Forecasting Case Studies Samples For Students

1. What are the various forecasting methods?
Forecasting methods are divided into two broad categories of qualitative methods and quantitative methods. Qualitative methods of forecasting are judgment based, opinion based, intuition based, emotions based, or personal experience of the individual conducting the forecast. There is no mathematical element in qualitative forecasting. On the other hand, quantitative forecasting methods rely on mathematical computations and objectivity. Qualitative methods of forecasting include; executive opinion, market survey, sales force composite, and Delphi method. Quantitative methods include; time series models and associative models (Hamlett).
2. Who will do the forecasting?
In a ...

Introduction

In statistics and finance, the name of forecasting is the most dominating one, which has its own recognition and importance lies in a broad nutshell. It is important to analyze and forecast a thing with the help of effective tools of forecasting and organizations always consider the initiation of different standard tools and methods that stride under the ambit of statistical management in total.
Among different statistical tool, which would be used for different purposes in an organization, the name of regression tool is one of them, which has its own significance and importance. There are certain amount of topics, ...

VinLogic is a simulation dynamics for inventory which is tasked with offering transportation and delivery network for automobile sin the United States and also Mexico. The delivery network aids in the minimization of costs that are incurred in the delivery and transportation of automobiles. This is done through forecasting and predicting
Electronic data is used within a delivery network and tracking systems to predict when current shipments are expected to arrive at the dealers who ordered them. Simulations provided by the model depict all the variations in vehicle production from the factory. Holidays and Industry shutdowns are also put into ...

Forecasting is an important aspect of a business that aims at reducing the area of uncertainty that surrounds management decision-making. This is with respect to important aspects such as costs, production, waste reduction, profits and so on and offers guidance using history, experience, and knowledge as markers (Das 217). Forecasting essentially employs the micro and macro forecasting models. There is an important distinction between micro-forecasting and macro-forecasting. Micro-forecasting model is a detailed product unit forecast while macro-forecasting involves forecasting the market in total.
McDonalds’ forecasting can be on areas of sales, product mix, and stocks or product availability. The ...

Forecasting methods in health services

Forecasting is a mathematical prediction process that uses the data from the past records to predict the future outcomes. In the case of the health services, it uses the number of patients visiting a given health facility for a given period of time, like, say, for a whole year or a month in order to predict the estimated number of expected patients in the following year. This helps the health facility managers to make a prior plan of financial and material expenditure for the year or month to come.
In addition, forecasting helps to monitor the operational efforts in ...

Business

Data Graph
Naïve/Simple Average/Exponential Smoothning
Below we have highlighted the outcome of the forecasting models along with MAD of each model. It is evident that of the three forecasting model, exponential smoothning offers least MAD.

Considering Other Forecasting Errors

Yes, apart from MAD, we should also consider other measures of forecasting errors such as Mean Absolute Percentage Error(MAPE). This will help us in comparing the models on two different parameters relating to error measurement.

Other Models

For the purpose of reducing the mean absolute deviation, we have used 4-year moving average, weighted average moving average, seasonal indicing and least regression measure. The outcome ...

Metabical: Pricing, Packaging, and Demand Forecasting for a New Weight-Loss Drug

Issues
The main issues presented in Metabical case study include the pricing packaging, and demand forecasting techniques for the new weight-loss drug that Cambridge Sciences Pharmaceuticals (CSP) seeks to launch in the market. The first issue is the determination of the optimal package size that CSP can use for the new drug to be launched in the market. The second issue is the issue of pricing. CSP needs to develop an appropriate pricing model than can be applied in pricing the products in the market. Concerning the pricing concern, CSP has three models that it is expected to choose ...

Question 1a: Define a problem statement which reflects the challenge facing Mark as he planned for the opening of the new center
Managing a successful call center requires careful planning and implementation of techniques that guarantees productivity. However, decentralized call centers poses management challenge especially in case where there is the existence of issues resulting from poor implementation of company’s policies and procedures. In addition, planning for the future is difficult for decentralized call center locations because the agents may not implement the set strategies simultaneously, thus resulting to variation in the actual calls for each call center. ...

There are a few ways Blades can advantage from using forecasting methods in looking to expand their operations as Blades is an international roller blades manufacturer. Advantages that include a increase in the rate of return of investment in using the correct forecasting money creates baht-designated money inflows and afterward changes over them to U.S. dollars. Anticipating the conversion scale might permit Blades to settle on a forecasting opportunity that is apparently the most advantageous. Moreover, it is said that Blades might set up an auxiliary in Thailand. If this somehow happened to happen, benefits earned by this auxiliary ...

