Operations Management 4
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Read through the Case Study entitled “M&L Manufacturing” in Chapter 3 of your textbook. Examine the historical trend this company has experienced for the two products discussed. Prepare weekly forecasts for the next four weeks for both products, describe the forecasting method you chose and explain why that forecasting method is best suited to the scenario. Explain why you did, or did not, choose the same forecasting method for each product. What are the benefits of using a formalized approach to forecasting these products?
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Be sure to use at least two current, scholarly references beyond any required course readings. Current sources are those published within the most recent five-year period, and scholarly sources are those from peer-reviewed journals.
We were reminded that forecasts are the “basic input in the decision processes of operations management because they provide information on future demands” (Stevenson, 2015, p. 75). With that reminder, we have an opportunity for you students to show your understanding of forecast with a written exercise that allows you to practice what you learned.
Required readings –
Review Chapter 3 in Operations Management.(attached)
Review Chapter 3 PowerPoint slides – Operations Management.(attached)
Coker, J., & Helo, P. (2016). Demand-supply balancing in manufacturing operations. Benchmarking, 23(3), 564-583.
Randheer, K., & Al-Aali, A. (2015). What, who, how and where: Retailing industry in Saudi Arabia.Journal of Competitiveness Studies, 23(3), 54-69.
You are to prepare weekly forecasts for the next four weeks for both products. Your forecasts may be included as tables in the body of your paper and shown in APA format, or you may include your forecasts in an appendix after your references page,
Format for tables – https://owl.english.purdue.edu/owl/resource/560/19/
Format for appendix – See page 10 of the sample paper –https://owl.english.purdue.edu/media/pdf/20090212013008_560.pdf
You are to describe the forecasting method you chose and explain why that forecasting method is best suited to the scenario. Explain why you did, or did not, choose the same forecasting method for each product, and what are the benefits of using a formalized approach to forecasting these products. As usual, use introductory writing to include a thesis and mapping, body paragraphs, and a conclusion. Use headings to delineate important sections.
Headings – https://owl.english.purdue.edu/owl/resource/560/16/
The body of your paper should be 4 pages or less. The cover page, references page, and any appendices do not count in that total page count.
Be sure to use at least two current, scholarly references beyond any required course readings. Current sources are those published within the most recent five-year period (2012-2017), and scholarly sources are those from peer-reviewed journals.
Make certain for each listed reference that you have at least one supporting citation in the body of your content. Your reference page is always the last page of the submission where all individual references get listed unless you use an appendix which appears after your references page. Submit your presentation into the Assignment Dropbox, but it is strongly encouraged that you submit all assignments into the TurnItIn Originality Check prior to submitting them to your instructor for grading.