MGT-530: Operation Management (Forecasting) - Module 03/Discussion 02
MGT-530: Operation Management (Forecasting) - Module 03/Discussion 02
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Regulations: |
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· GRADING EXPECTATIONS : 1. I recommend that you use the grading rubric to shape your work product (Attached). 2. With respect to grading, The instructor really looks for 2 things: citations and substance . I encourage you to include cites and information from scholarly and/or peer-reviewed sources in addition to the course text (Stevenson, W. (2018). Operations management (13th ed.). New York, NY: McGraw-Hill Irwin. ISBN-13:9781259667473)
Otherwise, my potential for points is reduced. It indicates you have read the course materials and searched far and wide for theories, statistics, and facts to address the issue at hand. I encourage you to paraphrase these sources. Convert the content into your own words rather than using direct quotes. This improves the synthesis of information, and it makes the writing more closely resemble your own style.
In addition to scholarly citations, a substantive assignment is one that not only answers the question but advances the discussion. Please, do more than is expected. |
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· The writer must apply APA style guidelines. |
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· Support your submission with: 1. Course material concepts, principles, and theories from the textbook and Use it in the references (Stevenson, W. (2018). Operations management (13th ed.). New York, NY: McGraw-Hill Irwin. ISBN-13:9781259667473) 2. At least Three scholarly, peer-reviewed journal articles such as:
2.1 Che-Jung CHANG, Guiping LI, Jianhong GUO, & Kun-Peng YU. (2020). Data-Driven Forecasting Model for Small Data Sets. Economic Computation & Economic Cybernetics Studies & Research, 54(4), 217–229. https://doi.org/10.24818/18423264/54.4.20.14
2.2 Haresh Kumar Sharma, Kriti Kumari, & Samarjit Kar. (2020). A rough set approach for forecasting models. Decision Making: Applications in Management and Engineering, 3(1), 1–21. https://doi.org/10.31181/dmame2003001s |
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· Be 2 pages in length, does not include the title page, abstract, conclusion and required reference page, which are never a part of the minimum content requirements. |
Forecasting
Demand forecasting results in an estimate of future demand and gives an organization a basis for planning and making sound business decisions. Since the future is unknown, it is expected that some errors between a forecast and actual demand will exist, so the goal of a good forecasting technique would be to minimize the difference between the forecast and the actual demand.
Address the following requirements:
· Articulate the difference in short and long-term forecasts, forecasting techniques, and the benefits and challenges of each technique.
· Create a forecast for a situation with which you are familiar (personal or professional) explaining the situation and why you chose the method of forecasting that you did.
Thank you for your support