Select a company you are familiar with.
Prepare a 1- to 2-page detailed outline. Include information on the following topics:
- What forecasting techniques does this company use?
- How does your selected organization prepare budgets?
- What MRP concepts do you see with regard to your organization?
Please refer to the attached file for the response.
FORECASTING, BUDGETING AND MRP CONCEPTS:
APPLICATIONS IN A UNIVERSITY SETTING
For this report, the organization that will be studied is a private university. Just like any other income-earning companies, this organization has also marketing, human resource management, finance, and production (either directly or indirectly) aspects. The products offered by this private university and any other universities for that matter are its curricular offerings while its buyers or clients are the students themselves. To ensure that the products or curricular offerings are of good quality, curricula are planned, periodically reviewed, revised, and approved by government authorities. This process is equivalent to production in other industries.
The curricular offerings which are provided with attached services that include admission, registration, quality teaching strategies delivered and facilitated by competent teachers could be equivalent to the marketing side of the educational institutions. Human resource planning, including the actual recruitment, selection, hiring, placement, development, compensation and other related concerns are parts of human resource management. On the other hand, ensuring that funds are acquired and allocated effectively and efficiently are finance concerns.
It is therefore imperative for an educational institution to be involved in some forms of forecasting, budgeting, and materials requirements planning (MRP) to ensure sustainability and maintenance of competitiveness.
Robbins and Coulter (2005) define forecasts as predictions of outcomes. Forecasting is ...
The expert determines what forecasting techniques a company uses. A selected organization prepare budgets are examined.