OM Quiz 3 Essays

OM Quiz 3 Essays - Why forecasting? Discuss the role that...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Why forecasting? Discuss the role that forecasting plays in business. Taking specific business example, contrast the results of poor forecasting with those of excellent forecasting. Forecasting is the art and science of predicting future events. Forecasting may involve taking historical data and projecting them into the future with some sort of mathematical model. It may be a subjective or intuitive prediction. Or it may involve a combination of these – that is, a mathematical model adjusted by a mangers good judgment. Forecasting gives you direction, forecasting = decisions, and foresting = saving. Critical decisions can then be made based on rational expectations of future conditions. In particular, forecasting often provides decision makers with time to react to unwanted outcomes (e.g., an economic recession). Forecasting facilitates the formulation of rational/ consistent economic policies that help the national economy achieve sustainable economic growth. A real business example is Nils Mueller, Global IDF Initiative Manager for Procter & Gamble, said: "In the current economic climate - with ever increasing volatility in demand - it is crucial to extend the supply chain visibility as closely to our customers as possible. Speed today is of the essence. Only those companies that can respond quickly to customer and consumer needs will stay ahead." What is Dell Computers source of competitive advantage? In a short paragraph, explain some of the steps dell has taken to develop this advantage. Dell computer has demonstrated that the payoff for mass customization can be
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/24/2010 for the course MGT OPERATIONS taught by Professor Li during the Spring '08 term at Rowan.

Page1 / 3

OM Quiz 3 Essays - Why forecasting? Discuss the role that...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online