Forecasting is art-science of predicting future events

Reference no: EM13331745

1. The government spends a large amount of money each year on contracts. In fact, the federal procurement department spent over $425 billion in the fiscal year 2006 with over $33 million on Lockheed Martin Corporation alone. These projects are often known to have cost and schedule overruns. Why would subcontractors for a government project want their activities on the critical path? Under what conditions would they try to avoid being on the critical path?

2. Forecasting is the art and science of predicting future events. Organizations are constantly creating forecasts for different uses within the organization. Besides setting production levels, what are some other uses of forecasts within the organization? When an organization forecasts independent demand, it has the opportunity to take either an active role to influence demand or take a passive role and simply respond to demand. Under what circumstances would an organization choose to take an active or a passive role? Why? What strategies would supermarkets, airlines, hospitals, banks, and cereal manufacturers use to influence demand? Provide specific examples demonstrating why these organizations would choose such a strategy.

Reference no: EM13331745

Questions Cloud

Strategic global business plan-domestic business strategy : Explain in detail Porters 5 Forces model and its relevance to global planning. Once a domestic business strategy is created, why should a business plan be created that is focused entirely on the Global Market? Why are operational processes so importa..

What is the payback period : Payback: Quebec, Inc., is purchasing machinery at a cost of $3,768,966. The company expects, as a result, cash flows of $979,225, $1,158,886, and $1,881,497 over the next three years. What is the payback period?

Increase job prospects : Why should college students be encouraged to major in fields that interest them rather then ones to increase job prospects? and vice versa. why should college students be encouraged to major in fields that increases job prospects instead of what inte..

What are the pros and cons of a chain of command : What are the pros and cons of a chain of command as an organizational tool. What benefits are provided by the use of a specific chain of command? What issues might result from its use?

Forecasting is art-science of predicting future events : Forecasting is the art and science of predicting future events. Organizations are constantly creating forecasts for different uses within the organization. Besides setting production levels, what are some other uses of forecasts within the organizati..

Decision of starting his business in international market : An Entrepreneur was running his business successfully in Pakistan. He decided to expand his business in the international market. He sent few very senior employees to the Europe for running his branch over there.

Introduce its first product in the market : Suppose you have registered a new company & now your company is going to introduce its first product in the market, Product has been developed after having all product related decisions the only pending decision is “fixing introductory product price”

Running sum of the forecast errors : Calculate the three-week moving average forecast for Week 9. Compute the MAD and MAPE of forecast errors. Using the running sum of the forecast errors (RSFE), compute the tracking signal.

Government project want their activities on critical path : The government spends a large amount of money each year on contracts. In fact, the federal procurement department spent over $425 billion in the fiscal year 2006 with over $33 million on Lockheed Martin Corporation alone. These projects are often kno..

User Account

All Pages