As the company prepares 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 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 technique or techniques you have selected. What is the impact of error on your chosen technique?
Deliverable requirements addressed; understanding of material and writer’s message and intent are clear.
Scholarly research that supports the writer’s position is properly acknowledged and cited. Direct quotations may not exceed 10% of the word count of the body of the assignment deliverable (excluding title page, abstract, or table of contents if used and tables, exhibits, appendices, and reference page). Inclusion of plagiarized content will not be tolerated and may result in adverse academic consequences.
Critical thinking: Position is well-justified, there is logical flow, and there are examples.
Structure: Includes introduction and conclusion, proper paragraph format, and reads as a polished, academic paper or professional presentation, as appropriate for the required assignment deliverable.
Mechanical: No spelling, grammatical, or punctuation errors.
APA: Deliverable is cited properly according to the APA Publication Manual (6th ed.).
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