
- Long-term cycles: These cycles involve fixed assets and span from acquisition to depreciation or renewal.
- Short-term cycles: These
Statistical Analysis: ANOVA, Experiments, and Variable Types
Statistical Analysis Definitions and Assumptions
Observational Study: Data is collected without any attempt to manipulate or influence the outcome.
Planned Experiment: Some manipulation is attempted in order to see if the outcome is related to the controlled factor.
Independent Variable: The variable that is manipulated.
Dependent Variable: Variable that is not manipulated but is affected by the independent variable.
Stratification: Units in the sampling frame are first divided into groups.
Simple Treatment:
Read MoreKey Probability Definitions and Rules
Sample Space Definition
A sample space is a collection or a set of possible outcomes of a random experiment. The sample space is represented using the symbol S. The subset of possible outcomes of an experiment is called an event. A sample space may contain a number of outcomes that depend on the experiment. If it contains a finite number of outcomes, then it is known as a discrete or finite sample space.
Probability of an Event
An event in probability can be defined as a set of outcomes of an experiment.
Read MoreEthical Principles, Payroll Deductions, and Accounting Entries
Ethical Principles in Business
Diversity, Integrity, Learning, and Safety are crucial. Unethical behavior includes claiming credit for another’s work, falsifying documents, or obstructing another’s academic tasks to gain an unfair advantage.
It also involves disobeying the rules of ethical research or improperly obtaining access to privileged information and disseminating it. To address ethical issues:
- Identify the Ethical Issues
- Identify the Stakeholders
- Identify Alternative Courses of Action
- Identify