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Our reading this week emphasizes the role of demand management in creating a coordinated flow of demand across the supply chain. Experience shows that selecting the best method of estimating demand will vary with the maturity of the business and the data $7.39
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Our reading this week emphasizes the role of demand management in creating a coordinated flow of demand across the supply chain. Experience shows that selecting the best method of estimating demand will vary with the maturity of the business and the data
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Alternative Fuel Company Case
Institution
US University
Our reading this week emphasizes the role of demand management in creating a coordinated flow of demand across the supply chain. Experience shows that selecting the best method of estimating demand will vary with the maturity of the business and the data available. Address the following:
A start...
our reading this week emphasizes the role of demand management
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US University
Alternative Fuel Company Case
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Running head: ALTERNATIVE FUEL 1
Alternative Fuel
Student’s Name
Affiliate Institution
, ALTERNATIVE FUEL 2
Introduction
Making forecasts for a company that has just started is often a challenging task. This
is because, in order for there to be a prediction, historical data needs to available. Without
historical data that relates to sales, start-up needs to adopt other forecasting approaches since
without the data, the firm is doomed to fail. Forecasting helps companies to determine the
quantity of production materials that should be procured, the quantity that needs to be
produced and sold. For such a company, the use of customer feedbacks, questionnaires and
survey may be one of the approaches with which the company can adopt to gather data which
is instrumental in predicting the future sales.
A start-up alternative fuel automobile company has a first-year market forecast of 1000
units. Identify the forecasting model that is in use here and explain why it is the obvious
choice
Given that the company’s first year market is 1000 units, it is clear that both the
product and the company are just new entrants into the fuel automobile business. Therefore,
the forecasting method that is best suited for the company is the qualitative forecasting
method. To begin with, forecasting refers to the process of making predictions of the days to
come basing the predictions on the past as well as the present data and often, through the
analysis of patterns. The qualitative forecasting method is subjective and is centered on the
judgement and opinion of the experts as well as the opinions of consumers. Further, the
approach is best when past data is unavailable (Autry et al., 2013). In this context, the
previous sales data is unavailable since the company is just commencing its operations. Thus,
a major part of the company’s forecasting would be undertaken through the qualitative
approach through the utilization of market surveys and with the involvement of a consumer
panel. Additionally, the Delphi technique which is also under the qualitative forecasting
approach may be used since the predictions are being undertaken for the very first time and
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