Manager’s Guide to Forecasting, writing homework help

ALL WORK MUST BE ORIGINAL. PLAGIARISM WILL RESULT IN WITHDRAW

Unit 5 Discussion

This Discussion is based on the article, “Manager’s Guide to
Forecasting” by David Georgoff and Robert Murdick fromHarvard Business
Review. Make sure to acquire this article before starting the
Discussion.

In
this course, you will touch on a few forecasting methods, although
there are many more approaches available to those managers who wish to
do more. This week’s article provides an overview of many forecasting
methodologies and provides a framework through which you can explore
their differences.

Your
objective in this Discussion is to learn to analyze a specific
forecasting situation and identify the best suited methodology. You will
complete three steps.

Step 1: Describe a specific forecasting need in your organization.

Step 2: Use the provided table below to analyze the requirements of the forecasting problem.

Step 3: Identify the best matching forecasting methodology to your situation and describe how it would be executed.

In
Step 2, the analysis will be based on the table shown on pages 4 and 5
of the article. This table lists several questions about the nature of
the forecasting situation, such as the urgency, detail required, and
costs factors, and provides an overview of how well various forecasting
methodologies will fit those requirements. For example, some forecasting
methods cost more than others and depending on your financial
resources, some of them may not be suitable. The same holds true with
the math skills available or the need for high accuracy. So understand
what each category is referring to, fill in the information, and follow
the table to see which methodology is recommended for your specific
case. You are learning how to analyze your situation so as to pick the
best approach. Please note that these 2 pages in the article (pages 4–5)
go side by side. You may wish to print them out and place them next to
each other to read across the rows comfortably. The table shown below is
based on the table in the article.

Please
use the template below in your answers, so everyone can easily follow
your answers to all the questions (copy and paste to your post).

Use this format for your Unit 5 Discussion.

Forecast need

Describe what question this forecast aims to answer, and why it is important for your organization to have this information.

Forecast situation analysis

Identify
a forecast method by filling in the table below. The full table is on
pages 4–5 of the article. You should fill in the table by answering the
questions in the “Questions” column. Your answers will lead you to the
methods that are most suitable for your forecasting need.