Forecasting Skills and Professional Practice
Competency
Relate the seven key elements of designing a forecasting system.
Instructions
Your job is to develop a PowerPoint presentation with speaker notes that showcases forecasting skills and professional practice.
Title Slide (1 slide)
Strategic Forecasting and Production (2 slides)
Limitations of forecasting on labor models (2 slides)
Job planning (1 slide)
Impact of forecasting (1 slide)
Summary to board members that highlight the impact of operational forecasting can have on organizations. (1 slide)
Reference (1 slide)
Forecasting Skills and Professional Practice
Name
Institution
Course Code and Title
Instructor
Date
Strategic Forecasting and Production
In the context of production, strategic forecasting entails planning and predicting production's future needs and requirements. It should align with the organization's strategic goals and objectives. The process ensures that the organization's production capability is aligned with the market's demands, enhancing optimized resource utilization and a competitive edge (Taylor & Letham, 2018). Strategic forecasting in production entails several vital considerations. These include forecasting the market demand. Here, the organization anticipates future demand for its services or products. It also utilizes market research and historical data on sales to forecast the pattern in market demand (Taylor & Letham, 2018). Another