Read the Case Study entitled - "M&L Manufacturing".
Questions
1. What are some of the potential benefits of a more formalized approach to forecasting?
2. Prepare a weekly forecast for the next four weeks for each product. Briefly explain why you chose the methods you used. (Hint: For product 2, a simple approach, possibly some sort of naive/intuitive approach. would be preferable to a technical approach in view of the managers disdain of more technical methods.)
Examine the historical trend this company has experienced for the two products discussed.
Prepare weekly forecasts for the next four weeks for both products, describe the forecasting method you chose and explain why that forecasting method is best suited to the scenario.
Explain why you did, or did not, choose the same forecasting method for each product. What are the benefits of using a formalized approach to forecasting these products? Be sure to use at least three current, scholarly references beyond any required course readings.
Current sources are those published within the most recent five-year period, and scholarly sources are those from peer-reviewed journals. Make certain for each listed reference that you have at least three supporting citation in the body of your content.
Your reference page is always the last page of the submission where all individual references get listed.