Unit 9 Journal.docx MT435 Unit 9 Journal Purdue Global University MT435 Operations Mana

Document Content and Description Below

Unit 9 Journal.docx MT435 Unit 9 Journal Purdue Global University MT435 Operations Management No one can precisely predict what the future will hold; however, if you will be successful in any bus... iness, you need to forecast your business. Forecasting is a set of data to estimates what the future trends will be. I will discuss Forecasting needs to qualitative/quantitative /mixed method, the importance of forecasting accuracy, and trends/patterns. The qualitative method is subjective because based on opinion, perceptions, feelings, and knowledge. "Qualitative (or judgmental) methods use management judgment, expertise, and opinion to make forecasts." Taylor, 2019. People use this type of method because they are people within the organization's leadership. After all, they are subject matter experts in their field. On the other hand, where Quantitative method is numbers and statistics. It is factual and more accurate. "Forecasts derived from a mathematical formula." Taylor, 2019. It is a beneficial method because it helps management make decisions based on the company's data. The mixed- method is that you combined qualitative and quantitative to get the answer management want. For example, if a company is seeking to invest in Tesla, they would need to get quantitative of Tesla in a graph or bar. After gathering the actual data, management needs to make a qualitative method forecasting base on management experience with Tesla or similar in that industry. A combination of mixed methods will only b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . . [Show More]

Last updated: 1 year ago

Preview 1 out of 2 pages