Question;ForecastingSuccessful organizations are also those who are able to make relatively accurate forecasts about the future needs (inventory, facilities, capacity, manufacturing, manpower) for the products produced or the services delivered.Forecasting is an uncertain science since it calls for predictions but current theoretical and mathematical models (quantitative and qualitative) make it possible for organizations to predict with an acceptable margin of error. Think about it this way, without forecasting organizations would always be responding rather than acting.Select one industry from the list below: Bank, restaurant, health clinic/hospital, airline, or university.What specific variables would be needed by that organization in order to forecast? Be sure you explain why you selected each variable and why it is important to forecasting.Which variables are used for short-range forecasting, long-range forecasting, or for both. Make sure you support your selections.unit 10Inventory ManagementWith effective resource planning organizations can reduce inventory and service costs, improve efficiencies, and establish methods for continuous improvement. Depending upon the type of resource there is a different type of planning that must take place. This can include, material requirements planning (MRP), capacity requirements planning (CRP), enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), or product lifecycle management (PLM).Research two specific types of resource planning.Based on your research, explain whether or not you believe ERP and MRP are the only resource planning processes applicable to manufactured processes?Can either ERP or MRP be used for service industries or can they only be used for manufacturing organizations?
Paper#46303 | Written in 18-Jul-2015Price : $19