FORECASTING Assignment Help
Are you struggling with your Forecasting Assignment Help ? Are you in high school, college or a graduate level student? Do you need Forecasting Homework Help?
You can send us Operations Management problems from Basic Operations Management problems like Inventory Management, Distribution Strategy, Inventory Control to more advanced Operations Management Assignment Problems like JIT Production & Purchase, Agile Manufacturing, Total Quality Management, Logistics Planning, Returns Management
The most important function of business is probably forecasting. A forecast is a starting point for planning. The objective of forecasting is to reduce risk in decision making. In business, forecasts are the basis for capacity planning, production and inventory planning, manpower planning, Planning for sales and market share, financial planning and budgeting, planning for research and development and top management strategic planning.
Who Uses FORECASTS?
Forecasts are needed for marketing production, purchasing, manpower and financial planning. Furthermore top management needs forecasts for planning and implementing long-term strategic objectives and planning for capital expenditures. More specifically, production planners need forecasts in order to:
- Schedule production activities
- Other materials
- Establish inventory levels and
- Plan shipments.
Some other areas that need forecasts include material requirements (purchasing and procurement), labor scheduling, equipment purchases, maintenance requirements and plant capacity planning.
As, soon as the company makes sure that it has enough capacity, the production plan is developed. If the company does not have enough capacity, it will require planning and budgeting decisions for capital spending for capacity expansion.
A diagram displays the relationship between demand forecasting and production/ operations systems.
DEMAND FORECAST
PLANNING DESIGNING PRODUCTION SHEDULING CONTROLLING
Product design Aggregate production planning Material requirements
Process design Master Scheduling Planning and inventory management
Capacity planning Operations Scheduling Quality assurance
Facilities Investment Project Management
PRODUCTION OF GOODS/SERVICES
FORECASTING METHODS:
The company may choose from a wide range of forecasting techniques. There are basically two approaches to forecasting are qualitative and quantitative.
- Qualitative approach : this approach forecasts based on judgment and opinion
Expert opinions
Delphi technique
Sales-force polling
Consumer Surveys
- Quantitative approach
Moving averages and weighted moving averages
Exponential smoothing and trend effects
Simple regression
Multiple regressions
Trend analysis and classical decomposition
Quantitative models work superbly as long as little or no systematic change in the environment takes place. When patterns or relationships do change by themselves, the objective models are of little use. It is where the qualitative approach based on human judgment is indispensable. Because judgmental forecasting also bases forecasts on observation of existing trends, they are also subject to a number of shortcomings. As a result, the advantage is that they can identify systematic change more quickly and interpret better the effect of such change on the future.
HelpWithAssignment provides timely help at affordable charges with detailed answers to your assignments, homework, research paper writing, research critique, case studies or term papers so that you get to understand your assignments better apart from having the answers. The team has helped a number of students pursuing education through regular and online universities, institutes or online Programs.