Executive Summary

Ford Motors Company is one of the largest industrial corporations in the world. Contemporary business environment continues placing a lot of pressure on the cost-side of the business and the company went through the process of restructuring of its supply chain, called Ford 2000, which brought into the picture such elements as outsources distribution network, Ford Production System, and Order to Delivery approach, allowing significant saving. Today, the company considers two options: continue with its current supply chain setting and try to improve operations to gain further competitive advantage or adapt Dell´s business model.
An analysis of the ...

Introduction

The Krona Community Hospital, founded in 1977, is a 60-bed, acute care facility, which is situated in Banconota County. The facility presently offers a full range of care services and maintains a staff of around 400 workers, 100 physicians and specialists and several volunteers. Nouveau Health, which is a private, non-profit health care chain, has acquired the management of the Krona Hospital. The new facility will have 74 acute beds, which are entirely private, four observation rooms, a 24-hour emergency center, four surgical operating rooms, intensive care unit, and maternity department that will have one C-section room. In addition, the new facility will contain ...

Nike is a sports items and accessories manufacturer that was founded in 1957. It most distinguishable product is athletic shoes for different sports including golf, tennis, baseball, volleyball amongst others. Since its formation, the company has consistently proven to be the number world sports items and accessories manufacturer and currently, it sells its products in more than 140 nations in the world. Although the company’s main headquarters are located in Beaverton, United States, it has outsourced most of its manufacturing activities to various locations in the world. In 1998, the company in an effort to overhaul its entire business ...

Background of the Case

Globalization and the internationalization of business brings a number of opportunities to the companies, which, at the same time, come with the challenges to deal with governance structures and keeping the business operations under control, given the growing complexity of the business in general. Whirlpool Corporation is the leader in the global home appliance industry. During its over 100 years history the company have experienced tremendous growth, applying different strategies, from organic expansion to Merger and Acquisition (M&A) strategies, resulting in building a wide portfolio of brands, such as Brastemp, Whirlpool, KitchenAid and Maytag among others, outlining the focus ...

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Introduction

Galaxy Micro Systems is in the middle of deciding what kind of contract it will tie up with a national franchiser for three years service warranty. There are two alternatives; one is a lump sum contract paid out at the onset. The other is combination of a smaller fixed sum and an installment payment schedule spread over three years. Both schemes appear to be acceptable to Galaxy but there are parameters that need to be defined to make the decision. There is also a significant potential sale that needs to be assessed as it will influence ...

Generating Value

Nissan’s operations management strategies encompass key strategies for enhancing effectiveness and efficiency of operations. With the global scale of its business and operation facilities, Nissan uses a combination of several operations management tools and techniques to generate value for customers. Some of these tools and techniques include inbound and outbound logistics planning, mixed model assembly lines, strategic network design, efficiency analysis and performance measures, lifecycle planning and demand management, and risk management (Malakooti, 55). All these have enabled the company to attain competitive advantages and remain resilient during periods of economic downturns. Nissan achieves competitive advantages from operations ...

The EPR technology changes made by Hansen to both production and non-production function functions of their business and how they are related to each other
This essay covers the founding of the Hansen Company, its development of the E.R.P technologies and it’s the consequent effects in production and non-production functions of their thriving business and the relation of both phenomena.
While constructing their own house in the mid-1950s, Bert and Dawn Hansen out of necessity attempted to create a reliable toilet valve. It worked with such efficiency that they decided to make some more in their home ...

Business

2016-07-28

Introduction

This paper is devoted to the company Nissan Motor Company Ltd. and its management system. The great attention is paid to the operations management, supply chain, inventory management and other aspects, which can significantly impact on the company’s effectiveness.
Nissan is currently demonstrating a steady growth in terms of volume of production and sales, as well as developing its technologies in different fields. Nowadays, the company Nissan produces cars in twenty countries around, which include Japan, USA, England, Spain, India, Brazil, Mexico, Russia and others. Sales are conducted in more than one hundred and sixty countries.
Company ...

