Comparison and Contrast of Forecast Methods - 1585 Words

Comparison and Contrast of Forecast Methods MGT 554 Operations Management University of Phoenix Professor Leonard Enger May 1, 2006 TABLE OF CONTENT Cover PageÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â….1 Table of ContentsÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…...2 Seasonal ForecastingÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…..3 Delphi MethodÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…4 Technological MethodÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…5 Time-series forecastingÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…...6 Company Forecasting MethodsÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…..7 ConclusionÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…..8 ReferencesÂ…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…Â…..9 Comparison and Contrast of Forecast Methods There are several different methods that can be used to create a forecast, this paper will compare and contrast the Seasonal, Delphi, Technological and Time Series method of forecasting. Factors to†¦show more content†¦http://www.ryerson.ca/~mjoppe/ResearchProcess/841TheDelphiMethod.htm Technological Method The Technological Forecasting method is used to analyze the market for the life span of an existing technology to determine if its close to end of like and to see if a new product or technology is ready to enter an existing market. It is also used to identify competing new technology and to forecast sales. Before a new innovative product enters into the market Technology Forecasting is one of several methods used to determine if customers will buy it. The Technology method should always be used in conjunction with other tools to identify prospective customers, prototypes, focus groups, interviews, market testing, internet polls and other tools to get a better understanding of the market. The major techniques for technological forecasting is numeric data and judgmental. Numeric data-based forecasting extrapolates history by generating statistical fits to historical data. Judgmental forecasting can also be based on past projection but like the Delphi method it relies on the subjec tive judgment of experts. Keep in mind that technological forecasting is most appropriately applied to capabilities, not to the specific characteristics of specific devices. Other Numeric data techniques are Trend Extrapolation, Qualitative Approaches, Growth Curves, Envelop Curves and Substitution models. Techniques used by Judgment-Base method are Monitoring, Network Analysis,Show MoreRelatedForecasting Method1505 Words   |  7 PagesAbstract Companies forecast in different ways and for different reasons. For the sake of my current employer, some of the reasons to why they forecast is to ensure that there are plenty of cellular phones in stock or even to make sure that the company has enough numbers to assign to customers when they purchase wireless service from us. The following paper will compare and contrast various forecasting methods while also elaborating on the method that my current employer use for forecasting salesRead MoreForecasting Methods for Companies Essay1442 Words   |  6 PagesAbstract Companies forecast in different ways and for different reasons. For the sake of my current employer, some of the reasons to why they forecast is to ensure that there are plenty of cellular phones in stock or even to make sure that the company has enough numbers to assign to customers when they purchase wireless service from us. The following paper will compare and contrast various forecasting methods while also elaborating on the method that my current employer use for forecasting salesRead MoreForecasting Paper1450 Words   |  6 PagesAbstract Forecasts are extensively used to support business decisions and direct the work of operations managers. The two major types of forecasts are qualitative and quantitative. Within each of these types are multiple methods and models. Qualitative forecasts are based upon subjective data. Quantitative forecasts are derived from objective data. Both methods are not suitable for all situations and circumstances. Each has inherent strengths and weaknesses. The forecaster must understandRead MoreThe Methodology Of Islamic Economics And Positive Economics1500 Words   |  6 Pageswill attempt to discuss the distinction between the methodology of Islamic economics and positive economics. The study will start from defining each system, followed by comparing the similarity of the methodology, and finally contrasting of both methods. The Definitions There are two descriptions of definition from each system. Siddiqi (1992) notes in Chapra (2000) that the definition of Islamic economics is â€Å"The Muslim thinkers’ response to the economic challenges of their times. In this endeavorRead MoreBrief Analysis About Integrated Reporting1128 Words   |  5 Pagesdefinition of integrated and carding the literature background about integrated report. Then, the second factor could state the key issues of integrated report, which could influence the corporate thinking and decision-making. Following part will make comparisons between the traditional financial report and integrated report. The last part of this essay will discuss the potential challenges of integrated reporting’s development. Meanwhile, the final conclusion and discussion will be revealing in the endRead MoreQuality Of Information Environment For The Canadian Imperial Bank Of Commerce1729 Words   |  7 Pagesis to examine and compare the quality of informat ion environment for the Canadian Imperial Bank of Commerce (CIBC) and the Bank of Nova Scotia (BNS). The analysis is performed from three perspectives: earnings response coefficient (ERC), analysts forecast consensus, and quality of Management Discussions Analysis (MDA). First, research was conducted for a total of 8 quarters (Q4 2012 to Q3 2014, Exhibit 0) based on publicly available information. The ERC analysis requires each bank’s alpha and betaRead MoreAn Equity Research Report On Whitbread Plc1647 Words   |  7 Pagesbase the forecast assumptions (sheet 7) and subsequent residual operating income and free cash flow valuations (sheet 9). The analysis of Whitbread’s ROCE and its three value drivers (sheet 5) underpinned the forecast assumptions (sheet 6). A growth firm has the following three features (Penman 2013): 1. â€Å"Sustainable growing sales† 2. â€Å"High or increasing core profit margins† 3. â€Å"High or improving asset turnovers† When forecasting the annual sales growth rates for the forecast years, theRead MoreAn Analysis Of An International Portfolio Investment For Board Of Directors1730 Words   |  7 Pageswe trade with my have an impact on the eventual revenue obtained so it is important for us to predict what the movements with the currency will look like. After analysing data collected from experts in the field and using two different forecasting methods we have come to the following conclusions regarding the expected exchange rate between USD and AUD for 06/01/2015 (1 of June, 2015): - Current US inflation rate = 1.70% - Future US interest rate (expected for 06/01/2015) = 2.2% - Current US interestRead MoreQuestions On Financial Concepts On Valuation1717 Words   |  7 PagesPresent Values  ¬ Accounting rated of return  ¬ Real Options  ¬ Payback rules NPV implement require estimates of appropriate discount rate and expected cash flows. And there’s the rub. This is only of use of information at the time of assessment. NPV method was first time developed for bonds value. Little investors in bonds can do it for alternative the final principal paid or yield rate and coupon they receive. Business most over, is not inactive investors: managers have flexibility invest further,Read MoreInventory Systems Summary1584 Words   |  7 PagesSystems Summary: Learning Team A Learning Team A met to discuss details of the assignment to analyze, compare, and contrast four inventory systems in preparation for future assignments (Breland, Charles, Grace, Kirkland). The analysis presented describes four inventory systems as described and analyzed by each team member. Also included in the inventory systems analysis are four comparisons presenting the advantages and disadvantages of each inventory system with an overall ranking provided in summary