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Assume you are the CEO of a business. You need to have a process in place that assures your company has the most accurate forecast available so that you can most effectively manage your business.
Think about the types of things that could influence demand for your product or service – either historically (so it is in the data used for the forecast) or in the future. You have people in your organization who are knowledgeable about these things, and you want to be able to use that knowledge in a systematic way to routinely and continually update your forecast.
Prepare a memo to the people who have knowledge of these demand influences that:
1. Outlines the things that effect your demand that would be external to the historical data. In other words, on what specific things do you want them to focus? Employment rates? Home building starts? Seasonality? Discretionary income? Interest rates? Whatever it is, you need to describe it and direct your team to focus in these areas.
2. Outlines the systematic process that should be used to adjust the forecasts. Assume that this process needs to survive individuals on the team. In other words – it is not person dependent. It would be used for any team or team member involved in the process. How would you capture this information? How would you record it so you know what was used and how it was used? How would you be able to retrieve it in the future if you needed to remove it from a future forecast?
Your proposal should be in the form of a letter to your forecasting team. Your proposal should meet the following format requirements:
1. Minimum of 3 pages
2. Double spaced
3. 12 Point Font.
4. 1-inch margins bottom, top, left, and right.
5. No spelling or grammatical errors
6. Professional language
7. All sources cited in APA citation format on a references page (this is in addition to the 3-
page body of the assignment.