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Demand Forecasting

All organizations operate in an atmosphere of uncertainty, but decisions must be made today that affect the future of the organization.

The Nature of Demand Forecasting

A forecast is a prediction or estimation of a future situation under given conditions. Demand forecasting helps managers make the following decisions effectively:

Major Short-Run Decisions

• Purchase of inputs
• Maintaining economic inventory levels
• Setting sales targets
• Distribution network management
• Working capital management
• Price policy
• Promotion policy

Major Long-Run Decisions

• Expansion of existing capacity
• Diversification of the product mix
• Growth through acquisition
• Change of plant location
• Capital issues
• Long-run borrowings
• Manpower planning

Steps in Demand Forecasting

1. Identification

Media and Technology Glossary

Journalism and Broadcasting

• Stringer: A freelance journalist.
• Shortlist: A list chosen from a longer list.
• Scoop: A story that one broadcaster (or newspaper, etc.) manages to get as an exclusive. This can often lead to a sharp rise in audience figures, as there is only one source of this information.
• Slot: A section in a radio or TV program which has a time allocated to it in a schedule.

Studio and Film Production

• Studio Manager: Ensures that the studio is organized in terms of bookings, equipment, and administration. They are often involved in the business side of the operations, making sure that they keep existing clients satisfied and attract new business to the studio.
• Set: An indoor location where the film is recorded.

Emotions, Stress, and Athlete Development

Examples of negatively toned emotions are anger, anxiety, sadness, etc. Using the example of the elite female shooter, she demonstrates how anxiety can be a good or bad thing. She can positively use negatively toned emotions to be fully aware of shooting her targets and also explains how if she was calm while shooting, it would frighten her more than calm her nerves. On the other hand, she explains that if she were to use a completely different rifle she may feel anxious, and in turn, be too afraid to use it. This is an example of how negatively toned emotions can be both useful and harmful.

The Impact of Stress and Anxiety on Performance

The level of anxiety or stress can decide whether or not the athlete... Continue reading "Emotions, Stress, and Athlete Development: Key Psychological Factors" »

Cost Accounting (CA) vs. Activity-Based Costing (ABC): A Comparison

Input Analysis

• CA: Focuses on direct and indirect costs, with special attention to accumulation costs.
• ABC: Analyzes traceable and non-traceable costs, emphasizing hidden costs.

Allocation Analysis

• CA: Categorizes costs by function, based on delegation and accountability. Support-center costs are allocated to main centers. Activity units are selected based on correlation.
• ABC: Categorizes costs by activity (processes), focusing on value chain control. Support activities are minimized. Drivers are selected based on causality.

Cost Object Analysis

• Both CA and ABC analyze production and final costs, cost-volume-profit, product cost at different completion stages, and contribution to value.

After-Sales Service

After-sales service refers to the tasks that an organization undertakes after a sale to ensure total customer satisfaction. It is an important source of information and should be considered an investment. It is easier to sell new products to a satisfied customer than to find new customers.

Advantages:

• It provides greater customer satisfaction.
• It improves the image of the company.
• It improves direct knowledge of the market.
• It involves potential customer loyalty.
• It implies a likely increase in sales.

Disadvantages:

• It involves certain costs.
• It needs to be controlled.
• It can cause a possible increase in the number of claims.
• It implies a greater demand for service and quality.
• It causes more staffing needs.

Types of After-Sales Service

Promotional

Related... Continue reading "Enhancing Customer Satisfaction with After-Sales Service" »

The 21st century has been one of the most innovative ages for online platforms. Online learning has become more interesting and fruitful. However, the lack of face-to-face interaction is creating some severe issues. In this essay, we will discuss both the positive and negative aspects of e-learning.

Advantages of E-Learning

First of all, online education has broadened the dimension of learning beyond limits. Gaining knowledge in the old days, sitting back in schools, was always boring and ineffective for understanding. But now, with the evolution of online technology, the level of understanding has been increasing, as we can learn from different tutors all around the world, as many times as we want. In addition, e-learning has made it possible... Continue reading "E-Learning: Advantages and Disadvantages" »

Relationship: After-Sales Service and Quality

After-sales service is essential in achieving the quality of a product. We are going to see the relation of the after-sales service with the other processes aimed at achieving quality products and services. The after-sales service is a tool to achieve the best possible business goals.

A. Inputs from the Business Environment

Data or information a company gets from outside the company to improve existing products or to create new ones.

• Needs and expectations of customers: through market research and the results of the after-sales services.
• Competitors: provide a better service than the competitors.

B. Inputs from Within the Company

(Data or information from other departments that influence the performance... Continue reading "After-Sales Service and Product Quality" »

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Core and Distinctive Competencies

• Resources: An organization’s assets, and thus the basic building blocks of the organization. They can be tangible or intangible.
• Capabilities: Refer to a corporation’s ability to exploit its resources. They consist of business processes and routines that manage the interaction among resources to turn inputs into outputs.
• Core Competency: A collection of competencies that cross divisional boundaries, is widespread throughout the corporation, and is something the corporation does exceedingly well.
• Distinctive Competency: Core competencies that are superior to those of the competition.

Using Resources to Gain Competitive Advantage

1. Identify and classify resources in terms of strengths and weaknesses.
2. Combine the firm’s

Administrative Models

Total Quality Management (TQM)

Total Quality Management (TQM) is a managerial innovation that emphasizes an organization's total commitment to the customer and to continuous improvement of every process through the use of data-driven, problem-solving approaches based on the empowerment of employee groups and teams.

The core of TQM is the customer-supplier interface, both externally and internally, and at each interface lie a number of processes.

This core must be surrounded by a commitment to quality, communication of the quality message, and recognition of the need to change the culture of the organization to create total quality.

These are the foundations of TQM, and they are supported by the key management functions of people,... Continue reading "Administrative Models: TQM and Just In Time Strategies" »