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Unit 9: Unit 9: Forecasting – DiscussionMany discussion opportunities come up where you need to respond to other people’sopinions and comments. Respond to your Discussion topic after you have completedyour Reading. TopicsForecastingForecastingSuccessful organizations are also those who are able to make relatively accurateforecasts about the future needs (inventory, facilities, capacity, manufacturing,manpower) for the products produced or the services delivered.Forecasting is an uncertain science since it calls for predictions but current theoreticaland mathematical models (quantitative and qualitative) make it possible fororganizations to predict with an acceptable margin of error. Think about it this way:Without forecasting, organizations would always be responding rather than acting.1.Select one industry from the list below: Bank, restaurant, healthclinic/hospital, airline, or university.2.What specific variables would be needed by that organization in order toforecast? Be sure you explain why you selected each variable and why it isimportant to forecasting.3.Which variables are used for short-range forecasting, long-rangeforecasting, or for both. Make sure you support your selections. Unit 9: JournalYou will complete a Journal each week.Each week, you will work on one aspect that will help you prepare for the course andreflect. Consider this Journal as study notes. This Journal will provide an opportunity tocapture new ideas from knowledge gained and record your thoughts throughout thecourse. This will also give you an opportunity to record questions you may wish toresearch further in preparation for other assigned work. Please remember thatcopying and pasting your own notes without revising is a form of self-plagiarism.Click on the Journal tab at the top of the page to add your first entry. Begin your postwith 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 Select three of the topics listed and compose 3 paragraphs describing the topics (1paragraph per selected topic) based on the course material and additional research youconduct online.ID: MT435-09-12-LJ

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