Homework: Operations Plan
This homework is intended to help you learn how to apply forecasting and demand models as part of a business operations plan.
Choose 2 quantitative elements that you would like to research in relation to the organization that you selected for your business plan. These elements may be related to products, services, target market, consumer preferences, competition, personnel, resources, supply chain, financing, advertising, or other areas of interest. However, at least one of these elements should be related to a product or service that your organization is planning to offer.
Develop forecasts by implementing the following approach:
• Collect data, including old demand forecast (subjective data) and the actual demand outcomes.
• Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.
• Forecast future demand using a forecasting method.
• Make decisions based on step 3.
• Measure the forecast error where applicable. Look for biases and improve the process.
Write 350 to 525 words paper evaluating the findings from the supported data points above, and explain the impact of these findings on operational decision making. Insert charts and supporting data from Excel and other tools in your paper.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, and typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.