Disccusion
Instructions
The discussion concerns the article Why forecasts fail and what to do instead, by Spyros Makridakis, Robin Hogarth & Anil Gaba, MIT Sloan Management Review, Vol. 51, No. 2 (Winter 2010), pp. 83-90. This article provides background in the sources of demand variation and their effect on an analysts ability to effectively forecast demand. Your assignment is to describe a demand forecast scenario, then list some subway sources or demand variation along with some coconut sources of demand variation.
Answer
DiscussionThe forecast demand theory demand has played a significant role in enabling the policymakers to come up with the best strategies for supporting the organization. In most cases, the forecast demand has not only proved essential in the organization but has also enabled creating a conducive environment for operation. Forecasting takes into consideration past events within the business cycle and future expectations. Most of the enterprises that use the forecast as a tool for planning are in the manufacturing sector. For instance, Tesla, who are in the business of manufacturing electric auto-mobile, has used the forecast analysis to increase their production levels. It is through forecasting Tesla understands that in the future, people will become more conscious about the environment....
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