BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To explain the business idea and where it came from
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Forecasting product sales accurately
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To include details about the owners
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To find an appropriate format to present the plan
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Detailed explanation-1: -There are three basic types-qualitative techniques, time series analysis and projection, and causal models.
Detailed explanation-2: -The general principles are to use methods that are (1) structured, (2) quantitative, (3) causal, (4) and simple. I then examine how to match the forecasting methods to the situation. You cannot avoid judgment. However, when judgment is needed, you should use it in a structured way.
Detailed explanation-3: -Consequences of poor demand forecasting Accurate demand forecasts are essential, as forecasting problems lead to numerous other supply chain problems. Not only will poor forecasting impact your supply chain teams, but it will negatively affect the overall business, including operations, growth, and reputation.
Detailed explanation-4: -The main problem or challenge when forecasting demand is the low assertiveness of the forecast. This assertiveness can be measured in several ways, but in general, it is measured according to the forecast error, i.e. it refers to how close the forecast is to the actual level of demand.