Operation Management (Forecasting), writing homework help

User Generated

RZEB

Business Finance

Description

Critical Thinking:

Read through the Case Study entitled “Highline Financial Services, Inc.” in Chapter 3 of your textbook. It covers the role of forecasting in operations management. Examine the demand that this company has experienced for the three categories of service it offers over the preceding two years. Assuming nothing changes in terms of advertising or promotion, and competition also does not change, predict the demand for the services the company offers for the next four quarters. (Note that there is not enough data to develop seasonal relatives.)

You should be able to make reasonably good, approximate, intuitive estimates of demand. What general observations can you make regarding demand? Should Freddie have any concerns? Explain your answers in a 4-6 page paper, not including the cover and references pages. Use at least one outside reference to support your recommendations.

Reference must be 2011 - 2016

Well Writing , APA style

i'll include the case .

Unformatted Attachment Preview

Highline Financial Services, Ltd. CASE Highline Financial Services provides three categories of service to its clients. Managing partner Freddie Mack is getting ready to prepare financial and personnel hiring (or layoff) plans for the coming year. He is a bit perplexed by the following printout he obtained, which seems to show oscillating demand for the three categories of services over the past eight quarters: Assuming nothing changes in terms of advertising or promotion, and competition doesn't change, pre- dict demand for the services the company offers for the next four quar- ters. Note that there are not enough data to develop seasonal relatives. Nonetheless, you should be able to make reasonably good, approximate intuitive estimates of demand. What general observations can you make regarding demand? Should Freddie have any concerns? Explain. SERVICE SERVICE Year Quarter A B C Year Quarter А B С 1 1 60 95 93 45 2 85 1 72 85 2 102 90 3 100 92 110 2 51 75 75 3 85 4 90 110 75 65 112 4 85 50 100 Examine the demand that this company has experienced for the three categories of service it offers over the preceding two years.
Purchase answer to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

OUTLINE

1. Forecasting definition
2. Importance of forecasting
3. Law of demand
4. Prediction of demand
5. Conclusion
6. Reference


MANAGEMENT

1

Management

Name

Instructor

Institutional affiliation

Date

MANAGEMENT

2

Forecasting definition
Forecasting refers to the ability or the process of predicting future occurrence of an event.
In the provided case study, it entails prediction of values for quantities demanded for the three
services, A, B and C, in the next four quarters (Granger, 2014).
This generally would help an organization or a firm to plan for its future operations through
efficient allocation of resources and production factors. It again helps in uncertainities
minimization that might occur in the future. Lastly, it consolidates the quantities supplied and
quantities demanded which helps in knowing how much to supply for the available demand.
Importance of forecasting
Forecasting ranges its significance from the economic, social and even to technological
perspective. This explains the reason as to why it is necessary to predict the future values of
quantity demanded in the next or coming four quarters (Heizer, 2016). The importance are briefly
explained as follows;
a) Economic development
Forecasting helps in speculating future values of gross domestic product and...


Anonymous
Really helpful material, saved me a great deal of time.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags