Get Instant Help From 5000+ Experts For
Get Instant Help From 5000+ Experts For
  

 

 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:

  1. Schedule production activities
  2. Other materials
  3. Establish inventory levels and
  4. 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.

Book Your Assignment

Drop files here or click to upload.
Or click here to upload

How It Works

Step 1

Upload
Assignment

Step 2

Get A Price Quote Within Minutes

Step 3

Make The
Payment

Step 4

Track Your Request Through Tracker

Step 5

Receive Completed Assignment In Inbox

Customer Reviews

Thank you guys for your great assistance. Loved the way youdealt with the assignment. Very satisfied with the work and will use yourservice again.

Aaron Essay: , Deadline:

Aaron

Thingsgot very difficult during my 3rd semester of my Mechanical Engineering course.After coming to the States I realized that education here is very challenging.Thanks to HelpWithAssignment.com, I completed all the fluid mechanics reports withan A+. Now currently they are working on my mid-tern research report and I amhappy with the service.

Adal Muller Essay: , Deadline:

Adal Muller

The course structure in the US is totallydifferent from what I was used to. I was feeling totally bogged down with allthe course load and numerous assignments of the different subjects. Thank godfor HelpWithAssignment and their brilliant Labor Economics Assignment experts Idid not need to worry about the assignment once I submitted it to them.

Nikita Tibrewal Essay: , Deadline:

Nikita Tibrewal

All the curves used to confuse me a lot.I was not getting any direction while all of my classmates were cruisingthrough their Monopoly, Oligopoly market equilibrium assignments. Then myfriend Judith introduced me to HwA and then I felt much better after takingtheir economics homework help. They helped me understand and also get goodmarks. 

Laura Hammersley Essay: , Deadline:

Laura Hammersley

I was about to give up on my assignment until my classmate told me about HelpWithAssignment.com and they offer assignment writing services. I am really happy the way the writer has completed assignments.  I did not have to rewrite the assignments. Thank you so much for your guidance and assistance.

Sebatian King Essay: , Deadline:

Sebatian King

Great help///!!!Very reliable and realistic they are.it was a great experience for me to get my assignment from them. when I submitted my assignment there was no plagiarism at all

Carl Walter Essay: , Deadline:

Carl Walter

Get assignment help from subject matter experts!

4.7/5 rating | 1M+ happy students | Great tutors 24/7 | 11+yrs exp in academic writing