Description
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.
Explanation & Answer
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Running Head: QUANTITATIVE METHODS
Quantitative Methods
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Institution
Date
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QUANTITATIVE METHODS
Introduction
Forecasting can be defined as a technique for estimation or approximation of future
outcomes as well as events. Forecasting techniques can be deployed in business organizations to
foretell future trends regarding market movements or investment opportunities. Planning for the
future is a crucial aspect of running a business as it helps a business to respond and adapt
effectively to movements in the market. The organization is prepared to encounter uncertainties in
future. Forecasting always relies on data from past results and present results according to the
market trends. The forecasting process must be based on several assumptions that are formed
according to the company’s judgment, knowledge, and experience. The assumptions are likely to
bring about a lot of errors to the forecasting results but the sensitivity analysis is put in place to
reduce the errors. As such, the sustained success, as well as the growth of a company, largely rely
on how well it can foretell the future as well as respond effectively. The interpretation, as well as
the analysis of data combined with deep knowledge and sound judgment of the market, provides
the management team with a clear picture of future events that could affect the business. This
report will use Toyota Car production dataset in applying quantitative forecasting methods.
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QUANTITATIVE METHODS
Quantitative Methods
Usually, there are two types of forecasting methods; qualitative methods and quantitative
methods. Qualitative methods rely on subjective information, for example, suggested opinions by
the stakeholders of an organization. Organizations that use the quali...
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