We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

M& L with details calculation Essay

Paper type: Essay Pages: 1 (227 words)

Views: 254

What are some of the potential benefits of a more formalized approach to forecasting? Q2.Prepare a Weekly forecast for the next four weeks for each product. Briefly explain why you chose the methods you used.

Forecasting helps to predict the future orders, in turns it ensures customers demands are constantly being fulfilled; which eventually makes the customers happy. Forecasting helps the company to remain competitive, it reduces inventory costs. Besides, forecasting helps to prepare for an increase or drop in sales, it saves on labour costs.

And all these factors bring higher profit to the company.

Using Linear Methods to predict the next four weeks forecast

Now, I’ll show the forecast of product 2 using the simple/naive approach.

The reasons of using naive/intuitive approach are many. Some of them are it is very cheap, quick and easy to prepare. As a result it is widely used by all level of managers. It does not require complicated use of mathematics, it is time consuming and it is easily understandable.

The use of both forecasting methods will allow the manager to make decision on which product to place emphasis on. Though naive approach is applicable for short term decision making, keeping the managers disdain in mind, I have used this approach to calculate forecasting for the product 2. Moreover, it is very easy, cheap and time consuming to prepare.

Cite this page

M& L with details calculation. (2016, Jul 14). Retrieved from https://studymoose.com/m-l-with-details-calculation-essay

How to Avoid Plagiarism
  • Use multiple resourses when assembling your essay
  • Use Plagiarism Checker to double check your essay
  • Get help from professional writers when not sure you can do it yourself
  • Do not copy and paste free to download essays
Get plagiarism free essay

Not Finding What You Need?

Search for essay samples now

Our customer support team is available Monday-Friday 9am-5pm EST. If you contact us after hours, we'll get back to you in 24 hours or less.

By clicking "Send Message", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
No results found for “ image
Try Our service
online

Hi, I am Sara from Studymoose

Hi there, would you like to get such a paper? How about receiving a customized one? Click to learn more https://goo.gl/CYf83b

online

Hi, I am Sara from Studymoose

Hi there, would you like to get such a paper? How about receiving a customized one? Click to learn more https://goo.gl/CYf83b

image

Your Answer is very helpful for Us
Thank you a lot!