How Long-term Forecasting Influences Decision making at Company X
Phan, Ngoc Kim Nhu (2022)
2022
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2022120827202
https://urn.fi/URN:NBN:fi:amk-2022120827202
Tiivistelmä
The objective of this thesis work is to highlight the importance of long-term forecasts, and E2E planning to optimize costs, increase service levels and minimize the level of inventory in business in general and Company X in particular.
Company X’s current situation is that they are planning for the upcoming year. The aim is to anticipate customer needs, adjust the portfolio so that the supply and material planning teams are ready to prepare product creation, and optimize profit. For this purpose, Company X adopts the long-term forecasting method used.
In this study, qualitative research is used as a principal methodology. The author employs a qualitative approach to understand the significance of long-term forecasting in business, as well as the problems and difficulties in the process of long-term forecasting by conducting interviews with experienced employees at Company X. Primary data is information that the author collects from conducting interviews. Secondary data is used in this research collected from Company X’s internal data and was gathered from reliable books, articles, and reliable online sources.
The outcome of the research will be to bring all teams to the same level of understanding of the importance of Long-Term Forecast review, especially in volatile times, and to foster collaboration between all the teams involved. The research created opportunities for employees to share their views, raise their voices, and propose long-term forecasting improvements for future performance. Finally, the research might be reviewed as a foundational document and methodology that might be applied in different regions or business units of Company X in the future.
Company X’s current situation is that they are planning for the upcoming year. The aim is to anticipate customer needs, adjust the portfolio so that the supply and material planning teams are ready to prepare product creation, and optimize profit. For this purpose, Company X adopts the long-term forecasting method used.
In this study, qualitative research is used as a principal methodology. The author employs a qualitative approach to understand the significance of long-term forecasting in business, as well as the problems and difficulties in the process of long-term forecasting by conducting interviews with experienced employees at Company X. Primary data is information that the author collects from conducting interviews. Secondary data is used in this research collected from Company X’s internal data and was gathered from reliable books, articles, and reliable online sources.
The outcome of the research will be to bring all teams to the same level of understanding of the importance of Long-Term Forecast review, especially in volatile times, and to foster collaboration between all the teams involved. The research created opportunities for employees to share their views, raise their voices, and propose long-term forecasting improvements for future performance. Finally, the research might be reviewed as a foundational document and methodology that might be applied in different regions or business units of Company X in the future.