Operation Forecasting, assignment help

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timer Asked: Apr 17th, 2017
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Question description

Purpose of Assignment

The purpose of this assignment is for students to learn how to apply Operations Forecasting.

Assignment Steps

Resources: Microsoft® Excel®

Select a business operations dataset from the internet or other sources which can be used for forecasting in the University Library.

Develop a minimum of three quantitative forecasts using Microsoft® Excel®.

  • Compare and contrast each quantitative forecast you develop.
  • Choose the one forecast you determine would be the best for the firm and be prepared to explain why you chose this.
  • Evaluate the impact this forecast would have on the firm from a financial metrics standpoint.

Develop a 700-word report in which you describe your forecasting project including details on all the assignment steps.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

Tutor Answer

MercyK254
School: Rice University

Attached.

Running Head: OPERATION FORECASTING

Operation Forecasting
Student’s Name
Professor’s Name
Course Name and Number
Date

1

OPERATION FORECASTING

2
Quantitative forecasts

Quantitative forecasts involve the forming of projections with regard to the future. There
is the use of numerical facts as well as previous experience so as to forecast the upcoming
events. Different type of quantitative forecast methods include; Smoothing methods, Trend
Projection, Causal method and the Decomposition of time series. A comparison has been made
in the excel file.
With smoothing forecast, it is utilized for data that does not possess a clearly defined
pattern. When it comes to demand forecasting, smoothing method is utilized so as to remove the
random variation from the historical demand. Through this, one can efficiently identify the
demand patterns as well as demand levels for the purpose of the estimation of future demand. On
the other hand, trend projection is utilized for data with linear trend pattern. Causal method is
similar to the trend projection, however, it has an independent variable and a dependent variable.
Finally, the decomposition of time series is utilized when data has both trend and seasonality
patterns.
Trend projection is the best method for selected hypothetical organization. The Trend
Projection Method is the most trad...

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