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GDB No.1 MGT613

Marks: 10

Learning objective: The objective of this discussion is that students should understand why forecasting is important for the organizations.

Outcomes: The students will realize that how forecasting error impacts the demand forecast and which possible methods can be adopted to improve the forecasting.

Case:

Alpha Engineering Limited (AEL) is currently dealing with the manufacturing and sales of the motor car spare parts. The company is currently in severe financial crisis and after a detailed inquiry it was found that the trouble is mainly due to inadequate demand forecast. The sales division had also reported the case with similar observations of inaccurate demand forecast. Sometimes, the company incurs huge expenses on inventory holding at the time of low demand while at other hand the organization has to bear losses by giving up their valued customers, when it is unable to meet the customer demand because of the insufficient supply.

Question:

As a manager production, how you are going to assist sales manager in monitoring the forecast error vis-à-vis to improve the accuracy of demand forecast so that to ensure the demand forecasts are adequately performed in future?

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Please Discuss here about this GDB.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

PlZ discussion start kara
PlZ batay is ma kya ay g

forecast error is the difference between the actual or real and the predicted or forecast

Indicate the forecast error to improve the demand forecast system.

Forecast Accuracy
· Error - difference between actual value and predicted value
· Mean Absolute Deviation (MAD)
· Average absolute error
· Mean Squared Error (MSE)
· Average of squared error
· Mean Absolute Percent Error (MAPE)
· Average absolute percent error

Forecast error and improvement point ay g

MGT613 - Production / Operations Management GDB No. 1 Solution Spring 2016 Due Date July 19, 2016

MGT613 - Production / Operations Management GDB No. 1 Solution Spring 2016 Due Date July 19, 2016

Total Marks 10
Starting Date Thursday, July 14, 2016
Closing Date Tuesday, July 19, 2016
Status Open
Question Title Forecasting
Question Description

GDB No.1 MGT613

Marks: 10

Learning objective: The objective of this discussion is that students should understand why forecasting is important for the organizations.

Outcomes: The students will realize that how forecasting error impacts the demand forecast and which possible methods can be adopted to improve the forecasting.

Case:

Alpha Engineering Limited (AEL) is currently dealing with the manufacturing and sales of the motor car spare parts. The company is currently in severe financial crisis and after a detailed inquiry it was found that the trouble is mainly due to inadequate demand forecast. The sales division had also reported the case with similar observations of inaccurate demand forecast. Sometimes, the company incurs huge expenses on inventory holding at the time of low demand while at other hand the organization has to bear losses by giving up their valued customers, when it is unable to meet the customer demand because of the insufficient supply.

Question:

As a manager production, how you are going to assist sales manager in monitoring the forecast error vis-à-vis to improve the accuracy of demand forecast so that to ensure the demand forecasts are adequately performed in future?

Note:

Students are advised to write comprehensive but concise answers in point form. The evaluation will not be done on the basis of length of answer rather the quality of arguments. For acquiring the relevant knowledge, do not rely on handouts but watch video lectures and read additional material available online or in any other mode.

Important Instructions:

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  • Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
  • Books, websites and other reading material may be consulted before posting your comments; but copying or reproducing the text from books, websites and other reading materials is strictly prohibited. Such comments will be marked as Zero (0) even if you provide references.
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