What are some of the potential benefits of a more formalized approach to forecasting

Subject: Consumer Behavior

Paper Model: APA

Paper Type: Article Review

Total Words: 709

Document Outline

Prepare a weekly forecast for weeks 15 through 18 for each of Product 1 and Product

You must plot the data for the first 14 weeks for both products and then plot it again for all 18 weeks after you have prepared your forecast. 

 


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The formalized forecasting method is to equip the manufacturing concern in terms of its supply orders i.e. raw material, decease or increase in the production capacities, addition of more labors in the shifts, and the level of inventories that is adequate for the firm. The formalized forecasting also supports the organization in terms of profit and costs evaluations which might be due to certain cordial factors like increase in the taxes, increase in the costs of raw materials, which would affect the shipping costs. It also supports the organization in terms of seasonal operations in production should be raised or reduced according to the drastic changes in the industry and its specific needs.

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