NAME : SARINA BINTI AWANG ID NO : 2019153717 COURSE CODE : OPM545 GROUP : NBO7B Question 1 (a)Describe two (2) benefits of forecasting in production planning and control. Forecasting is the estimation process of the goods. In this the firm consider the demand for its products in the market, based on this, they plan for material requirement. If the estimated demand is high, the production requirements and material requirement also higher and vice versa. The benefits of forecasting in production planning and control will helps: to develop good production schedules with availability of all inputs it minimizes the resource wastage up to zero level material availability is in time and without any scarcity to deliver goods based on orders to the customers to utilizes resources in optimum way collects data for better planning of the business (b)Explain two (2) examples of qualitative approach to forecasting. I.Sales Force Composite In this approach, each sales person estimates what sales will be in his or her region. These forecasts are then reviewed to ensure that they are realistic. Then they are combined at the district and national levels to reach an overall forecast. A variation of this approach occurs at Lexus, where every quarter Lexus dealer have a "make meeting." At this meeting, they talk about what is selling, in what colors, and with what options, so the factory knows what to build. II.Market Survey This method solicits input from customers or potential customers regarding future purchasing plans. It can help not only in preparing a forecast but also in improving product design and planning for new products. The consumer market survey and sales force composite methods can, however, suffer from overly optimistic forecasts that arise from customer input.
Assignment 1 (docx) - CliffsNotes (2024)
Top Articles
How To Get Student Loan Debt Forgiven (and Save Your Sanity)
Best Small Business Loans for 2018 | EveryBuckCounts
Obsidian Meaning Explored: How It Can Empower Your Life
Adviser Connect – August 2024
Mias And Pias
2016 Lexus RX 350 for sale - Honolulu, HI - craigslist
Franklin International Beauty Store Photos
Brice Herndon Funeral Home Obits
Payless Shoes Is Back in Business
Lil.pochaco
Decree Of Spite Poe
NYC - Long Island City | Indoor Golf Sims & Sports Bar | Five Iron Golf
Latest Posts
Article information
Author: Nathanael Baumbach
Last Updated:
Views: 6411
Rating: 4.4 / 5 (55 voted)
Reviews: 94% of readers found this page helpful
Author information
Name: Nathanael Baumbach
Birthday: 1998-12-02
Address: Apt. 829 751 Glover View, West Orlando, IN 22436
Phone: +901025288581
Job: Internal IT Coordinator
Hobby: Gunsmithing, Motor sports, Flying, Skiing, Hooping, Lego building, Ice skating
Introduction: My name is Nathanael Baumbach, I am a fantastic, nice, victorious, brave, healthy, cute, glorious person who loves writing and wants to share my knowledge and understanding with you.