Assignment ContentThis assignment is intended to help you learn how to apply forecasting and demand models as part of a business operations...

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Assignment Content































  1. This assignment is intended to help you learn how to apply forecasting and demand models as part of a business operations plan.

















    Choose2 quantitative elements that you would like to research in relation to an organization of your choice. 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.

















    Developforecasts by implementing the following approach:







    1. Collect data, including old demand forecast (subjective data) and the actual demand outcomes.



    2. Establish the forecasting method (from readings). Decide on the balance between subjective and objective data and look for trends and seasonality.



    3. Forecast future demand using a forecasting method.



    4. Make decisions based on step 3.



    5. Measure the forecast error where applicable. Look for biases and improve the process.













    Writea 350- to 525-word 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.
















    Citereferences to support your assignment.
















    Formatyour citations according to APA guidelines.





























Answered 1 days AfterFeb 25, 2023

Answer To: Assignment ContentThis assignment is intended to help...

Banasree answered on Feb 27 2023
33 Votes
Page | 2
For the purpose of this assignment, I have chosen to research two quantitative elements related to a fictional organization that specializes in the production of
organic beauty and skincare products. The two elements that I will be analyzing are:
The demand for organic beauty and skincare products in the target market
The availability and cost of raw materials used in the production of organic beauty and skincare products
1. Collecting Data:
To collect data for the analysis, conducted surveys and analyzed sales data from the previous year to identify trends and seasonality. Also gathered data on the (Plan) availability and cost of raw materials from various suppliers.
Demand for Organic Beauty and Skincare Products:
    Month    
    Actual Demand
    Forecasted Demand
    1
    1000
    950
    2
    1100
    1050
    3
    1200
    1150
    4
    1350
    1250
    5
    1450
    1350
    6
    1600
    1450
Availability and Cost of Raw Materials:
    Month
    Raw Material Availability (In Kg)
    Raw Material Cost ($ per kg)
    1
    2000
    5
    2
    2100
    5.5
    3
    2200
    6
    4
    2300
    6.5
    5
    2400
    7
    6
    2500
    7.5
        
2. Establishing the Forecasting Method:
After analyzing the collected data, decided to use the Time Series forecasting method to forecast future demand. Used a combination of subjective and objective data to balance (plan.)out the forecasting method. Using the Time Series forecasting method, forecasted the demand for the next six months based on the actual demand data from the previous six months. As per the analysis, the forecasted demand for the next six months is:
    Month
    Forecasted Demand
    1
    950
    2
    1050
    3
    1150
    4
    1250
    5
    1350
    6
    1450
    
3. Forecasting Future Demand:
Using...
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