As the company prepared to meet demand and capacity requirements for its planned future growth, you have been asked to review the current forecasting strategy and help implement a new strategic plan for forecasting demand. The new forecasting plan ties directly to the overall strategic planning methodology established by the company. the company historically has used a time series method. The forecasting methods under consideration are the following:
* Qualitative: human judgment, usually best used when little data is available.
* Simulation: the use of computer models or judgment to imitate customer behavior
*Causal: used when there is a direct tie between demand and an environmental factor, such as cold weather.
* Time series: the use of historical data to predict future needs.
Using course materials and other research, complete the following:
* Identify which forecasting technique or multiple techniques should be used in the future for the company\’s strategy. Are there other techniques available that are not listed above?
* Explain the technique you identify, and give an example of how it is used in the manufacturing, retail, and health care industries.
* Detail if 1 of the 4 techniques listed above should Not be used and why?
* Evaluate the significance of forecasting error for the techniques or techniques you have selected what is the impact of error on your chose technique?
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