Where everybody is trying to find out the Metabical’s Current weight loss option as well their demand forecast. I found a few case studies regarding Metabical’s weight loss option. While the other discussing these issues in different cases or journals I could not find many lessons details about the other cases, Metabical’s. My aim, in this case, is to provide a clear idea about the Metabical’s cases of Weight option, forecasting demand and the pros and cons.
Current weight reduction medications can be delegated Prescriptive Drugs or Over-the-counter (OTC) cures. OTC Drugs were not as ...

Question 1

Financial managers play an important role in an organization. They are required to manage an organization’s financial activities in line with its underlying goals and objectives. Financial management activities aimed at increasing and organization’s profit shence contributing to subsequent growth of a firm. A firm’s investment in productive projects or in any production process has a great impact on the returns the shareholders will acquire. This comes in as a result of taking a safety investment which is certain of making profits to the firm. Earnings from the invested funds of such projects ensure that the shareholders are contented with ...

This case pertains to Metropolitan hospital, a small 2 year old hospital that has a relatively tiny workforce of 235 people. It is a 60 bedded hospital and is very efficient. The hospital board has decided to increase its capacity from 60 to 190 beds within one year; they also plan to recruit the workforce that would be required to handle such an expansion. Clara Hawkins, the hospital administrator, is against this decision as she feels that this proposed expansion would reduce the efficiency of the hospital. She feels that it would be difficult to find such a talented, dedicated and hardworking team ...

The production director of Wilmslow Ltd wants to schedule production for quarter 3 (the twelve weeks ending 17 September) and asks you to use the revised information to prepare the following:
- The revised production budget for Alphas and Betas;

Closing stock is 5 days and 10 days of sales for Q4, for alpha and beta respectively, which is 20% more than the new estimated demand, so the Q4 estimated demand is 120% of 2000 and 2400 respectively
=120/100*2000=2400
2400/12=200 units (12 weeks because each week is 5 days)..For Alpha

For beta;

=120/100*2400=2880
2880/6=480 ...

Question 1

a). Using the ACF graph, a trend is identified, which shows seasonality. The first trough shows the high season whereas the second trough represents the slack. After the ninth period, the graph shifts to the negative side, which may signify a low season. The PACF graph shows that a majority of periods of high are followed by a low period. This, however, is different for some periods where a period of high is followed by two consequent lows. This is a non-linear trend for the Mobile Home Shipment.
b). From the autocorrelation analysis, there is an evident time series. A time series is when there is a ...

- How Levi achieved business success with application of SCM.
As a result of Levi’s inefficiency in managing its supply chain, the business faced operational and performance challenges that greatly owed to a poor SCM system. However, an update of the system in order to meet the need of having an efficient system as a supplier to Wall mart enhanced performance. In that respect, Levi’s success can be attributed to SCM’s application as follows.
- The business needed to reach and sell to the mass market for its low end brands. This required an upgrade of CSM ...

Recommendations: Purely should focus on developing a consistent brand image by clearly identifying the marketing mix. Commercial users should become the main target market. Promotion expenditures should be kept to minimum to free up capital for capacity expansion.

Short/Medium Term – Immediately to One Month

1) Purely should focus on commercial users. Firstly, fewer competitors exist in this market. Moreover, servicequality, competitive prices, and word-of-mouth advertising are effective for these users. Longer-term contracts reduce demand volatility and facilitate forecasting.
2) Expand newspaper advertising to publications used by businesses and leverage current network in the Filipino community to penetrate and further expand in the commercial business segment. ...

Appendix

Executive Summary
- Introduction
- Methodology
- Benefit and Cost Categories
- Forecasting Methodology and Decision Criteria
- Assumption
- Analysis
- Project Analysis (commentary and summary of base case results)
- Sensitivity Analysis
- Evaluating the project
- Risk Analysis
- Conclusion/Recommendation
Executive Summary
The cost benefit analysis is the fundamental appraisal tool under the public spending sector. The paper provides an approach by which the cost incurred in e-government project is compared against the expected benefits so that the government can be able to ...

A Case Study of Sunsweet Growers

The impact of IT on logistics integration – a case study of Sunsweet Growers

The use of information and technology to optimize supply chain management processes has gained tremendous pace over the last decade. The deployment of sales and operations planning or SOP programs can help an organization integrate functions for higher levels of control and management. However, the challenges posed to a supply chain and the consequent effectiveness of technological integration is determined by a number of variables that vary between organizations.
Sunsweet Growers operates in the dry fruits industry. The production of dry fruits is highly volatile, while the demand ...

