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Manychip Corp prepares to meet demand and capacity requirements for its planned future growth, you’ve been asked to review the current forecasting strategy and help implement a new strategic plan for forecasting demand. The new forecasting plan ties directly to the overall strategic planning methodology established by the company. The company historically has used a time series method. The forecasting methods under consideration are the following:
? Qualitative: human judgment, usually best used when little data is available
? Simulation: the use of computer models or judgment to imitate customer behavior
? Causal: used when there is a direct tie between demand and an environmental factor, such as cold weather
? Time series: the use of historical data to predict future needs
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Check My Assignment!Objective:
- Identify which forecasting technique or multiple techniques should be used in the future for Manychip’s strategy. Are there other techniques available that are not listed above?
- Explain the technique you identify and give an example of how it is used in the manufacturing, retail, and health care industries.
- Detail if one of the four techniques listed above should NOT be used and why.
- Evaluate the significance of forecasting error for the technique or techniques you have selected. What is the impact of error on your chosen technique.
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https://brainmass.com/business/business-management/manychip-forecasting-63503
Attachments Forecasting.doc
Solution Preview
- Identify which forecasting technique or multiple techniques should be used in the future for Manychip’s strategy. Are there other techniques available that are not listed above?
Manychip is into the business of electronic components and have performed fairly well in the past and is experiencing further growth in those segments as well as new segments. For Manychip’s growth strategy in the future, the company should not only continue the current time series technique because it has worked for the company fairly well, but also incorporate other modern techniques such as Simulation to better understand consumer behavior and design and develop new products in light of the findings, especially in manufacturing companies like Manychip
Some of the other …
