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
Length
Minimum 7 pages not including the title and reference pages
Suggested resource
APA 7
Sousa Agostino, I.R., Vieira da Silva, W., Pereira da Veiga, C., Mendonca Souza, A. (2020). Forecasting models in the manufacturing processes and operations management: Systematic literature review. Journal of Forecasting, 39(7), 1043-1056.
Sharma, H. K., Kumari, K., & Kar, S. (2020). A rough set approach for forecasting models. Decision Making: Applications in Management and Engineering, 3(1), 1-21.
Recommended:
Li, Y., Berry, D., & Lee, J. (2020). How to choose among three forecasting methods: Machine learning, statistical models and judgmental forecasts. International Journal of Applied Forecasting, 2020(58), 7-14.
Seyedan, M., & Mafakheri, F. (2020). Predictive big data analytics for supply chain demand forecasting: Methods, applications, and research opportunities. Journal of Big Data, 7(1).
Number of resource
Minimum 5 sources
Attached, it must be following the “Exceeds Expectation” guidelines.
To make it easier to read and therefore grade, make sure you clearly delineate each section of your answer so it can be matched with the relevant question.
No Plagiarism
American English to be used
