...Assignment 1: Making Decisions Based on Demand and Forecasting Assignment 1: Making Decisions Based on Demand and Forecasting ECO 550 January 24, 2013 Assignment 1: Making Decisions Based on Demand and Forecasting Page 1 I have been considering opening a Domino’s Pizza in my community within the Virginia Beach area. In this paper I will present to you, a data analysis and a forecast of Domino Pizza’s sales revenue that consist of the demographics within my community. These demographics consist of the population size, the average income per household and the independent variables which include the price in pizza and soda. This demand analysis will be used to give an estimated forecast that will assist in my business making decision technique, which will determine if it will be beneficial for me to open a Domino’s Pizza in my area. To determine if I will enter into the market place in Virginia Beach, I will research the reported demographic and independent variables that are relevant to complete a demand analysis that has been provided to me from different resources within my community. By using Excel to calculate, I will input the data that I have collected to create an estimated regression analysis. Once the calculation has been provided, I will be able to interpret the coefficient of determination, and how it has provided an influence on my decision to open the pizza business in my area. Variables. The significant...
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...Quantitative Analysis for Decision Making Quantitative Analysis for Decision Making An Immersive Virtual Reality Learning Experience 2011-2012 Course Description This course provides the student with the concepts, methods and tools for the application of logical and quantitative analysis to business decision making and problem solving. It familiarizes the student with a wide range of software and other classical and contemporary resources related to decision and problem analysis, including basics of logic and decision making, principles of optimization, probabilistic distributions, linear programming, simplex, queuing and transportation problems, break even analysis, inventory management, forecasting and simulation. The course highlights the benefits as well as the limits of quantitative analysis in a real-world context. This course may be adapted for the graduate and undergraduate levels. Materials Readings, assignments, problems and assessments are integrated into the courseware. Any additional materials will be assigned by the instructor at the start or during the course. Course Outline & Assignments Assignments will change from time to time as new resources become available, contemporary events have bearing on the topics, or the social, legal, or economic environments change. FUNDAMENTALS OF DECISION MAKING AND PROBLEM SOLVING (Module One, 4-6 hours) • • • • • • • • • • • • • • Words of the Wise What is a Decision? What does it mean to...
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...PROJECT REPORT ON SALES FORECASTING FOR UK SOFTDRINKS MARKET BY GROUP 3 EMBA-MS 2013-2015 | GROUP MEMBERS: | |DHINESH J | |SIRIKONDA KIRAN KUMAR | |RANJANI N | |VISHWESHA | INDEX 1. TOPIC 3 2. INTRODUCTION 3 3. ESTIMATING THE DEMAND FUNCTION 4 4. REGRESSION 5. ANALYSIS 6. CONCLUSION TOPIC The given topic for the assignment is – “to compare the Sales forecasting techniques and analyze sales forecasting using the demand function for any product in the market”. Based on the internal discussion the group has decided to study the trend for the UK soft-drink market, analyze and compare the sales forecasting using the demand function for the following products, a. Bottled Water b. Soft Drinks c. Carbonate Drinks All price information has been adjusted for inflation using UK CPI (Consumer Price Index) REFERENCES The following are the data references/sources used in this assignment, a. 2012 UK Soft-Drink report : Source : British Soft-Drink Association - www.britishsoftdrinks.com (a copy of...
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...This course surveys quantitative marketing methodology. Our emphasis will be on the selection and use of models to support marketing strategy. Topics include: analysis of consumer behavior; segmentation, targeting, positioning, forecasting methods; new product decisions; and advertising decision models; sales force decision models and pricing decision models. The focus of the course is on the use of analytical approaches and computer-based models to formulate and solve problems. This course will also provide you an opportunity to improve your statistical and analytical skills. COURSE PREREQUISITE(S) • • • Statistics OR Statistics and Data Analysis OR Probability and Statistics COURSE OBJECTIVES (CO) 1. 2. 3. 4. Develop an understanding of the use of analytical techniques and computer models in enhancing marketing decision making in modern enterprises Improve students’ skills in viewing business processes and relationships systematically and analytically Provide students with the software tools that will enable them to apply the models and methods taught in the course to real business problems. Provide students an opportunity to demonstrate effective communication in presenting and defending their modeling work. COURSE LEARNING OUTCOMES (CLO) 1. 2. 3. Lahore University...
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...science (10th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall. | |Treeplan add-on for Excel. This software is available in the Open Lab at Strayer campuses, and can also be downloaded from the textbook's | |companion Website. http://wps.prenhall.com/bp_taylor_introms_10/112/28870/7390752.cw/-/7390754/index.html | | | |COURSE DESCRIPTION | |Applies quantitative methods to systems management (Decision Theory), and / or methods of decision-making with respect to sampling, | |organizing, and analyzing empirical data. | |COURSE OUTCOMES | |Upon the...
