Operations Forecasting

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Business Finance

OPS571 Operations Management

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.

Unformatted Attachment Preview

Operations Forecasting Grading Guide OPS/571 Version 8 Operations Management Copyright Copyright © 2017, 2016, 2013 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Operations Forecasting Grading Guide OPS/571 Version 8 Individual Assignment: Operations Forecasting Purpose of Assignment The purpose of this assignment is for students to learn how to apply Operations Forecasting. Resources Required Microsoft® Excel® Content Met Partially Met Not Met Total Available Total Earned 5 #/5 Partially Met Not Met Comments: Selected a business operations dataset from the internet or other sources which can be used for forecasting in the University Library. Developed a minimum of three quantitative forecasts using Microsoft® Excel®. Compared and contrasted each quantitative forecast developed. Chose the one forecast determined to be the best for the firm and be prepared to explain why you chose this. Evaluated the impact this forecast would have on the firm from a financial metrics standpoint. Developed a 700-word report describing your Forecasting Project including details on all the assignment steps. Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Met Comments: 2 Operations Forecasting Grading Guide OPS/571 Version 8 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 2 #/2 7 #/7 Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 3
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Explanation & Answer

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1
Running Head: QUANTITATIVE METHODS

Quantitative Methods
Name
Institution
Date

2
QUANTITATIVE METHODS
Introduction
Forecasting illustrates the technique for estimating or approximating future events as well
as outcomes. Forecasting tools can be employed in business enterprises to foretell about future
trends concerning investment opportunities or market movements. Planning for the future is an
essential aspect of managing a business since it helps an enterprise adapt and respond to market
needs and changes effectively. As such, the enterprise is ready an equipment to withstand any
future market uncertainties. Forecasting is normally dependent on past data results as well as
current data according to the trends in the market. However, the process of forecasting requires
several assumptions that are established based on the experience, knowledge, and judgment of the
company. The interpretation and analysis of the data coupled with intensive knowledge and
judgment of the marketplace provide the company management with a clean picture of the future
trends that are likely to have an impact on the business. The report will make use of Toyota car
production figures to illustrate the quantitative forecasting tools.
Quantitative Methods
This method of forecast...


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