BMO3410 - Assessment 1QA

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Victoria University *

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3410

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Industrial Engineering

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Dec 6, 2023

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docx

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Uploaded by DukeSardineMaster321

BMO3410: Supply Chain Analytic Assessment 1: Practical ERP-based Demand management module Details Question 1 : What is Proportional factor? What is the sum total of the proportional factors? Consider a product family having four products, what will be the proportional factor (in percentage) given equal weights to each product?  The proportional factor is the percentage of the total demand that is attributable to a particular product. The sum total of the proportional factors is 100%.  If a product family having four products, the proportional factor (in percentage) given equal weights to each product would be 25%, and the total demand for the product family would be 100% Question 2 : What is seasonal trend model? How does it differ from Seasonal models and trend models? Explore other models in the forecast execution section.  Seasonal trend model is a time series forecasting technique that aims to decompose a time series data into its underlying components: trend, seasonality, and residual (random variation or noise). This decomposition allows for a better understanding of the underlying patterns and fluctuations within the data, which can then be used to make more accurate forecasts.  On the other hand, trend models represents the long-term movement or direction in the data. It captures the overall upward or downward movement in the series over an extended period of time.  Hence, seasonal models only captures the repeating, periodic patterns in the data that occur at fixed intervals, often corresponding to specific seasons, months, weeks, or days. Seasonality can be thought of as the regular fluctuations in the data that repeat over time.  Other models in forecast execution section: Residual - The residual component represents the random noise or variability that cannot be explained by the trend and seasonality. It includes any irregularities or unexpected fluctuations in the data that are not accounted for by the model. Question 3 : Explain how ERP systems can help you understand your companies forecasting. ERP systems play an important role in improving the company’s efficiency by automating and provide a systematic approach to create a forecast from historical data. Hence, it can help my company to make better decisions by providing insights into its e-commerce business. For example, the company can use its ERP systems to track sales trends, identify customer segments, and optimize its marketing campaigns, reduce errors in which would result in customer satisfactions.

Question 4 : What did you learn about the nature and outcomes of different forecasting techniques from the exercise?  The choice of forecasting technique depends on many factors, but one key difference between established and new products or services is that established products or services have historical sales data that can be used to predict future demand. New products or services often lack this data, making market research techniques more important.  I also learned that the suitability of each method is contingent on a number of criteria, including the facts that are at hand, the kind of product or service being offered, and the objectives of the company.  One of the most important distinctions between well-established and newly introduced goods or services is that the former have historical sales data that can be used to predict the latter's future demand. Considering that new goods or services sometimes lack this data, market research approaches have become more vital. Question 5 : How did this experience help upskill yourself in terms of understanding the capabilities on an ERP system? As I interact with the ERP system and work through its capabilities, I have encounter challenges and roadblocks. This enhanced my problem-solving skills as I’ve found creative ways to overcome obstacles. ERP system also cultivated my attention to detail and data accuracy since accuracy is crucial when working with an ERP system, as incorrect entries can have significant consequences. ERPs typically integrate various departments and functions within an organization. Learning its capabilities has helped me a broader understanding of how different parts of a business work together.

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