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Friday, January 24, 2020

Forecasting Applications for Strategic Management 530

Are you interested in FREE Strategic Management resources? Here is a great resource for you: https://myeducationmanager.tradepub.com/category/management/1209/

If you're taking Strategic MAnagement 530, here is a great overview of the forecasting applications assignment:


As per Highline Financial Services, LTD, I will separate each category of service in one table
A
First Year
Second Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
60
45
100
75
72
51
112
85

B
First Year
Second Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
95
85
92
65
85
75
85
50

C
First Year
Second Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
93
90
110
90
102
75
110
100

Now, let us see the difference for each quarter between the first and second year in the tables below,
A
The Difference ( First Year – Second Year)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
12
6
12
10

B
The Difference ( First Year – Second Year)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
-10
-10
-7
-15
  
C
The Difference ( Second Year – First Year)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
9
-15
0
10

Finally, let us see my forecast of the third year base on the differences above by adding them to the second year’s numbers in the tables below,
A
Forecast of Third Year ((First Year – Second Year) + Second Year))
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
84
57
124
95

B
Forecast of Third Year ((First Year – Second Year) + Second Year))
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
75
65
78
35

C
Forecast of Third Year ((First Year – Second Year) + Second Year))
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
111
60
110
110

In order to make these tables more clearly, I will illustrate them for the decision makers in clustered cones below,
As we can see in the above clustered cones that the demand of service A is increasing each year, on the other hand, the demand of service B is decreasing each year while the demand of service C is  fluctuating but, it hasn't come down below the demand of service B
At the end, Highline Financial Services, Ltd. Must take care of the demand of service B and study all the reasons behind this declined that could be the bad service or any other reasons

References

Choudhury, D. K. (2018). Market demand forecast method selection and application: A case study in Hero MotoCorp Ltd. IUP Journal of Operations Management, 17(2), 7-22.

Forecasting Accuracy

Stevenson, W. (2018). Operations management (13th ed.). New York, NY: McGraw-Hill Irwin.




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