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...Forecasting Methods Assignment University of Phoenix MGT 554: Operations Management Steven Williams August 28, 2006 Introduction Forecasting can be defined as Estimating or predicting future events or conditions. Forecasts may be long-term or short-term. The techniques used may be quantitative (often making sue of computers) or qualitative. Quantitative forecasting models may be classified into (a) causal models in which independent variables are used to forecast dependent variables, and (b) time series models, which produce forecasts by extrapolating the historical values of the variables of interest by, e.g., moving averages. Seasonal Model Seasonality is a pattern that repeats for each period. For example annual seasonal pattern has a cycle that is 12 periods long, if the periods are months, or 4 periods long if the periods are quarters. The seasonal index is required to be found for each month, or other periods, such as quarter, week depending on the data availability (Hossein, 1994-2006). Seasonal Index: Seasonal index represents the extent of seasonal influence for a particular segment of the year. The calculation involves a comparison of the expected values of that period to the grand mean. A seasonal index is how much the average for that particular period tends to be above (or below) the grand average. Therefore, to get an accurate estimate for the seasonal index, compute the average of the first period of the cycle, and the second period...
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...be more competitive with other integrated oil majors in the global supply chain. Shell’s goal is to be “the world’s most competitive and innovative energy company” (Shell 2013). First, the macro-processes involved in the supply chain of Shell are introduced. Forecasting techniques were researched to see how these can be applied to demand management in Shell. Third, business process integration was investigated to improve the supply chain in Shell. Finally, operations and production strategy was synthesized to respond to the changing demands in the modern global environment. Discussion The Macro-processes Involved in the Supply Chain of Shell Company Chosen and the Reason. The company I chose for this assignment is Shell. The key reason is I work for Shell. I have access to global supply chain managers who will help with this assignment. I contribute to the planning operations in the global supply chain. My contribution is the production of petroleum liquids for refinery processing. Gas produced is sold directly to customers as fuel. I believe a lot was learned during the review and analysis of Shell’s global supply chain. Shell’s Problem. Shell uses a global scorecard to monitor its yearly success. Figure 1 shows the scorecard for 2012. As a global energy company, Shell did not perform well in delivering the oil and gas required to fuel its refineries or supply raw gas to its customers. As a result, their total shareholder return (TSR) was below target. The two...
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...| |UNIVERSITI TUNKU ABDUL RAHMAN (UTAR) | | | | | |FACULTY OF ACCOUNTANCY AND MANAGEMENT (FAM) | Unit Plan | |Unit Code & |UKTS2113 SUPPLY CHAIN MANAGEMENT | | |Unit Title: | | | |Course of Study: |Bachelor of International Business (Hons) | | | | | | |Year of Study: |Year 2 | | | | | | |Year and Semester: |201601 ...
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...production of goods and/or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed, and effective in terms of meeting customer requirements. It is concerned with managing the process that converts inputs (in the forms of materials, labor, and energy) into outputs (in the form of goods and/or services). The course discusses the managerial processes underlying operations management in both service-providing and goods-producing organizations. Specific topics to be covered include introduction to operations management, forecasting, process design, capacity planning, facilities location and design, inventory management, supply chain management, maintenance, quality management and scheduling. COGNITIVE COURSE OBJECTIVES Upon completing the course, the student should be able to: 1) Explain the major decisions in operations management; 2) Discuss the importance of operations strategy in relation to competitive strategy and the attainment of organizational goals; 3) Explain the...
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...Forecasting Assignment Name University of Phoenix Operations Management – MGT 554 Instructor Date Forecasting Assignment Forecasting assists managers (companies) to help predict future demand. Demand management is important because companies can increase value or productivity and reduce costs. Chase, Jacobs, & Aquilano (2005) state, “the purpose of demand management is to coordinate and control all sources of demand so the productive system can be used efficiently and the product delivered on time” (p. 512). When a manager is choosing a forecast method, the manager must analyze the cost of doing the forecast and the opportunity cost of using inaccurate data. In addition, Chase, et al. (2005) state “the manager must look at the following factors: (1) Time horizon to forecast, (2) Data availability, (3) Accuracy required, (4) Size of forecasting budget, and (5) Availability of qualified personnel ( p. 518). This paper will compare and contrast three forecasting methods (Delphi Method, Box Jenkins Technique, and Econometric Models) used by managers to help predict future demand as well as explain how the National Basketball Association (NBA) uses forecasting methods to forecast demand under conditions of uncertainty. The Delphi method is a qualitative technique. Chase, et al. (2005) defines qualitative techniques as “subjective or judgmental and are based on estimates and opinions (p. 513). The Delphi method according to Chase et al., is when a group of experts responds...
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...Credit: 3 credits Class Days: MW 11:00-12:15 p.m. Instructor: Professor E. Yoon E-mail: eunsang_yoon@uml.edu Office: Pasteur 308 Phone: (978) 934-2814 Office Hours: MW 1:00-3:00 p.m. and also by appointment CATALOG DESCRIPTION This course focuses on the process of new product and service development and marketing. Emphasis is given on market opportunity identification, R&D-marketing interface, business model development, market potential estimation, and market entry timing. Preference: Marketing concentrators. Group Project: A product development and marketing plan. Career relevance: Developing and marketing new product or service. PREREQUSITES: MKTG 201: Marketing Principles and MSB filter courses. MSB 300/400 level courses are restricted to the MSB students who have completed the filter courses. COURSE OBJECTIVES This course is designed to familiarize students with the principles and practices in the conceptualization, design, testing, forecasting, and launching of new products and services. Course objectives include comprehension and application of: 1. Strategic elements of new product development 2. Concept generation, evaluation, testing, and screening 3. Product protocol, design, development, and sales forecasting 4. Teamwork, product use testing, and market-entry strategy, and 5. Launch planning and management guideline COURSE FOCUS New products...
