Unit 9: Unit 9: Forecasting - Discussion
Many discussion opportunities come up where you need to respond to other people’s
opinions and comments. Respond to your Discussion topic after you have completed
your Reading. Topics
Forecasting
Forecasting
Successful organizations are also those who are able to make relatively accurate
forecasts about the future needs (inventory, facilities, capacity, manufacturing,
manpower) for the products produced or the services delivered.
Forecasting is an uncertain science since it calls for predictions but current theoretical
and mathematical models (quantitative and qualitative) make it possible for
organizations to predict with an acceptable margin of error. Think about it this way:
Without forecasting, organizations would always be responding rather than acting.
1.
Select one industry from the list below: Bank, restaurant, health
clinic/hospital, airline, or university.
2.
What specific variables would be needed by that organization in order to
forecast? Be sure you explain why you selected each variable and why it is
important to forecasting.
3.
Which variables are used for short-range forecasting, long-range
forecasting, or for both. Make sure you support your selections. Unit 9: Journal
You will complete a Journal each week.
Each week, you will work on one aspect that will help you prepare for the course and
reflect. Consider this Journal as study notes. This Journal will provide an opportunity to
capture new ideas from knowledge gained and record your thoughts throughout the
course. This will also give you an opportunity to record questions you may wish to
research further in preparation for other assigned work. Please remember that
copying and pasting your own notes without revising is a form of self-plagiarism.
Click on the Journal tab at the top of the page to add your first entry. Begin your post
with the label: Unit 9: Forecasting.
Research the following topics related to Forecasting:
1. Qualitative/quantitative/mixed methods 2. Forecasting demand 3. Regression/Delphi 4. Forecasting accuracy 5. Trends/patterns Select three of the topics listed and compose 3 paragraphs describing the topics (1
paragraph per selected topic) based on the course material and additional research you
conduct online.
ID: MT435-09-12-LJ

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