Week 2 Discussion Post
Starlynn LaBeaux MGT3059
February 23, 2024
Good Evening, Class
Select a product that you can purchase at a grocery store or at a discount retailer.
Tylenol is the product I chose for our discussion. The 1982 recall was the reason I chose this product. Because of "cyanide-laced capsules," the product was recalled (Vise, 1982)
. My goal in examining this incident was to see how the company rebounded from such a terrible disaster. McNeil Laboratories produced Tylenol in 1955. However, since 1985, multiple recalls of over-
the-counter medications have harmed customer confidence, and Extra Strength Tylenol Capsules have been illegally manipulated.
Identify the factors that would impact the demand for the product that you have selected.
In our lesson, we learned that a forecast is often an estimate of future demand. It helps to anticipate and manage change while also reducing uncertainty (South University Lecture, 2017)
. Conflicts, client preferences, and current trends all have the potential to influence product demand. Forecasting is an effective technique for optimizing operations, identifying dependencies, predicting problems, and devising backup plans.
If you wish to develop a forecast of the demand for this product in a future month (or for other appropriate time period), identify what type of forecasting method would be appropriate.
Determine appropriate forecasting strategies for this product, including naïve, moving averages, and exponential smoothing. The moving average forecasting approach will be used in this circumstance. Using data collected over some time, we may use this technique to forecast demand for the next period (South University Lecture, 2017)
.
