Assignment: Business Forecasting
I. Managing Capacity - Class, this is important information when it comes to operations management. Capacity is important because we need to know we have the right amount to store, to serve or manufacture. We don''t want too much and we certainly don't want too little. Let's discuss these areas.
1. List some practical limits to economies of scale; that is, when should a plant stop growing?
2. How big do we want to get and what can we afford based on capacity?
3. Additional discussion topics - ERP - Jacobs and Chase (2018) ask us these questions - "ERP requires a company to have consistent definitions across functional areas. Consider the problem of measuring demand. How is demand measured? Is it when manufacturing completes an order? When items are picked from finished goods?
4. When they physically leave the premises? When they are invoiced? When they arrive at the customer sites?
II. Supply and Demand - We want to ensure we meet our customers' needs; however, we don't want to overproduce. Let's discuss some management systems that are used in this process.
1. Describe the benefits of using an ERP system. Are the ERP systems discussed in the chapter appropriate for use in all firms? Explain.
2. Describe how an ERP system fits into the overall information system structure in a firm. ERP systems provide a wealth of information that can be used and analyzed in a wide variety of ways.
3. What is an inherent risk with so much information?
III. Review this week's course materials and learning activities, and reflect on your learning so far this week.
Respond the following prompts in one to two paragraphs:
1. Provide citation and reference to the material(s) you discuss. Describe what you found interesting regarding this topic, and why.
2. Describe how you will apply that learning in your daily life, including your work life.
3. Describe what may be unclear to you, and what you would like to learn.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.