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.
Explanation & Answer
Attached.
Running Head: OPERATIONS FORECASTING
Operations Forecasting
Institution Affiliation
Date:
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OPERATIONS FORECASTING
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Today organizations are using quantitative forecasting approaches to estimate the future
aspects of their business and operations. Examples of commonly used forecasting approaches
include the time-series technique and explanatory forecasting. These two are categorized under
the quantitative forecasting approach. Firms such as the Coca-Cola Company can utilize the
time-series approach to estimate the future aspects of the sales of its products in the market. This
essay compares the two quantitative forecasting approaches namely time-series and explanatory
techniques. It also selects one approach that a company such as Coca-Cola can utilize and the
effect it will have on the organization.
The time-series approach uses historical data and trends to estimate the future aspects of
business and its operations. On the other hand, the explanatory forecasting approach utilizes
other trends or data to make a forecast on the future aspects of the business (Abraham and
Ledolter, 2009). For instance, the time-series approach can utilize a historical site visit ...
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