Forecasting the Demand for Products Using Historical Production Trends Essay

Description

Electronic Manufacturing Inc. is dedicated to the production of diverse products related to computers. Below you will see the production data of four of their products during the past 3 years presented in quarters.

Examine the historical production trends and address the following:

  • Prepare demand forecasts for the next four quarters for all four products.
  • Describe the forecasting method you chose and explain why that forecasting method is best suited to this scenario.
  • Explain why you did, or did not, choose the same forecasting method for each product.
  • What are the benefits of using a formalized approach to forecasting these products?

Year 1

Products

Quarter

Motherboard

Hard Drive

Video Card

Ink

1

2,550

1,525

1,855

5,250

2

995

1,025

1,285

4,250

3

3,850

3,025

4,240

5,155

4

2,855

3,175

1,970

5,345

Total

10,250

8,750

9,350

20,000

Year 2

Products

Quarter

Motherboard

Hard Drive

Video Card

Ink

1

4,025

3,965

3,525

9,350

2

2,595

3,025

3,025

9,005

3

6,225

3,250

7,320

9,255

4

5,905

4,125

3,480

10,640

Total

18,750

14,365

17,350

38,250

Year 3

Products

Quarter

Motherboard

Hard Drive

Video Card

Ink

1

5,275

4,905

4,850

13,250

2

3,350

4,250

4,325

13,125

3

7,005

4,105

8,150

13,325

4

6,730

5,535

4,625

15,775

Total

22,360

18,795

21,950

55,475

Directions:

  • Your assignment is required to be four to five pages in length, which does not include the title page and reference pages, which are never a part of the content minimum requirements.
  • Support your submission with course material concepts, principles, and theories from the textbook and at least three scholarly, peer-reviewed journal articles. Use the Saudi Digital Library to find your resources.
  • Formatted according to APA 7th edition and Saudi Electronic University writing standards.
  • It is strongly encouraged that you submit all assignments into Turnitin prior to submitting them to your instructor for grading. If you are unsure how to submit an assignment into the Originality Check tool, review the Turnitin ? Student Guide for step-by-step instructions.

Reference Book

Stevenson W. J. (2018). Operations management (Thirteenth). McGraw-Hill Education

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