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Essay / Research Paper Abstract
This 3 page paper looks at the way forecasting occurs in a fast food outlet. The first part of the paper looks at four different types forecasting and how they may be used along with their characteristics. The second part of the paper looks at production schedules and how they relate to the budget of the firm. The last part of the paper describes materials requirement planning (MRP) ands looks at why it is not suitable to be used in a fast food firm. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEforefast.rtf
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Unformatted sample text from the term paper:
the future demand to make sure that there is sufficient inventory to satisfy that demand. Firms are likely to use more than one method of forecasting. The first method
of forecasting is known as intuitive or genius, there is where a manager may use their judgment to assess what the demand is likely to be, this may be used
where a new product is introduced into a sort, or where there are changing conditions and traditional forecasting techniques may not be deemed appropriate, this may be seen as a
method that is reliant on the skills and knowledge of the person doing the forecast, it is also a method that can be very wrong (Nellis and Parker, 2000).
Intrinsic methods rely on information already within the firm. The basic idea here is that the past trends are likely to repeat themselves. This is seen for short term ordering
where the patterns of the previous week are assumed to be repeated with the stock ordered to the same level, unless there are any changing circumstances. Trend analysis also uses
historical data but may use more data, for example, within the fast food industry there will be seasonal variation, with more milkshakes and ice creams sold in the summer, this
looks at the trends rather than just the past performance. Regression analysis takes the figures from the past and projects them forward assuming that the same general trend
will be seen, this is usually performed using the ordinary least squares (OLS) method (McCullagh and J Nelder, 1987). This is seen used where there are financial projections being prepared
for future years in order to assess potential demand for financing, labor and pother variable inputs (Nellis and Parker, 2000). Extrinsic methods look at the factors outside of the
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