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Posted: February 15th, 2022
Assignment Content
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.
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This assignment is designed to teach you how to use forecasting and demand models as part of a business operations plan.
Choose three quantitative elements to investigate in relation to the organization you chose for your business strategy. These factors could pertain to products, services, target markets, consumer preferences, competition, staff, resources, supply chain, financing, advertising, or other areas of interest. At least one of these characteristics, however, should be tied to a product or service that your firm intends to deliver.
Create forecasts by using the following method:
Collect data, including previous demand forecasts (subjective data) and actual demand results.
Determine the forecasting approach (from readings). Determine the appropriate balance of subjective and objective criteria.
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