Write a 1 page professional memorandum per paper ( total of 5 pages ), directed
ID: 326257 • Letter: W
Question
Write a 1 page professional memorandum per paper ( total of 5 pages ), directed to UNiversity of central Florida IEMS management on forcasting , sales and operation planing , inventory control system to determine demand and EOQ. Indicate what you find to be the most interesting aspect of the paper and what you learned from each paper (summary). Please include a copy of the first page/abstract of each of the papers you summarize with your assignment.
Write a 1 page professional memorandum per paper ( total of 5 pages ), directed to UNiversity of central Florida IEMS management on forcasting , sales and operation planing , inventory control system to determine demand and EOQ. Indicate what you find to be the most interesting aspect of the paper and what you learned from each paper (summary). Please include a copy of the first page/abstract of each of the papers you summarize with your assignment. Write a 1 page professional memorandum per paper ( total of 5 pages ), directed to UNiversity of central Florida IEMS management on forcasting , sales and operation planing , inventory control system to determine demand and EOQ. Indicate what you find to be the most interesting aspect of the paper and what you learned from each paper (summary). Please include a copy of the first page/abstract of each of the papers you summarize with your assignment.
Explanation / Answer
Forecasting is a way or a method of providing appropriate figures of production order or is a calculated prediction required for function planning or to manage long term or short term plan.
Forecasting is a critical parameter in attaining appropriate figure and maintaining and balancing activities in terms of production orders along with distribution of material assigning of Manpower labour and assignment of man machine significantly.
Forecasting cultures basically off analysis of the parameters like past present proposal future these are called internal factor apart from that there are various factors that are called external factor which can be controllable or non-controllable this depends upon the past history the current status and the future plans of the organisation or Company.
In mathematical terms there are various ways of forecasting that are done in organisation our company to get an appropriate figure of the production level that needs to be done and actively send information to the manufacturing unit for production ordering and doing up of raw material as well as outgoing of finished product. Forecasting predicts about the level of profitability or the order that one would be achieving after the completion of annual cycle of financial year.
Various ways that are used in forecasting are extrapolation moving average method time series method demand with seasonality and overall Trends.
Generally the forecasting method have errors which are calculated by the means of mean absolute deviation running sum of forecast error these are some mathematical terminologies used for calculating error in forecasting.
There is also a casual method of forecasting depending upon the total population distribution of population is distribution disposable income of the population price competition item or the substitution and amount of leisure time available for the person to avail the offered product. This is generally used by many professionals to gain insight about the kind of requirement or the kind of need that people have to gain an inside of what is required. This is essential to gain a desired amount of figure which is required to give the people what they need and capturing the market to make profitability.
The most important question in forecasting is that the determination of objective of purpose behind the forecast. The main purpose of forecast is basically providing a feedback about what is required and in how much quantity. Forecasting is also usable or is used in any organisation or by the sales to get around about figure of what are the expected order and gain and inside about the closing so that they can align themselves in a way or in other words they can prepare themselves by putting and resources to achieve the targets.
Forecasting is however very critical parameters that determine what and when and how much quantity it is required. Forecasting finds its application in wide range of fields for estimation future condition that are useful however forecasting is not a fool proof method of gaining an insight about the requirement in the future.
Forecasting is basically and estimation for a scientific calculation that is based upon the past data collected the current situation and the future targets that has to be achieved.
There are various professionals those are involved in providing perfect forecast to the organisation and a dedicated in the field of data mining and future prediction and probability of market change or the trends that are being followed currently by the society this is being done by various forecast analogies various scenarios along with various statistical service that are carried out in a wide way together data for analysis and get an inside about prediction regarding future there are various ways those are qualitative as well as quantitative methods to achieve and forecast.
Qualitative forecasting techniques are basically judgement of consumer and depends upon the expert intelligence about what is needed and also based upon the experience of from the past however the very basic and simple technique used in forecasting is the average up approach fair an approximate value is being calculated depending upon the requirement in the past and is calculated for the past years so that we can have an approximate value of the quantities required in the future.
There is also a native approach that is used in forecasting that is calculated based upon the time series data that is captured as a previous record to get an exact data for achieving amount of calculated future prediction.
Also there is a way of calculating or predicting forecast by time series method this time series method used historical data on the basis of estimates and figure out comes to calculate various averages and determines the average exponential data or an average exponential forecast for hour time Bond series.
Sales and operations planning
Sales and operation planning is a critical parameter that defines the life cycle of an order till it's incoming and execution.
Sales and operations planning starts bye the cell cycle and define the total life cycle of the execution of the order received from sales. Production and operation management concerned it cell with the conversion of input into output using various resources so as to provide desired utilities in various forms or straight or maybe a combination of both.
Sales and operation planning is totally interlink as both are the Driving part of an organisation in case or in event of failure of any one of the subject the total life cycle is disturbed. Operation planning is critical parameters that determines how effectively and efficiently an organisation needs to work to attend the desired result that is customer satisfaction. The overall effectiveness of operation planning results to better way of Management along with better planning and having a proper sales cycle. Various terminologies that are you is technology selection process selection and management capacity management and scheduling. There are new prospect in terms of sales and operations planning now has come into the way of modern industrial and organisational sectors that not only keep a check on internal parameter as well as external parameters that are very critical in developing and designing a life cycle during production and operation.
