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...

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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





  • 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?




Your forecasts can be developed within a Word document or Excel spreadsheet.





  • 4 complete pages
    excluding the cover page, table of contents and references page.




  • 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.




  • 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.




  • The Saudi Digital Library is a good resource to search for these references. Submit your presentation into the Assignment Dropbox.



Answered Same DaySep 25, 2020MGT530Charles Sturt University

Answer To: Read through the Case Study entitled “M&L Manufacturing” in Chapter 3 of your textbook. Examine the...

Kanika answered on Sep 29 2020
131 Votes
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Running Header: M & L Manufacturing
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M & L Manufacturing
M&L Manufacturing
Potential benefits of more formalized approach of forecasting
Forecasting is an important part of any or
ganization because it gives the information to the organization which helps in determining the future demands of the various products of the company. It helps in reducing the inventory and labor cost of the company and keeps them looking ahead by using the various analysis and learning from past. Thus it leads to better planning process because using this; managers can anticipate the future and can plan accordingly.
Potential benefits of more formalized approach of forecasting include the better inventory management, better scheduling and on time delivery of the different services/ products , higher satisfaction of the customer, more accuracy in the financial planning and analysis and better prediction of the demand. It also provides easiness of utilizing the resources used for the calculation like computer and to quantify information. In the less formalized approach it is more likely that personal intuition of the various persons making the prediction is used which may lead to the personal biasness and get reflected in forecast made. Also the less formalized approach could be used in case of small forecasting problems only because as forecasting problem of the company gets larger then it is not possible to solely rely on the approach which is less formalized because the intuition of some people is not enough for processing the huge quantity of the information.
Weekly forecast for next four week of both products
Product 1:
For the Product 1, linear trend method of forecasting will be used because after plotting the data it is seen that there exists the linear pattern of the demand in every week except that for the demand in the week 7 because in the week 7 there...
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