Business Finance
MG 375 Park University Forecasting in A Digital World Article Analysis Form

MG 375

Park University

MG

Question Description

I’m working on a Management question and need guidance to help me study.

Directions

Select one of these concepts

Application of forecasting models in developing production plans (which type of model are they using?)

Accuracy of forecasting models for developing production plans (how are they measuring accuracy?)

Capacity utilization rate

Frequent versus infrequent capacity expansion or reduction

Services Capacity: differences from manufacturing

Manufacturing capacity: Focus and Flexibility

Then find a current event in an article from the resources below to illustrate that concept.

Industry Week

Wall Street Journal

Applied Forecasting

Industry Week

Global Manufacturing

Analysis Post

After reviewing and analyzing at least one of the current events articles, compose an analysis of that event or situation using the unit operations concept that you selected.

Note: Remember to focus upon your selected operations concept in your analysis.

Unformatted Attachment Preview

MG375 DISCUSSION: ARTICLE ANALYSIS FORM This is only an example of how to set up your analysis. You may want to write it without following this order but be sure to include all the necessary parts. TITLE OF THE ANALYSIS /CONCEPT BEING APPLIED ☐ Start with a definition of the concept from the text book and how it applies to the news article. Be sure to include a description of how operation managers are involved. SHORT SUMMARY OF THE NEWS ARTICLE ☐ Continue with a short summary of the news article. Be sure that it involves Operations management, not corporate management or one of the other business functions. Include what is happening, who is involved and what the impact on the business will be. Look for the 5 W's. These answer Who? What? Where? When? and Why? This is where you provide the background against which the operations management concept will be applied. ANALYZE BASED UPON THE MANAGEMENT CONCEPT ☐ Now add the section about how the textbook concept applies to the situation that you described above. Use quotes from the textbook where necessary to expand upon your analysis. Look for the textbook concepts or issues being discussed. Ask yourself if the writer is educating you with the facts or if he is trying to get you to think a certain way or follow a given action. Look at both sides of the argument. Consider the solutions proposed if he gives any. ☐ Add your conclusions and opinions. Based upon your readings this week do you agree with the solutions given in the article. Do the concepts for the week conflict with the information in the article? What is the impact to the operations function in this business in the short term and the long term? What should operations managers within the organization do? IDENTIFY YOUR SOURCES ☐ identify the source, from the approved list, that you used to prepare this assignment. If you researched other sites to broaden the analysis be sure to include them as well. Remember that other students or the instructor may want to go to your sources to better understand as they prepare their responses, so include the web address and other related information. ...
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Final Answer

Attached.

MG375 DISCUSSION:
ARTICLE ANALYSIS FORM

This is only an example of how to set up your analysis. You may want
to write it without following this order but be sure to include all the
necessary parts.

TITLE OF THE ANALYSIS /CONCEPT BEING APPLIED
Forecasting models are used by financial analysts to forecast, report, track, and analyze financial
data to foretell future revenues. “Forecasting in a digital world” is a Wall Street Journal article
describing how operation managers can utilize predictive algorithms to reduce errors and biases.

SHORT SUMMARY OF THE NEWS ARTICLE
The news article describes how forecasting teams in the past would take a lot of time to look through
financial spreadsheets and calculate percentages of growth. However, despite these efforts, their
results would be full of human errors, guesswork and bias. Although many companies are adopting
automation tools to assist the intensive work, some companies are still struggling with forecasting
tasks. Algorithmic forecasting is a f...

DrWood (10725)
Duke University

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