Answer the following questions: (100-150 words)Explain, in your own words, the meaning of the correlation coefficient. Discuss the meaning of a negative value of the correlation coefficient. What is

Answer the following questions: (100-150 words)

Explain, in your own words, the meaning of the correlation coefficient. Discuss the meaning of a negative value of the correlation coefficient.  What is its significance in operations management?

Identify and briefly describe the two general forecasting approaches.

Explain why such forecasting devices as moving averages, weighted moving averages, and exponential smoothing are not well suited for data series that have trends.

Explain the difference between a single-stage approach to inventory management and a multi-echelon approach.

What are the assumptions of the basic EOQ model, and to what extent do they limit the usefulness of the model?

Explain the ABC inventory classification system and indicate its advantages.

What does revenue management entail? What types of businesses, besides hotels and airlines, would benefit from revenue management? As a consumer, how do you view the practice?

Discuss the advantages and disadvantages of using part-time workers, subcontracting work, and building up inventory as strategies for meeting demand.

Define sales and operational planning - how might you use it in your company?