Forecasting One portion is Due today Discussion
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Forecasting One portion is Due today Discussion
How has the development of the internet affected the way companies forecast in support of their supply chain planning process?
Provide an example of a successful or unsuccessful forecast.
Why is it important for firms to focus on forecasting models?
Compare and contrast the various types of forecasting models.
Due Monday
Reply to at least 2 of your classmates in a 100-word count. Be constructive and professional in your responses.
Why is it important for firms to focus on forecasting models?
Forecasting is extremely important when it comes to business, especially new businesses. Forecasting will help the company ensure they are on the right path, which competitors they are up against, and if they are producing the products that their target audience wants and needs. “Proper forecasting will help to minimize the role of luck or chance in determining business success or failure. A successful promoter is also the prophet of economic conditions” (Chand). This will also help with estimating how much money is needed and how it will be spent. This also helps with decision-making, with proper information that is given especially with forecasting it can ensure necessary changes are made to keep the company profitable and running smoothly. Having accurate sales makes sure that other budgets are correctly done, if you have too much or too little of a product you won’t be able to keep up with the demand or have too much product your sitting on either case it will not be efficient for the company. Correctly forecasting raw materials helps with budgets all across the board.
The internet is a tool that is widely used for information. It has become one of the go-to sources since going to the libraries or reading newspapers. The internet itself has truly affected how companies forecast their supply chain planning process. “Leading firms are using Web-based technologies to migrate from centralized, intra-enterprise planning to distributed optimization based on the synchronized capabilities of all trading partners” (O’Brien, 2004). Companies are slowly moving away from planning for products. They are planning more for capabilities. The internet has made it to that by recognizing and collaborating in the horizontal and vertical marketplace, they are becoming more competitive and are given an advantage. Because the world today is so technologically based, the information needed is collected and gathered through the internet where there is little to no need for additional staffing on forecasting supply and demand. “Focus is shifting from internal integration to connected, collaborative supply webs, which drives top-line growth, operating efficiencies, and reduced working capital investment” (O’Brien, 2004). These tactics and advantages will allow companies to save more money and increase their profit.
Forecasting One portion is Due today Discussion
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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