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...April, 2012. Adeyl Khan Faculty, School of Business, North South University. Dear faculty, We are pleased to present you this Group Assignment on “identifying operational problems of Lyric Group”. It includes the overall operational problem of Lyric Group Pvt. ltd. and solution of a problem. In order to prepare this paper, a lot of obstacles have come in our path but we tried to gather information as much as possible through different sources. In the end, it can be said that the experience that we have gathered to prepare this paper was extraordinary. We personally thank you for giving us the opportunity to prepare this assignment which has brought to us a lot of nice experiences. Thank You! Your Sincerely HASAN MONJURUR RAHMAN 092 0429 030 IMROJ AMAN 092 0521 030 USSAMA ABU SAYEED 091 0519 030 NAZIA HOSSAIN 091 0232 030 PRANTAR DAS ANOY 092 0227 030 2 Acknowledgement I would like to pay my sincere gratitude to almighty Allah for giving us adequate patience and knowledge to prepare this project about identifying a operational problem and solution of that problem of a company. To take such a challenge of identifying problems was quite a challenge. But thanks again to almighty that we have been able to do this without experiencing any big difficulty and have been able to finish it in time. Making this project would not been possible without the help and proper...
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...UNIVERSITY OF NIGERIA COURSE CODE : BHM 303 COURSE TITLE: MANAGERIAL ECONOMICS 1 MANAGERIAL ECONOMICS (THE COURSE GUIDE) THE NEED Managerial Economics as a course required for effective resource management was put in place due to the following developments in the global business environment: (a) Growing complexity of business decision-making processes. (b) Increasing need for the use of economic logic, concept, theories, and tools of economic analysis in the process of decision-making. (c) Rapid increases in the demand for professionally trained managerial manpower. These developments have made it necessary that every manager aspiring for good leadership and achievement of organizational objectives be equipped with relevant economic principles and applications. Unfortunately, a gap has been observed in this respect among today’s managers. It is therefore the aim of this course to bridge such gap. THE COURSE OBJECTIVES On completion of the requirements of this course, students and managers alike will be expected to: 1. Understand the relative importance of Managerial Economics; 2. Know how the application of the principles of managerial economics can aid in the achievement of business objectives; 3. Understand the modern managerial decision rules and optimization techniques; 4. Be equipped with tools necessary in the analysis of consumer behaviours, as well as in forecasting product demand; 5. Be equipped with the tools for analyzing production and costs; 6. Understand and...
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...Resource Planning (3rd Class) Definition: The ongoing process of systematic planning to achieve optimum use of an organization's most valuable asset - its human resources. The objective of human resource (HR) planning is to ensure the best fit between employees and jobs, while avoiding manpower shortages or surpluses. The three key elements of the HR planning process are forecasting labor demand, analyzing present labor supply, and balancing projected labor demand and supply. Rigorous HR planning links people management to the organization's mission, vision, goals and objectives, as well as its strategic plan and budgetary resources. A key goal of HR planning is to get the right number of people with the right skills, experience and competencies in the right jobs at the right time at the right cost. The process by which management ensures that it has the right personnel, who are capable of completing those tasks that help the organization reach its objectives. [pic] Meaning and Definition: In simple words, HRP is understood as the process of forecasting an organization's future demand for and supply of, the right type of people in the right number. It is only after this that the HRM department can initiate the recruitment and selection process. HRP is a sub-system in the total organizational planning. Organizational planning includes managerial activities that set the company's objectives for the future and determine the appropriate means for achieving those...
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...nment Assignment 1 “Making Decisions Based on Demand and Forecasting” Strayer University ECO 5550 – Managerial Economics and Globalization May 12, 2013 Making Decisions Based on Demand and Forecasting There are several demographic and independent variables which are relevant in completing a demand analysis for pizza in Loudoun County, Virginia. The first variable that I used in completing my demand analysis is the average cost per pizza in the Loudoun County, Virginia area. The average cost of pizza is imperative in completing a demand analysis, because consumers in Loudoun County, Virginia have several choices in pizza companies vying for their attention. The second variable that I used was the sales revenue for Domino’s Pizza domestic stores for the quarters ranging from the first quarter of 2010 to the first quarter of 2013. Once I obtained the sales figures for the quarters ranging from the first quarter of 2010 to the first quarter of 2013, I then divided the sales revenue in order to obtain the average sales revenue for each domestic store. In order to complete a demand analysis, and forecasting income for future periods one must be able to know the relationship between the average sales per store, and the consumers who are demanding the product. The third variable that I used in completing my demand analysis is median income for Loudoun County, Virginia. Median income is significant for two reasons; first one can tell if the median income can afford to...
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