Identify which forecasting technique or multiple      techniques should be used in the future for the      company's strategy. Are there other techniques available that are not      listed above?

  • Field: Social Science
  • Posted: 4 Hours Ago

 

Production Planning and Quality Management: MGMT430 

Deliverable Length:  3 – 4 pages

Assignment Type:  Individual Project

As the company prepares to meet demand and capacity requirements for its planned future growth, you have been asked to review the current forecasting strategy and help implement a new strategic plan for forecasting demand. The new forecasting plan ties directly to the overall strategic planning methodology established by the company. The company historically has used a time series method. The forecasting methods under consideration are the following:

  • Qualitative: human judgment, usually best used when      little data is available
  • Simulation: the use of computer models or judgment to      imitate customer behavior
  • Causal: used when there is a direct tie between demand      and an environmental factor, such as cold weather
  • Time series: the use of historical data to predict      future needs

Using course materials and other research, complete the following:

  • Identify which forecasting technique or multiple      techniques should be used in the future for the      company’s strategy. Are there other techniques available that are not      listed above?
  • Explain the technique you identify, and give an example      of how it is used in the manufacturing, retail, and health care      industries.
  • Detail if 1 of the 4 techniques listed above      should NOT be used and why.
  • Evaluate the significance of forecasting error for the      technique or techniques you have selected. What is the impact of error on      your chosen technique?

Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course material