subject: strategic management What are some of the issues and danger in forecasting? Cite examples of its implications to the organization
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Q: Discussion #1 & #2
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Q: Models for forecasting?
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subject: strategic management
What are some of the issues and danger in
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- Subject: Strategic Management What forecasting approaches do you know? How is this being applied in your work? Or from your past experience?Do you think that Hard Rock Cafemakes use of time horizons when forecasting?Forecasting Forecasting is important relative to capacity requirements planning. What are some of the merits of using judgment methods (i.e., qualitative data) in contrast to quantitative forecasting methods. Which methods are considered to be superior or more accurate, and in what forecast situations would require judgment methods? In what situations would require a quantitative approach to forecasting?
- Which of the following statements about forecasting based on big data analytics is true? Question 5 options: Most firms should outsource this analysis. Most firms have all of the resources needed to do this analysis. Most firms may need to acquire new resources to do this analysis. All are true statements regarding big data analytics.3- What are the different Forecasting Approaches? Explain each in detailQuestions: 1. What are some of the potential benefits of a more formalized approach to forecasting? 2. Prepare a weekly forecast for the next four weeks for each product. Briefly explain why you chose the methods you used. (Hint for product 2, a simple approach, possibly some sort of naive/intuitive approach, would be preferable to a technical approach in view of the manager's disdain of more technical methods).
- What is the role of the POS system in forecasting at HardRock?What strategic decisions do organizations need to make in terms of forecasting? What are some examples?Question TWO: i. Identify and explain the Major Steps involved in budgeting ii. What do you understand by business forecasting? and state the challenges faced in forecasting
- Several business periodicals often carry reports of companies that may not have met their sales and profit forecasts. What are some reasons a company might not meet its forecast? What suggestions could you make for improving the effectiveness of forecasting?QUESTION 5 Choose the answer with the best match. Elements of a Good Forecast, Meaningful: The benefits should outweigh the costs It should work consistently The degree of accuracy of the forecast should be stated The forecasting horizon must cover the time necessary to implement possible changes so that its results can be used The units measured should be useful to those using the forecast QUESTION 6 There are two main approaches to forecasting. Choose the best two: Quantitative, Consumer Judgmental, Quantitative Sales force, Judgmental Historical, Consumer Expert, Executive QUESTION 7 Describe the following: Andon Maintaining equipment in good condition Maintaining a workplace that is clean System for moving work to the next station as it is completed System of lights used at each workstation to…Describe what are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?
