OPS571 University of Phoenix Operations Forecasting Assignment

ops571

University of Phoenix

### 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.

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Forecasting is a process that predicts the future using past analyzed data. The whole process then
provides possible future events and their outcome for the entity. The benefits of forecasting include
but are not limited to improving the management’s confidence in decision making. Forecasting
forms the basis of presuming. The various methods of quantitative forecasting include; exponential
smoothing, smoothing average plus the trend. This following section discusses the different
forecasting methods:[CITATION Rob08 \l 1033 ].
1. Moving average
This technique helps to smooth away the random changes that may exist in periodical data[
CITATION SCh10 \l 1033 ]. Take for example periodical data like monthly sales for a dataset.
Though they may have a general trend, they may in a way contain some random changes that vary
from month to month.
Forecasting which makes use of the moving average method incorporates the use of past periods.
An example of the moving average is in the excel workbook.
What are the features of moving average method of forecasting? Well, first, the smoothing effect is
improved by some intervals in the moving average. This means that a higher number of periods in
the moving average will result in a more significant smoothing effect. Also, different moving
averages point ...

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