Highline Financial Services Essay
Highline Financial Services
Every origination needs to separate themselves from their competition. From offering the newest and latest products to offering outstanding service. Highland Financial Services Itd. Is no different from other companies. Standing out from other organizations is critical for the company’s success. Managing partner Freddie Mack must use the information that he has been provided with to find if he may need to hire or layoff any personnel for the upcoming year. Doing this accurately will help the company reach their goals and insure the companies well being for the future. Freedie Mack will need to use moving average date technique. This technique that averages a number of recent values, updated as new values become available (Stevenson, 2012 p. 84). Freedie must use the following equation. Ft=Man= n E i-t At-i/n= At-n…+At-z+At-1/n. By taking amounts from each quarter in the corresponding service areas and dividing the values, Freedie will get the percent’s of growth. The example would be from year one, quarter one, service A and year two using service A quarter one (60/72=1.2% growth projection and then taking the 1.2% and multiplying this by 72). This would give the organization an 86 in service column A for year three, quarter one and so on for each quarter as we will see in the table below.
Freedie would use this date to determine the growth or fall regarding the demand. He can use this to predict several years in the future using this technique. Using this technique is easy and easy to understand (Stevenson 2012, p.85). The observations from the technique are the service scores gradually are increasing with the average growth if 1.19% in service A, 1.15% growth in service B, and .98% in service C. Service A and B are growing at a higher pace, while service C is growing slower. To grow the service areas faster, Highland Financial Services Ltd. should offer higher service standards within the current service areas in the coming quarters and years. One option the company may want to explore is better training to up sell the better service package to their clients. This potentially would raise sales and allow them to hire more employees. Freedie should be concerned the organization is not growing in the service area C column.
All but quarter three are down, the organization must do something to improve the service for this quarter by looking into their operations strategy. Depending on what the companies current operations strategy is, they may want to revisit the strategy. Freedie must use up to date information on demand forecasting for the organization. One thing that they can do is use shorter time frames versus long term forecasting due to economy or other outside obstacles. Using short time frame forecasting will allow the organization flexibility if they need to adjust their forecast (Stevenson 2012, p.109).
The organization should not layoff any personnel, but rather hire more staff for the business needs as they arise. While the trend shows a raise in service over the next year, they may want to plan for the future and look more into the next few years rather than just one year. Doing this will allow them to hire an appropriate amount of people and be able to train them to be ready for the upcoming business gain and future success of the business.
Table below shows the forecast for Year 3 and the four quarters within the year.
Stevenson, W, J. (2012) Operations Management, 11th edition, New York, N.Y: McGraw-Hill/Irwin.