Operational life cycle basically defines the total time taken during the processes.
Operation planning tips check on the overall parameters of the available resources and the differences of what is not available.
The success in Operation strategies is Defined by improved responsiveness about the time and the timely responses along with accessibility geographical proximity logistics and communication. Also there are various product and services data time Bond and have a fix life cycle that need to be taken care of during the whole operation of a product life cycle. There are various ways to determine the strength weakness is threats and capabilities for having a proper sales and operation plan.
One of the very prominent model is called porter's five forces model that define various ways and also define the swot analysis for a sales life cycle.
As the things are moving globally there are various factors ways and strategies that needs to be taken care during a sales and operation planning which can be a very critical factor that can determine overall success of attaining a target. Services also plays a very critical path in sales and operation planning and one need to define the exact amount of efforts that one needs to portal in providing better services and a quality experience to the customer during preparation of sales and operation planning. The overall experience of the customer well defined the life cycle of the organisation or the company or the product that one is trying to focus or push in the market.
Inventory control system to determine demand.
Inventory control system is a mechanism by which one needs to provide or supply the necessary demand or to satisfy the essential demands of the market. It is a very critical parameter that define the fulfillment of need in the market along with managing the exact amount of requirement not leading to Excess inventory. Excess inventory in terms of production is a very critical parameter that may also leads to losses in case there is an excess inventory that may carry inventory holding charges or cost.
Inventory control system is basically a mechanism by way control the flow of materials as per the requirement or the demand raised by the user. This has to be a very efficient way in maintaining the supply and demand cycle of the market along with the user. This is a very critical parameter that may depends upon various factors like festivals Seasons or change in Trend all the population need. One has to focus on all these parameters that may raise the requirement for the Inventory of particular product or services that has to be provided at the time of requirement. Inventory is also working capital and therefore the control of inventory analysis and important aspect of operation management. There are main things that needs to be kept in mind is that how much inventory is required and by when there are various functionalities that calculates the total requirement of inventory also there are relevant cost attached to the inventory and thus it makes a very critical and a very important parameter specify your data bind the overall inventory control. Where is relevant cost attached to inventory control is cost of capital space cost material handling cost spoilage Auditorium and cost insurance cost cost of general administration inventory procurement cost these cost are associated with the question of how much and when the inventory is required. Optimal order quantity is a basic parameter that an organisation has to kept in mind while keeping an inventory or determined that demand and is deprecated by various graphical as well as mathematical ways depending upon the behaviour of cost versus the demand. There is also an economic that size that has to be set up for management of the inventory along with the total cost of production along with the total demands. Inventory model with purchase discount also contributes the optimum quantity buyer calculator method that can be calculated in terms of the total units per year produce usage and daily production rate this is the total data gathered in the past along with the prices and the change in prices for the next year. However there are very uncertainty that pertaining a buffer stock that may leads to a total disaster in terms of bad inventory control along with a bad forecast. There are various ways for approaches to determine buffer stock that are used in the production or operation life cycle of a product is uncertainty define the variability in scale along with the delay in supply of raw material that may lead to hold of inventory in the premises or the warehouse that may increase the overall cost. Also there are difficulties in estimating short of material or the raw material required for certain production that may leads to the additional in simplicity cost for the inventory. The basic summary of inventory control system is that it determines the overall effectiveness and efficiency of production life cycle along with the sales life cycle that may leads to a proper planning along with a controlled inventory.
EOQ stands for economic order quantity.
This is a very critical parameter inventory management this is basically the order quantity that minimise the total holding cost and ordering cost. YouTube is a way by which inventory can be controlled by placing the order at right time as and when required and the availability of product by the way of just in time production methodology. It plays a very critical and crucial role in demand and supply of product which is constant over the year and also delivering the inventory at the right time. This is also away by weight ordering is done when the inventory reaches nearly zero or two of its parameter that is Defined by the operation or the lifecycle manager the system automatically orders when it find a minimum level has been reached for a certain product that is required as a raw material for production of the final good. YouTube play the very critical role and a crucial part in the overall Product life cycle along with the inventory control management for providing the demanded goods at the right time leading to efficient way of managing inventory.It defines the availability of material at right time right place and in an effective manner. You can also controlled by various parameters that are defined in the in the model of economic order quantity defined as by the variables called purchase unit price or unit production cost along with order quantity optimum order quantity annual demand quantity fixed cost per order along with annual holding cost per unit the combined of all this parameter in a way determine the total cost function and also derive the economic order quantity by the way of the parameters mentioned on the variables along with plotting a graph to find the total economic order quantity the total economic order quantity is a mathematically calculated or dried very is that totally depends upon the annual demand quantity fixed cost per order and annual holding cost per unit. This is the method by which one can define the total cost function and economic order quantity. Economic order quantity is also a very efficient and effective way of controlling access inventory along with proper product planning and controlling the overall production cycle in an efficient and a controllable way.
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