|Starting Date||Tuesday, November 24, 2020|
|Closing Date||Monday, November 30, 2020|
|Question Title||GDB No. 01|
PRODUCTION PLANNING & INVENTORY CONTROL (MGMT617)
GDB No. 1
Total Marks: 5
To reinforce the concept of forecasting.
The demand forecast is usually based upon past data and other external factors such as economic conditions, trends, fashions, seasons, and industry estimates. The newly established businesses face a lack of past data which results in a lack of accurate forecasts. Consider, XYZ is a small scale newly established business firm in FMCG. Though the firm is new in the market, it has a few direct and indirect competitors working in the market for many years. The firm needs to identify the key areas that can be improved upon to monitor and manage business expenses, sales trends, cash flow projections, etc. For this an accurate forecasting method is needed for the firm.
Recall the methods of forecasting, suggest a reliable forecasting method for XYZ firm with justification. Would you suggest to keep using the forecasting method for years or change it over time? Justify your answer.
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