Exponential smoothing

Unit 5: Forecasting 5.1 INTRODUCTION Forecasting is an assumption of outcome, before it actually occurs. It is a process where a person makes statements about events whose actual outcomes has yet to come. Prediction is somewhat similar to forecasting, but it is more generic term. To deliver accurate or close to actual outcome forecast, statistical methods like Time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods are used. In some cases the usage…

In looking back, from the original patent issued on the tension rod mechanism in the early 1990’s through 1996, it could be argued that the company was resting on its laurels. Functional silos plagued this somewhat small corporation which crippled information flow and visibility. The senior management team were tenured sales folks who were customer facing and only made an appearance when we missed a shipment. The only numbers that were being tracked where dollars shipped and daily attendance…

Introduction This supply chain case study is focusing on the Bitumen Cocoa organisation in Zaria Nigeria. In the past decades, numbers of products offered to the market have generally exploded. The cocoa product lifetime has decreased hugely. The combination of these two trends leads to increased inaccuracy of the demand uncertainty resulting the increase in inventory levels. However, the disadvantages of holding inventory have been increasingly recognised with the regard to impact this may…

Benefits of direct marketing: Buyers • Home shopping- fun, convenient and hassle free, time saving, larger variety. • Comparative shopping possible- browsing through online catalogues. • Somebody else other than buyer can order goods. • Business customers- learn about new products & services- time saved in meeting sales people. Sellers • Buy mailing lists- any group : left handed, overweight, millionaires • Personalize and customize the messages- build continuous relationship with…

Unfortunately, some companies have mismanaged their greatest asset—their brands. This is what befell the popular Snapple brand almost as soon as Quaker Oats bought the beverage marketer for $1.7 billion in 1994. Snapple had become a hit through powerful grassroots marketing and distribution through small outlets and convenience stores. Analysts said that because Quaker did not understand the brand’s appeal, it made the mistake of changing the ads and the distribution. Snapple lost so much…