Assignment #7: Chapter 7 Questions 1. Why would demand forecasting make sense in a “make to stock” situation? It projects the standard components needed so that the product can be made after customer receiving a customer order.
2. Briefly describe the three (3) types of demand forecasting models. * Judgmental- using judgment or intuition and is preferred where there is limited or no historical data, such as with a new product introduction. * Time series- use of a model to predict future values based on previously observed values. * Cause-and-effect- assumes that one or more factors are related to demand and that the relationship between cause and effect can be used to estimate future demand.
3. Why is forecast
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* Contemporary voice-based systems, by contrast, are less costly, are more powerful, have better voice quality, and are less cumbersome for workers to use. Companies that have adopted newer-generation voice-based technology have reported increased productivity and higher pick accuracy.
7. From a transit-time and service level perspective, explain how Order Delivery has changed since the 1970’s. Number of shippers are emphasizing both elapsed transit time as well as transit time reliability (variability), which is important because increases in order cycle variability translate into higher inventory levels. To this end, more buyers are utilizing delivery appointments that contain delivery windows, or the time span.
8. Based on how the textbook defines the four dimensions of Customer Service, name two companies that you are familiar with that, in your opinion, are leaders in customer service excellence. (This is your opinion; do not use the Nordstrom’s example from the text). Honestly I can say the Ferguson Enterprise is the MOST customer oriented company I have ever worked for or known of. Soma Intimates is definitely second due to how much research they use to learn what their customers want.
9. Explain the difference between process benchmarking and performance benchmarking. * Benchmarking- identifies, understands and adapts outstanding processes found inside
Looking back from when I began my career, I can say I came a long way learning the concepts of understanding the expectations that arose from all my positions. In my first job just after graduating, I was appointed as a Business Accountant of a multinational company. Since then, I was caught in the myth that people who were in leadership positions or high ranking were leaders. Being in a junior position, I could have the least effect on any new ideas as my voice seems to have landed in deaf ears. I have seen how those businesses were not in line with their Missions and Values only to find later that many of the staff had left the company.
Three differences between a working relationship and a personal relationship is that in working relationship you are working with someone or as part of a team whom are not of your choice, whereas in a personal relationship you can pick and choose who you want. Another difference is in a working relationship you follow rules and codes of conducts at work, and in a personal relationship you don't have to follow any rules of guidance. In a working relationship you have boundaries which are set up to help protect yourself and individuals of the service, where as
Directions: Think of a misunderstanding you experienced when communicating with someone else at work. Then fill in the blanks of the chart below.
Demand Planning- the combined process of forecasting and managing customer demands to create a planned pattern of demand that meets the firm’s operational and financial goals. Fluctuating customer demand cause operational inefficiencies, such as: Need for extra capacity resources, backlog, customer dissatisfaction, system buffering (safety stock, safety lead time, capacity cushions, etc.)
1 A client sends a 200 byte request message to a service, which produces a response containing 5000 bytes. Estimate the total time to complete the request in each of the following cases, with the performance assumptions listed below: i) Using connectionless
Show in the spaces below how you would source credit and reference-list (in APA formatting style), if you were writing a formal paper, the article you selected in the body of the paper and in a Reference list that would be attached to the end of the paper (for examples of how to correctly source credit in APA formatting style see the classroom Resources folder entitled, “APA
As this assignment states, I was tasked to create a survey that would test arguments put forward by an online article. This article gave an insight in to the spending habits of students in their first year of university. These findings were supported by the results from an online survey, which looked at the spending tendencies of 2,109 students living in halls of residence. While the results of this survey allowed several conclusions to be established in regards to student spending, it is not to say that these conclusions are the only possible outcomes. The aim of this assignment, is too test my ability to self evaluate my own work, whilst reflecting on my experience of creating my own survey. However, before I begin the analysis of my own work it is important to establish an understanding of the type of research I carried out as well as what a survey actually is.
a)Using two INSERT statements store in the database the fact that PC model 1100 is made by manufacturer C, has speed 1800, RAM 256, hard disk 80, a 20x DVD, and sells for $2499. !
How did the team ensure that all requirements were met (to the extent that they were)? Our team along with the Mechanical Engineer team met with Dr. Foster every Tuesday after Senior Design to make sure we were meeting all the requirements for the Passing Trainer.
Choose one of the forecasting methods and explain the rationale behind using it in real life.
There are many variables that are used in making forecasts, and these variables include patterns of past sales, sales in the current period, the economic
Time series techniques are the most popular quantitative method. These techniques use statistical methods for projecting from historical data. Quantitative techniques are preferred when appropriate data are available. The main assumption is that the historical pattern will continue into the future. The two main types of time series forecasting are average smoothing and exponential smoothing. The moving average is simply a series of arithmetic averages. Predicting sales for next year is simple. The actual sales for a certain number of years is added, and then divided by the number of years used to get the moving average. A weighted moving average is obtained by assigning a specific weight to previous years. The sum of all weights must equal one. Recent years are given a higher weight (Namvar, 2000, p.13).
Forecasting is an integral part in planning the financial future of any business and allows the company to consider probabilities of current and future trends using existing data and facts. Forecasts are vital to every business organization and for every significant management decision. Forecasting, according to Armstrong (2001), is the basis of corporate long-run planning. Many times, this unique approach is used not only to provide a baseline, but also to offer a prediction into the corporation 's future. In the functional areas of finance and accounting, forecasts provide the basis for budgetary planning and cost control. Marketing relies on sales forecasting to plan new products, compensate sales personnel, and
But in end use method of forecasting, statistical information related to customers along with amount of change act as the basis for the forecast.
Title: Discuss the four dimensions of customer service in a company. Give examples to illustrate your points.