Forecasts of Demand Assignment Example | Topics and Well Written Essays - 2000 words

Forecasts of Demand - Assignment Example So, how do companies prepare for growth while still acknowledging that this forecast might not materialise? How do these estimates, which are a rough estimate of the actual demand or sometimes the mirror image of the market conditions, affect human resource, capacity, and the supply-chain management? How does this forecast influence the flexibility of these three important factors in manufacturing whether weekly, monthly or annually? The paper discusses the role of Operations Management, its framework and concepts while developing an appreciation for the operational processes, techniques, planning, and control systems. It also demonstrates the application of appropriate measures and the techniques for planning and production control. It is further classified under the three items for discussion for precision and clarity. According to the U.S. Census Bureau and the Department of Housing and Urban Development, the residential statistics for June 2013 showed that privately-owned housing units were at a seasonally adjusted annual rate of 911,000. This was 7.5% below the May rate of 985,000 but stood at 16.1% above the June 2012 estimate of 78500. The single-family authorisations were at 624,000, which was a 1.2 percent increase from the 620,000 in May. The industry is a replica of other organisations in terms of the forecasts from previous years to current times, and from current years to the future. In Ontario Canada, the houses were trending at 184,514 units in June compared to 184,087 in May. This is according to statistics from the Canada Mortgage and Housing Corporation (CMHC). According to Mathieu Laberge, the Deputy Chief Economist at CMHC, they use this trend to measure as a complement to the monthly SAAR of housing to account for considerable swings in monthly estimates and obtain a more comple te picture of the state of the housing market. In some situations, however, Mathieu acknowledges that the data or projections