The SmartDrive Company Case Study Large companies like Tesla, Google, Nvidia and

Question

The SmartDrive Company Case Study Large companies like Tesla, Google, Nvidia and Uber are investing billions of dollars and racing against each other to introduce truly smart driverless cars that can autonomously navigate regular roads. They face many hurdles, including strict regulatory frameworks and impending ethical issues. Despite the promise, it will take some years to realise this dream. Meanwhile, an innovative company called SmartDrive Pte Ltd is seeking to exploit the gap between regular and autonomous vehicles. It has done intensive applications engineering to develop an after-market in-vehicle unit called RoadWatcher (RW) that uses camera and lidar (a type of radar) technologies to sense road conditions. Coupled with artificial intelligence software, the device will alert drivers to potential road hazards. A future variant will interface with the engine and brake system to intervene on behalf of the driver. This will ease the load on drivers and helps to reduce driving mistakes SmartDrive is setting up a new manufacturing plant in Singapore. The plant will assemble its RW product. It will run 2 shifts of 8 hours each. For each shift, there are 80 workers deployed over 5 parallel production lines. Table 1 shows the major manufacturing tasks in each production line Time in mins 0.50 Task Production Tasks Predecessor 1Prepare components 2 Test Circuit Board Test LCD display 2.30 1.20 1.80 2.20 0.70 1.00 4Check Casing Mount board on case Mount LCD display Seal case 2,4 5,3 Test Complete Unit 2.00 Table 1. Assembly Task Times

Explanation / Answer

a) Forecasting helps in planning the business methods so that maximum profit can be made. Now leyt us discuss some of the reasons why forecasting is important.

1. Sales planning

With the forecasting , the company will be able to plan the different areas they must focus on to improve and also to determine the number of units they should produce for the next financial year.This helps us to know the demand for your product and hence you can apply techniques to increase the demand.

2. Financial Control

Knowing about th sales helps us to know the increase in revenue and profit and hence, help us to introduce methods so that the revenue can be increased. This allows the company to plan their business so that the revenue can be maintained.

3. If the sales appear to be decreasing, the forecasting methods allow the company to introduce techniques so that the company improve its performance. This will help in the growth of the company and implementation of techniques which help the company tp grow.

Types of forecasting method.

1. Casual Forecasting

Regression Analysis and Auto regressive models are casual methods of forecasting.In this method we use a mathematical function based on the existing values to forecast the future value.

2. Time series forecasting.

In this method we use the existing historical data to forecast the future value.This method can be used to make long term predictions that is in a specified period, say, 5,10 years,e.t.c. It has a wide range of application.

3. Quantitative and Qualitative Forecasting Methods

Personal opinions form the basis of qualitative forecasting methods. Examples for these are The Delphi method,e.t.c.

We can use arima method to make the forecast.

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