MGT4239: Forecasts are a critical part of the operations manager’s function. Demand forecasts drive a firm’s: operation management Assignment, IIU, Malaysia

School

INTI International University (IIU)

*We aren't endorsed by this school

Assignment Type

Individual Assignment

Subject

MGT4239: operation management Assignment

Uploaded by Malaysia Assignment Help

Date

19/03/2024

DETAILS OF ASSIGNMENT TASK:

Forecasts are a critical part of the operations manager’s function. Demand forecasts drive a firm’s production, capacity, and scheduling systems and affect the financial, marketing, and personnel planning functions. There are a variety of qualitative and quantitative forecasting techniques. Qualitative approaches employ judgment, experience, intuition, and a host of other difficult-to-quantify factors. Quantitative forecasting uses historical data and causal, or associative, relations to project future demands (Heizer, Render & Munson, 2017).
MGT4239: operation management Assignment
Figure: Hard Rock Café Logo

Hard Rock Cafe uses moving averages, weighted moving averages, exponential smoothing, and regression analysis for forecasting. Sales forecasts drive many short-term and long-term decisions within the company, including long-term purchasing commitments and cash flow forecasts for borrowing needs. Forecast variances are computed, and root causes of those variances are sought out whenever the variances are too high. Counting the number of people that come through the door and knowing how many ordered menu items vs. other things, drives the sales forecast. Point-of-sale registers at each restaurant provide that information to the corporate office.

Get 30% Discount on This Assignment Answer Today!

The weighted moving average forecasting technique is used to set sales and bonus targets for store managers. Managers can estimate the price elasticity of demand for each menu item, and they can accurately estimate the impact of a price increase for one item on the demand for other items on the menu. Based on the case above, students are required to discuss the forecasting and the approach used to increase the company’s sales and growth.

⦁ Discuss why forecasting is important for the organization.

⦁ Construct all the weaknesses of the standard forecasting techniques as applied to this set of data?

⦁ Because known models are not appropriate here, propose your own approach to forecasting. Although there is no perfect solution to tackling data such as these (in other words, there are no 100% right or wrong answers), justify your model.

⦁ Forecast demand for next year using the model you propose and explain the efficiency and effectiveness of the company.

⦁ Explain the operations managers duties and responsibility in sustaining the companies effectiveness.

⦁ Explain the current trend and challenges faced by the organization and the approach used by the operation manager in tackling the issues.

Stuck in This Assignment? Deadlines Are Near?

Get Help By Expert

Are you seeking help with your MGT4239 Operation Management Assignment in Malaysia? Look no further! Our team offers top-notch dissertation help in Malaysia and reliable online assignment helper services tailored to your needs. With our experts at your service, Malaysian students can confidently seek assistance and ensure their assignments are completed with excellence.

Answer

UP TO 15 % DISCOUNT

Instant Paper Writing Services by Native Malaysia Writers

Plagiarism Free Solutions
100% Original Work
24*7 Online Assistance
Native PhD Experts
Hire a Writer Now
Convincing Features
Plagiarism Free Report
On-Time Delivery
Native Writers
A+ Quality
100% Confidential
24*7 Online Assistance

Get these features included in Your Assignment

Get Assistance for Assignments, online Exam, and Projects Writing