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    • MGT713 GDB 1 Solution and Discussion

      zareen

      Re: MGT713 GDB 1 Solution and Discussion

      MGT713 - Production / Operations Management
    • MGT713 GDB 1 Solution and Discussion

      zareen

      Total Marks 5
      Starting Date Wednesday, December 04, 2019
      Closing Date Monday, December 09, 2019
      Status Open
      Question Title Graded Discussion Board No.1
      Question Description

      Topic: Forecasting

      Learning Objective:
      The objective of this discussion is to make the students able to read and analyze the information on the concept of forecasting and to understand how to make an adequate demand forecast.

      Scenario

      Asghar Limited is currently dealing in the manufacturing and sales of the furniture equipment. The organization is currently facing severe financial troubles. At the inquiry it was revealed that these troubles are majorly due to inadequate demand forecast. The sales manager who was responsible for making the demand forecast, when contacted for the explanation of the trouble reported that the major problem lies in the inaccuracy of the demand forecast. Sometimes, the company incurs huge expenses on inventory holding in situations of reduced demand while at others; the company has to face losses by giving up their valuable customers, when they are unable to meet the customer demand because of the shortage of the produced items.

      Discussion Question:

      Being a student of production/operations manager, how will you help the Sales Manager in monitoring the forecast errors and in improving the accuracy of their demand forecasts in order to ensure that the demand forecasts are performed adequately in future?

      Instructions:

      Before attempting the GDB, gather and read required information about inventory management. After doing this, carefully attempt GDB as per requirements.
      The length of your answer must not exceed “250” words.
      Avoid directly copying material from any source. Produce logical points in your own words.
      Adopt a critical approach while answering the given question.
      Only logical and rational points supported by good reasoning will be awarded marks.
      You are advised to be specific and avoid unnecessary details or explanations as it can have negative impact on your scores.
      Copied material will be marked as ZERO.

      MGT713 - Production / Operations Management

    SOLVED MGT713 GDB 1 Solution and Discussion

    MGT713 - Production / Operations Management
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    • zareen
      zareen Cyberian's Gold last edited by

      Total Marks 5
      Starting Date Wednesday, December 04, 2019
      Closing Date Monday, December 09, 2019
      Status Open
      Question Title Graded Discussion Board No.1
      Question Description

      Topic: Forecasting

      Learning Objective:
      The objective of this discussion is to make the students able to read and analyze the information on the concept of forecasting and to understand how to make an adequate demand forecast.

      Scenario

      Asghar Limited is currently dealing in the manufacturing and sales of the furniture equipment. The organization is currently facing severe financial troubles. At the inquiry it was revealed that these troubles are majorly due to inadequate demand forecast. The sales manager who was responsible for making the demand forecast, when contacted for the explanation of the trouble reported that the major problem lies in the inaccuracy of the demand forecast. Sometimes, the company incurs huge expenses on inventory holding in situations of reduced demand while at others; the company has to face losses by giving up their valuable customers, when they are unable to meet the customer demand because of the shortage of the produced items.

      Discussion Question:

      Being a student of production/operations manager, how will you help the Sales Manager in monitoring the forecast errors and in improving the accuracy of their demand forecasts in order to ensure that the demand forecasts are performed adequately in future?

      Instructions:

      Before attempting the GDB, gather and read required information about inventory management. After doing this, carefully attempt GDB as per requirements.
      The length of your answer must not exceed “250” words.
      Avoid directly copying material from any source. Produce logical points in your own words.
      Adopt a critical approach while answering the given question.
      Only logical and rational points supported by good reasoning will be awarded marks.
      You are advised to be specific and avoid unnecessary details or explanations as it can have negative impact on your scores.
      Copied material will be marked as ZERO.

      1 Reply Last reply Reply Quote 0
      • cyberian
        cyberian Cyberian's last edited by

        As a production manager, i will guide to sales manager to follow some steps as mentioned below-

        1. Observe the demand of last 6-7 months.
        2. Accordingly plan the material which has regular demand.
        3. Do not stock the undemanded product.
        4. Observe the market scenario and potential also.
        1 Reply Last reply Reply Quote 0
        • zaasmi
          zaasmi Cyberian's Gold last edited by

          Seven important keys for this are as follow.
          1.Understand what forecasting is and is not
          As a result of this a better environment will established for business activities. Accuracy and remove the game plan is also can be achieved.
          2. Forecast demand and plan supply
          In this way you can improve capital planning and customer service.
          3. Communicate, corporate and collaborate
          It is very helpful to get all important information for to forecast and it is trustable for user. More accurate and relevant forecast can be got.
          4. Eliminate island of analysis
          With this key more reliable and accurate forecast can be achieved.
          5. Use tools wisely
          With the help of this efficiency and effectiveness will be get.
          6. Make it important
          With the help of this forecasting key developers can take serious the issue that are under discussion. Accuracy and credibility can also be achieved.
          7. Measure
          Forecast performance can be including in the individual performance plans. Errors can be removed and improvement can be also achieved. Confidence of the forecasting can also be increased.

          1 Reply Last reply Reply Quote 0
          • cyberian
            cyberian Cyberian's last edited by

            As a production manager, i will guide to sales manager to follow some steps as mentioned below-

            1. Observe the demand of last 6-7 months.
            2. Accordingly plan the material which has regular demand.
            3. Do not stock the undemanded product.
            4. Observe the market scenario and potential also.
            1 Reply Last reply Reply Quote 0
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