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Summary Week 3 Team 2 Planning and Controlling in the Manufacturing Sector.doc Planning and Controlling in the Manufacturing Sector OPS/350 Planning and Controlling in the Manufacturing Sector In 1903, Henry Ford incorporated and launched the Ford Motor Comp$5.49
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Summary Week 3 Team 2 Planning and Controlling in the Manufacturing Sector.doc Planning and Controlling in the Manufacturing Sector OPS/350 Planning and Controlling in the Manufacturing Sector In 1903, Henry Ford incorporated and launched the Ford Motor Comp
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Week 3 Team 2 Planning and Controlling in the Manufacturing S Planning and Controlling in the Manufacturing Sector OPS/350 Planning and Controlling in the Manufacturing Sector In 1903, Henry Ford incorporated and launched the Ford Motor Company. It began with a capital base of $28,000 contribut...
week 3 team 2 planning and controlling in the manufacturing sectordoc planning and controlling in the manufacturing sector ops350 planning and controlling in the manufacturing sector in 1903
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Planning and Controlling in the Manufacturing Sector
OPS/350
Planning and Controlling in the Manufacturing Sector
, 2
In 1903, Henry Ford incorporated and launched the Ford Motor Company. It began with
a capital base of $28,000 contributed by twelve contributors. In the early years, the company
produced only a small amount of cars daily, using the parts supplied by contracted suppliers
(Oneil, 2020). Today, they are one of the largest auto manufacturers in the world. Ford Motor
Company's operations are the embodiment of several scientific management elements. These
include the standardization of product design, mass production, automated assembly lines, low-
cost manufacturing, diverse and interchangeable parts, the specialization of labor and
forecasting.
Forecasting Techniques
The four primary forecasting techniques are Judgmental Forecasting, Causal Forecasting,
Time-Series Forecasting and Trend Projection with Regression Analysis. All of these
methodologies have elements that are relevant to Ford Motor Company's operations.
Judgmental forecasting is a forecasting method that relies heavily upon elements such as
the opinions of managers, industry experts, estimates and customer surveys. It is used primarily
in situations where there is a lack of historical data or unfamiliar market climates. It is common
practice for most companies, but especially prevalent at the birth of new companies. Several
elements of judgmental forecasting are commonly used: the predictability of the environment,
the accuracy of the information provided the compatibility of the environment and forecaster, the
capacity to consistently gather information, the fidelity of the processing of said information,
conditional bias, and unconditional bias. In Ford's early years, they relied heavily on judgmental
forecasting due to managerial preference of the poor management of data. Ford's profitability
began to suffer post World War II. To remedy this, highly skilled and detailed managers were
brought in and upon taking inventory of Ford's bookkeeping, the issue became apparent. The
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