Chat with us, powered by LiveChat
Order now
     

Evaluate the significance of forecasting error for the technique or techniques you have selected.

As the company prepares to meet demand and capacity requirements for its planned future growth, you have been asked to review the current forecasting strategy and help implement a new strategic plan for forecasting demand. The new forecasting plan ties directly to the overall strategic planning methodology established by the company. The company historically has used a time series method. The forecasting methods under consideration are the following:

 

  • Qualitative: human judgment, usually best used when little data is available
  • Simulation: the use of computer models or judgment to imitate customer behavior
  • Causal: used when there is a direct tie between demand and an environmental factor, such as cold weather
  • Time series: the use of historical data to predict future needs

Using research, complete the following:

  • Identify which forecasting technique or multiple techniques should be used in the future for the company’s strategy. Are there other techniques available that are not listed above?
  • Explain the technique you identify, and give an example of how it is used in the manufacturing, retail, and health care industries.
  • Detail if 1 of the 4 techniques listed above should NOT be used and why.
  • Evaluate the significance of forecasting error for the technique or techniques you have selected. What is the impact of error on your chosen technique?

 

Grading Criteria

Percentage

Deliverable requirements addressed; understanding of material and writer’s message and intent are clear.

35%

Scholarly research that supports the writer’s position is properly acknowledged and cited. Direct quotations may not exceed 10% of the word count of the body of the assignment deliverable (excluding title page, abstract, or table of contents if used and tables, exhibits, appendices, and reference page). Inclusion of plagiarized content will not be tolerated and may result in adverse academic consequences.

20%

Critical thinking: Position is well-justified, there is logical flow, and there are examples.

20%

Structure: Includes introduction and conclusion, proper paragraph format, and reads as a polished, academic paper or professional presentation, as appropriate for the required assignment deliverable.

10%

Mechanical: No spelling, grammatical, or punctuation errors.

10%

APA: Deliverable is cited properly according to the APA Publication Manual (6th ed.).

5%

Place a similar order with us or any form of academic custom essays related subject and it will be delivered within its deadline. All assignments are written from scratch based on the instructions which you will provide to ensure it is original and not plagiarized. Kindly use the calculator below to get your order cost; Do not hesitate to contact our support staff if you need any clarifications.

Whatever level of paper you need – college, university, research paper, term paper or just a high school paper, you can safely place an order.