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MGT613 Production / Operations Management GDB No 01 Spring 2019 Solution & Discussion
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MGT613 G D B Solution required
Learning Objective: The objective of this discussion is to make students able to read and search about the various sources of forecast errors.
Safdar Manufacturing Ltd. deals with the production of sports related products. The Company has been in financial troubles for the last three years. The forecast errors have been attributed as one of the main causes of its financial distress. The accuracy of the demand forecast is essential in order to assure smooth production of the products. One outcome of inaccurate demand forecast is surplus inventory in case when it is not actually required, which will end up in absorbing more costs for the company. The other adverse outcome is the shortage of inventory when it is really required, which will lead towards loss of sales for the company. All this situation has been the source of financial problems for the company. For a company to be efficient in production, it is necessary to monitor its forecast errors to ensure that the forecast is performing adequately.
Being Production/Operations Manager of Safdar Manufacturing Ltd, how will you help the Company in identifying the various possible sources of forecast errors?
Please share some ideas so that we can work on them and create a possible solution.
How can i define these forcasting errors
MGT613 GDB Solution
Being Production/Operations Manager of Safdar Manufacturing Ltd, I help the Company in identifying the various possible sources of forecast errors are as follows
Incorrectly identifying the relationship between variables
Not recognizing trends in demand
Not updating forecasting assumptions and techniques
Projecting past trends into the future
Reacting to random or special cause variations
Relying on biased information sources
Using an insufficient number of data points
MGT613 GDB Solution