OPS 510 Week 1 Discussion
Please make this discussion post at least 250 words and ensure that it is well-organized and written at a graduate level. Please include at least one credible scholarly reference published within the last five years.
Please format the discussion according to APA 7th edition guidelines, including proper in-text citations and a complete APA-formatted reference at the end.
Please also make sure the writing is clear, professional, original, and free of spelling and grammatical errors.
Thank you!
Role of Forecasting: Complete 1 and 2
- Select a service organization (e.g., restaurant), manufacturing organization (e.g., Ford) or retailer (e.g., Home Depot). Explain their mission and overall strategy. Then discuss the role of forecasting in that organization. Explain what they may be forecasting, what methods are most suitable for them, how they should measure accuracy of forecast, and the role the forecasting contributes to customer satisfaction. Explain in detail one of the seven forecasting steps and how they should use it (clearly provide a title that shows which forecasting step you are referring to).
- Calculate MAD, MSE, and MAPE for the following hypothetical series of actual and forecast demand of car sales. Year 1: 15000 (F), 14300 (A); Year 2: 15200 (F), 14900 (A); Year 3: 15500 (F), 15800 (A); Year 4: 16400 (F), 16380 (A); Year 5: 16300 (F), 16500 (A), where F is forecast and A is actual demand.