What specific variables would be needed by that organization

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Reference no: EM133489884

Discussion Post: Variables That Restaurant Managers Use

Successful organizations are those who are able to make relatively accurate forecasts about the future needs (inventory, facilities, capacity, manufacturing, and manpower) for the products produced or the services delivered.

Forecasting is an uncertain science since it calls for predictions, but current theoretical and mathematical models (quantitative and qualitative) make it possible for organizations to predict with an acceptable margin of error. Think about it this way: Without forecasting, organizations would always be responding rather than acting.

Question I. Select one industry from the list below: Bank, restaurant, health clinic/hospital, airline, or university.

Question II. What specific variables would be needed by that organization in order to forecast? Be sure you explain why you selected each variable and why it is important to forecasting.

Question III. Which variables are used for short-range forecasting, long-range forecasting, or for both. Make sure you support your selections.

Reference no: EM133489884

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