Background: Forecasting is a realistic application of the scientific method towards future business requirements. This can be accomplished with both qualitative and quantitative methods. Inventory Management also connects to forecasting and is a key element of success within the supply chain and operations management professional areas of business.
Forecasting and Inventory Management support operations management efforts. However, you need to explore and evaluate these concepts more closely demonstrating knowledge of these real-world business concepts.
Directions
In this assessment, you will compose and informative essay in which you specifically address the parts listed below.
Part 1: Examine the business concepts provided below:
Forecasting
Select a part of forecasting to evaluate based upon your prior reading in the ebook. Conduct online research to support your writing with credible sources. In particular, demonstrate your knowledge of how forecasting supports operations management efforts. Select one method of forecasting as presented in the ebook that you find potentially useful in your own career. Evaluate how you would apply it in a real-world business setting.
Inventory Management
Select a part of inventory management to evaluate based upon your prior reading in the ebook. Conduct online research to support your writing with credible sources. In particular, demonstrate your knowledge of how inventory management supports operations management efforts. Select one method of inventory management as presented in the ebook that you find potentially useful in your own career. Evaluate how you would apply it in a real-world business setting.
Part 2: Close your paper with the following observations from your research:
The importance of forecasting and inventory management within the context of operations management. Make sure you evaluate the purpose of forecasting and inventory management within operations management, as you close your paper, with skilled professional reflection and commentary.
Ensure each topic is covered to appropriate breadth and depth demonstrating knowledge of the module concept.