Most of the culture-related problems facing 3rd world countries rely on traditional methods of production such include the participation rate of men and women. Women are not very active in the labor force. There are beliefs that women should not participate in particular jobs thus lowering the number of viable employees (Jiang 190). Education and skills necessary is also a major challenge as far as culture is concerned. Education is a basic necessity to any human. In most of these third-world countries, illiteracy levels are very high, and this mostly has been contributed by bad culture. People from these ...

Introduction and Analysis – A-Cat Corporation

Introduction
Description of the scenario
A-Cat is a manufacturing company dealing in the production of voltage regulators. The company requires transformers in the manufacture of voltage regulators/refrigerators. In order to meet the demand for refrigerators, the company must have adequate stock of transformers. The company has been facing challenges of overstocking and understocking of transformers. Overstocking increases storage costs thus reducing the operational efficiency of the company while understocking limits the company from meeting its normal production levels. The number of transformers needed is determined by analyzing the sales figures for the last two to three months as well ...

Studio Stessia is a form of partnership that is owned by Paul and Nicole. This partnership operates various businesses under one roof. Some of the business activities that take place in the partnership include sale of women’s clothes and salon. This partnership is located in the outskirts of Quebec City. This business is a family business since it was inherited from the grandmother of one of the partners. The two partners are people with other responsibilities in the society and therefore have little time to manage the business. As a result, the partners have employees who manage the business on their ...

Written Strategic Audit

(For The Recalcitrant Director at Byte Products, Inc. Case)
I. Current Situation
- Current Performance
Byte has been a market leader for the past 6 years with steady annual income of 12% and a total turnover of about $265 million. Byte also has a market share of 32 percent. However, upsurge in demand has attracted entry of new firms placing its market leadership in jeopardy.

B. Strategic Posture

- Mission
- Objective
- Strategies
- Increase production capacity by constructing a new production plant that will significantly increase output in the long run.
- Maintain its market leader position ...

SECTION A (a) Questionnaire Data Analysis

- Create two questionnaire type questions which might be useful in business research (there are many examples in these materials and in the textbook). Then identify the kind of data which will be produced by these questions, reflect on any coding issues which the data might raise, and suggest what kind of analysis you could do on the data.

- Extremely long
- Very Long
- Moderately Long
- Slightly Long
- Not at all
Q. What is the possibility that you would recommend our company to others? (Please elaborate on your answer).
...

- The firm’s strong point and flaws and also approvals for addressing resource deficiencies and other weaknesses.
- The suitability of the firm’s yields and services, to the foreign market. Here, the suitability of the products and services to international customers is determined.

Potential markets to a product

- Retailers
- The government
- International community

Information could be gathered from

- Print-this occurs in paper works such as newsletters, microfiche, books, periodicals, magazines, newspapers among others
- Televisions and radio media. This includes advertisements.
- Online information. This involves the use of the internet and search engines.

Examples of international market intelligence

- I have gathered the ...

EC 320

Regression analysis refers to a host of techniques used in statistics to explain relationships between variables in a data set. He helps us understand and make predictions of how dependent variables would change when independent variables are altered. Scott Armstrong (2012) says that “the estimation target is a function is a function of the independent variables called the regression function” (p. 9).It is this regression function that gives the mathematical relationship between the various variables in the data set. He says too that characterizing the disparity of the dependent variable around the regression meaning can also be described by the probability function.
...

Cost of Equity Capital

Cost of equity can defined as the opportunity cost of raising finances through equity. Equity comprises of ordinary share capital and retained earnings of a company. The rate of return expected by investors is the same as the cost of equity. Cost of equity is therefore important in valuation of shares. However, unlike debt securities, which have fixed interest, dividend paid on equity securities fluctuate over time. It is in the discretion of the management of any company discretion to determine how much dividend to pay in case they decide to pay dividend. This makes it hard to estimate the ...

Introduction

United Bank for Africa Plc (UBA) is one of the leading financial service institutions in Nigeria and West Africa, listed on the Nigerian Stock exchange, UBA is rapidly evolving into Pan African Service institution. Several ratios were applied on the financial data of the company and there were areas where the company performed well while in other areas there are valid concerns.

Financial Analysis

There are various ratios that showed that the company had improved in terms of profit in the period 2007 to 2008. The following ratios showed positive growth.
Net Profit Ratio: Net profit ratio increased from a figure ...