List some of the operations and functions in a company that are dependent on a forecast for product demand.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

1) View the video Service Processing at BuyCostumes (10.41 minutes, Ctrl+Click on the link); what are your key takeaways (tie to one or more of the topics discussed in Chapter 3) after watching this video. (viddler.com/embed/a6b7054c) Note: As a rough guideline, please try to keep the written submission to one or two paragraphs. 2) Orkhon Foods makes hand-held pies (among other products). The firm’s weekly sales of hand-held pies over the past seven weeks are given in the table. The firm’s operations manager, Amarjargal, wants to forecast sales for week 8. Weeks Sales of hand-held pies(000s) 1 19 2 18 3 17 4 20 5 18 6 22 7 20 Forecast the week 8 sales using the following approaches: a) Naïve approach b) 5-month moving average c) 3-month weighted moving average using the following weights: 0.50 for week 7, 0.30 for week 6, and 0.20 for week 5. d) Exponential smoothing using a smoothing constant of 0.30, assume a week 2…

What area of emotional intelligence refers to the ability to manage your emotions, particularly in stressful situations, and maintain a positive outlook despite setbacks? relationship management self awareness social awareness self management

Answer 2

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 12, Problem 1Q

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Answer 8

Expert Solution & Answer

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Summary Introduction

To draw: The activities and functions in a business firm which are reliant on forecasting the demand for products.

Introduction

Forecasting is a technique in which predictions and assumptions are made concerning the future based on past and data available at present. The forecasting is mainly done by analyzing the trends. The forecasting concept can be used while taking planning decisions about the orders that will come from the side of the customer.

Answer 12

Explanation of Solution

The operations or activities in a business firm that relies on forecasting the demand are production planning like financial planning that includes the budget and expenditure related to capital, inventory processing, facility layout, number of workers required to do the expected production of products, and purchase of material comes under it.

The functions in a business firm that depends on forecasting the demand for products are marketing functions and production functions. The marketing surveys, expected customer orders, and market research are done to forecast the demand. The demand is forecasted for the products and accordingly, production is done to fulfill the customer’s demand.

Answer 13

Ch. 12 - List some of the operations and functions in a...Ch. 12 - What is the difference between quantitative...Ch. 12 - Describe the difference between short- and...Ch. 12 - Prob. 4Q Ch. 12 - Why is accurate forecasting so important to...Ch. 12 - Discuss the relationship between forecasting and...Ch. 12 - Prob. 7Q Ch. 12 - Describe the Delphi method for forecasting.Ch. 12 - What is the difference between a trend and a cycle...Ch. 12 - How is the moving average method similar to...

List some of the operations and functions in a company that are dependent on a forecast for product demand.

Concept explainers

Videos

Explanation of Solution

Want to see more full solutions like this?

Chapter 12 Solutions

Additional Business Textbook Solutions