Short-range forecasting and long-range forecasting

Assignment Help Operation Management

Reference no: EM132287601

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: EM132287601

Questions Cloud

Short term or long term effects on any of the additives : Do you think that there are any short term or long term effects on any of the additives,

Differences between food and beverage service operations : There are some similarities and differences between Food and Beverage Service operations in hotels and restaurants.

Objectives for the team-building activities for scenario : Define your top three goals or objectives for the team-building activities for the scenario

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

Profile of the united states on hofstede cultural values : Consider the profile of the United States on Hofstede’s cultural values. Do you personally feel like you fit the United States profile,

Requires very high levels of certain cognitive abilities : Think of a job that requires very high levels of certain cognitive abilities.

Control perspective to minimize both types of errors : If both type one and two errors are expensive, what would you do from a control perspective to minimize both types of errors?

Technology factors contribute information security issues : Discuss what management, organization, and technology factors contribute information security issues.

User Account

All Pages