Select one industry from the list below

Assignment Help Operation Management
Reference no: EM131358630

Successful organizations are also those who are able to make relatively accurate forecasts about the future needs (inventory, facilities, capacity, manufacturing, manpower) for the products produced or the services delivered.

Forecasting is an uncertain science since it calls for predictions but current theoretical and mathematical models (quantitative and qualitative) make it possible for organizations to predict with an acceptable margin of error. Think about it this way; without forecasting organizations would always be responding rather than acting.

Select one industry from the list below: Bank, restaurant, health clinic/hospital, airline, or university.

What specific variables would be needed by that organization in order to forecast? Be sure you explain why you selected each variable and why it is important to forecasting.

Which variables are used for short-range forecasting, long-range forecasting, or for both. Make sure you support your selections.

Reference no: EM131358630

Questions Cloud

Compute the critical edge load : Compute the critical edge load NxCR for a plate simply supported around the boundary, with length a = 2 m (along x), width b = 1 m, t = 1 cm.
Balanced score card : In step 3 of the Sustainable Performance phase, balanced score card (BSC) is discussed as one way of embedding ongoing performance measurement into management. BSC is used quite a bit in organizations that want to ensure that their strategies are ..
How could datagathering instruments be helpful in ascertaing : If you had a multicultural workforce of managers, technicians, or professionals, how could data-gathering instruments be helpful in ascertaining cross-cultural factors in their work styles?
What are porter''s three generic strategies : What are Porter's three generic strategies and why would a company want to follow only one? How can a company use Porter's value chain analysis to measure customer satisfaction?
Select one industry from the list below : Forecasting is an uncertain science since it calls for predictions but current theoretical and mathematical models (quantitative and qualitative) make it possible for organizations to predict with an acceptable margin of error. Think about it this..
How will this text impact global business : How will this text impact global business? Do you think Hot, Flat, and Crowded will have as great an impact on society as The World Is Flat had on business? Why or why not?
Name three additional business professionals : Name three additional business professionals you should follow to help prepare for your career in business.
Create written work utilizing the concepts of critical think : Identify the informal fallacies, assumptions, and biases involved in manipulative appeals and abuses of language - Create written work utilizing the concepts of critical thinking.
Explain in detail porter''s five forces model : Using Porter's Five Forces Model (buyer power, supplier power, threat of new entrants, threat of substitute products, and competition), evaluate the attractiveness of entering the movie rental business. Be sure to include product differentiation, ..

Reviews

Write a Review

Operation Management Questions & Answers

  Prepare functional specifications for the company

E-commerce is the trend that most companies are going toward now a days. You are to select one business that does not already employ e-commerce and develop an Internet strategy for it.

  What is earned value management

What is earned value management (EVM)? What project management concepts does EVM bring together? Please discuss your EVM experience. What four measures form the basis for all earned value performance assessments and forecasts? How is each defined? Ho..

  Explain how the concepts from locke''s goal

Explain how the concepts from Locke's goal setting theory can be incorporated into Vroom's expectancy theory. Explain how the concepts in Adams' equity theory can be incorporated into expectancy theory. Needs to be 200 word and due in 2 hours.

  Share new knowledge-apply that knowledge in making decisions

An organization that performs certain activities and then contracts out other activities through an alliance of outside suppliers is known as a? _______. The organizational structure in which an employee simultaneously reports to both a functional ma..

  Bracket assembly requires one base two springs-four clamps

Use Excel to solve the problem and submit the file through the eLearning system. A bracket assembly requires one base, two springs and four clamps. The base is assembled from one clamp and two housings. Each clamp has one handle and one casting. Each..

  Outline what you believe the current status of the project

Outline what you believe the current status of the project is and interpret what the projections mean to you. Using only this cost data, how can you project time to complete

  Without a huge investment and lowering productivity

What features of the workplace have been linked to lower stress, and is there any evidence they could be implemented without a huge investment and lowering productivity?

  Schedule for introducing new product into the marketplace

You just have been instructed to develop a schedule for introducing a new product into the marketplace. Below are the elements that must appear in your schedule. Arrange these elements into work breakdown structure (down through level 3), and then dr..

  Security problems resulting from software defects

Realistically, users have no control over software at the code level, but there are steps a user can take to avoid the security problems resulting from software defects. What are the steps consumers can take to mitigate security vulnerabilities that ..

  What is the probability that the dairy will run out of this

Assuming the supplier's promise is valid, what is the probability that the dairy will run out of this flavor before the shipment arrives?

  Discuss the difference between prejudice and stereotyping

Please discuss the major difference between empathic (active) listening and the other levels of listening presented by Stephen Covey. Also, please discuss, using graphs, the process of dialogue and its potential in changing people’s mental models and..

  About the health insurance

Health Insurance. Name and describe the three general strategies available to benefits managers for controlling the rapidly escalating costs of health care. Identify which strategy your organization (or an organization with which you are familiar) ha..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd