Wk 5 – Apply: Operations Forecasting
This assignment is intended to help you learn how to apply forecasting and demand models as part of a business operations plan.
Choose 3 quantitative elements from the company you selected.
- Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
- Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
- Forecast future demand using a forecasting method.
- Make decisions based on step 3.
- Measure the forecast error where applicable. Look for biases and improve the process.
Write a 525- to 700-word paper evaluating and summarizing the findings from the supported data points above.
Insert the charts and supporting data from Excel and other tools in your paper.
Cite references to support your assignment.