This assignment is intended to help you learn how to apply forecasting and demand models as part of a business operations plan.
Choose 3 quantitative elements that you would like to research in relation to the organization that you selected for your business plan. These elements may be related to products, services, target market, consumer preferences, competition, personnel, resources, supply chain, financing, advertising, or other areas of interest. However, at least one of these elements should be related to a product or service that your organization is planning to offer.
Develop forecasts by implementing the following approach:
- Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
- Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
- Forecast future demand using a forecasting method.
- Make decisions based on step 3.
- Measure the forecast error where applicable. Look for biases and improve the process.
- Write a 525- to 700-word paper evaluating the findings from the supported data points above, and explain the impact of these findings on operational decision making. Insert charts and supporting data from Excel and other tools in your paper.Cite references to support your assignment.Format your citations according to APA guidelines.Submit your assignment.
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Q: What is the objective of the assignment described in the content above?
A: The objective of this assignment is for students to learn how to apply forecasting and demand models as part of a business operations plan. Students are required to choose three quantitative elements related to their selected organization and develop forecasts using a specific approach. Finally, students must write a paper evaluating the findings and explaining their impact on operational decision making.
Q: What are the steps involved in developing forecasts for the chosen quantitative elements mentioned in the assignment?
A: The steps involved in developing forecasts for the chosen quantitative elements mentioned in the assignment are:
1. Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
2. Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
3. Forecast future demand using a forecasting method.
4. Make decisions based on step 3.
5. Measure the forecast error where applicable. Look for biases and improve the process.
Q: How should the students evaluate the findings from the supported data points above, and what should the paper include?
A: The students should write a 525- to 700-word paper evaluating the findings from the supported data points above and explaining the impact of these findings on operational decision making. The paper should also include charts and supporting data from Excel and other tools, as well as references to support the assignment. The citations should be formatted according to APA guidelines.
