Assignment:
John and Michael know that to be successful they need to properly staff their company and order the right amount of materials, and to do so, a new forecast method is needed. While they have used a simple forecast up to this point, they no longer believe that method will work for them and the company. They are now coming to you for help in selecting the right forecasting method and to develop an initial forecast.
Individual portion:
The first step in this project requires each member to research and select a relatively new company for which he or she will use as a benchmark. After researching your selected company, come up with a recommendation, for them, on which type of forecasting method they should use and why. Based on the recommendation, you must create a spreadsheet with a 12-month forecast highlighting the key factors used in its development. Your spreadsheet may also contain assumptions that support your argument.
For the Individual Portion of the Group Project, you must submit a spreadsheet consisting of 1,200 to 1,500 words in which you recommend a specific method of forecasting for your selected company. For full-credit, you must address the following in your spreadsheet:
- Research and select a relatively new company.
- Explain the various methods of forecasting to develop an aggregate forecast.
- Explain which type of forecasting method the company should use and why.
- Create a spreadsheet with a 12-month forecast highlighting the key factors used in its development. Explain why you chose the method that you did. Provide some assumptions that support your argument.