Operations forecasting, This assignment is intended to help

Operations forecasting

Reference no: EM132584684

Apply: Operations Forecasting

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 from the company you selected.

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.

Reference no: EM132584684

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