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Unit 9 Journal Forecasting

Unit 9 Journal Forecasting

Q Each week, you will work on one aspect that will help you prepare for the course and reflect. Consider this journal as study notes. This journal will provide an opportunity to capture new ideas from knowledge gained and record your thoughts throughout the course. This will also give you an opportunity to record questions you may wish to research further in preparation for other assigned work. Please remember that copying and pasting your own notes without revising is a form of self-plagiarism. Begin your post with the label: Unit 9: Forecasting Research the following topics related to Forecasting: 1. Qualitative/quantitative/mixed methods 2. Forecasting demand 3. Regression/Delphi 4. Forecasting accuracy 5. Trends/patterns In a Word document, compose three paragraphs describing the topics: one paragraph per selected topic, based on your simulation activities, course material, and additional research you conduct online. Then, submit to the appropriate Journal Dropbox.

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Demand forecasting is an essential function for all types of businesses, including those in the service and industrial industries. It establishes the required level of inventory as well as the quantity of the product to be manufactured. The requirement for transportation can also be determined, along with the associated expenses, with the help of forecasting. In theory, if you effectively estimate demand, you can save money on inventory costs and avoid over or understaffing situations. The "bullwhip effect" can be brought on by inaccuracies in the information passed along the supply chain from one link to the next; however, precise forecasting at each level can help to mitigate the impact of this effect (Petropoulos et al., 2020).