Purpose of Assignment
The purpose of this assignment is for students to learn how to apply Operations Forecasting.
Resources: Microsoft® Excel® (Template provided)
Select a business operations dataset from the internet, which can be used for forecasting what the results may be at a future state (monthly [for two years], quarterly [for five years], annually [for 20 years]. (See example in the Template). Use caution in using the template, as some of the cells contain formatted functions for performing calculations. You should only need to enter data into Column A and B only. Review the template and the associated data. This should give you an idea of the types of data you will require, and what the results columns reveal. You are required to provide an APA formatted reference to the location of the source data (Do Not just enter the Web Link). The returned work from previous week's work, should give you some insight as to what an APA reference should look like.
Develop a run over a given period, upper limit and lower limit as to confidence in the forecast using Microsoft® Excel®.Template
- Compare and contrast each quadrant of the forecast.
- Evaluate the impact this forecast would have on the firm from a financial metrics standpoint, by writing a 300-word report in which you describe your forecasting project and what it means in terms of favorable or unfavorable forecast and why or why not..
Format your assignment consistent with APA guidelines.
Unformatted text preview: Operations Management Questions Running head: OPERATIONS MANAGEMENT QUESTIONS Operations Management Questions: Week One 1 Operations Management Questions 2 Operations Management Questions: Week One Individual Assignment: Design a Flowchart for a Process · Select a process that you perform daily but would like to spend less time doing, such as driving to work. Process – Driving to work · Design a flowchart using an appropriate tool. The flowchart document can be found in a separate attachment. · Comment on the factors that affect the process design. The factors that affect the process time involve preparing and initiating the actual drive, overall safety, the need for gas, parking availability, and ultimately ending the trip. · Identify at least one metric to measure the process. A suitable metric to utilize is time. The amount of time it takes for me to travel from my home to my work in order to carry out the process design will be measured in minutes. · Submit your flowchart for the process. · Begin collecting data for the identified metric every day of the workweek. You must submit the data collected at the end of each week. Day of Week Monday Tuesday Wednesday Thursday Friday Time (minutes) 22 17 15 25 29 Operations Management Questions 3 References Chase, R., Jacobs, R., Aquilano, N. (2005). Operations Management for Competitive Advantage. 11th Ed. McGraw-Hill/Irwin. Flowchart Start Start – – enter enter vehicl vehicl e e Open Open garage garage door door Turn Turn on on vehicl vehicl e e Put on Put on seatbelt seatbelt Safely Safely drive out drive out of garage of garage Is there enough Is there enough gas to get to work? gas to get to work? No No Drive to Drive gas to gas station and station fill up and tank fill up tank No No Is there a parking Is there a parking space available in the space available main parking lot? in the main parking lot? Find parking Find parking and safely and the park in safely park in the alternative alternative parking lot parking lot Yes Yes Search for Search parking for parking Find parking Find parking and safely and the park in safely park in the main main parking lot parking lot Turn off, Turn off, exit and exit lock and lock vehicle vehicle Reach Reach Destination Destination End enterEnd final enter final destinatio n destinatio (work) n (work) Yes Yes Drive to work Drive to work ...
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