Description
Prompt:
This week you will be searching the internet for two resources that add to your understanding of the lesson material in chapter 1 (Chase) on Demystifying Demand Forecasting. Use the template attached to this assignment for your submission. Start by listing key search terms you will use to locate two resources for this essay. Then, search in YouTube, Google, Bing, or any other search engine for a resource that adds to your knowledge of forecasting. Do not source "for-purchase options" such as consultancies or statistical software. As an example, you could source a YouTube video that expands your understanding of the basics of forecasting demand from either the demand or supply side. Provide a hyperlink for each resource in the section of the paper that is labeled "Resource Hyperlinks." Next, you have two sections, one for each hyperlink to review the source in some detail. Finally, you will be Summarizing what you have found that helps you understand forecasting. This section, is the most important. Spend some time thinking about what you have learned and how to communicate what you learned effectively.
Instructions:
- Utilize the template attached below for this assignment. Label your submission document as follows: yourlastname_Assignment1.docx (ex: Johnson_Assignment1.docx)
- Minimum 1000 words of content of strategic material, double spaced. Content requirement does not include cover page, abstract, nor reference pages
- Resources and citations are formatted according to APA (7th edition) style and formatting
- Once you submit your document to the assignment folder it will automatically be loaded to TURNITIN.COM for this course. Your similarity scan score must be 20% or less (the following will be excluded: headers, references, etc. prior to instructor grading paper—focus on the content of scan percentage)
- Plagiarism in any form will result in an automatic zero for this assignment:
- Using another author's exact words without quotations AND without an in-text citation
- Paraphrasing by changing a couple of another author's words and claiming them to be your own.
- There are no late assignments accepted after the last day of the course unless: (a) prior approval has been obtained from the professor or (b) you have an approved 30 day extension.
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Explanation & Answer
Attached.
1
Demand Forecasting
Student Name
American Public University
COURSE####: Course Title
Instructor Name
Due Date
2
Demand Forecasting
It has been a challenge to educate the management of companies and organizations on the
importance of accurate demand forecasting to improve their business processes and profitability.
This has proved to be challenging, given the myths held by many concerning this topic, making it
difficult for organizations to adopt practices that would otherwise bring accurate demand
prediction. Therefore, it calls for an urgent need for management and employees to be educated to
distinguish between myths and reality. In this modern era, data analysis can be incorporated to
build models that can be used to study past trends and make accurate demand forecasts. However,
this faces a lot of resistance from the skeptics of forecasting, still clinging to setting targets' past
practices without looking into future demand trends (Chase, 2013). This paper seeks to look into
two internet sources to help us understand this topic much more in-depth.
When searching for sources on the internet, some of the critical terms used include basics
of demand forecasting, understanding demand forecasting, and definition of demand forecasting.
The two sources from the internet that we will use are a website publication and a YouTube video,
and they are:
1. Theory of demand forecasting: https://www.toppr.com/guides/businesseconomics/th...