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    Statistical analysis for a fortune 500 company

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    Hello: I am looking for your guidance with the following:

    . Fortune 500 Research Outline
    pick a fortune 500 company and prepare a one-to-two page detailed outline. In your outline be sure to include information on the following topics:
    1. What forecasting technique(s) does this company use?
    2. How does your selected organization prepare budgets?
    3. What MRP concepts do you see with regard to your organization?
    Planning and controlling the supply chain
    a. Utilize your outline,as a basis:
    b. Prepare a 1,400-1,750-word paper in which you:
    1) Differentiate at least two-to-three key elements for each of the four primary forecasting techniques and how they apply to your chosen organization.
    2) Analyze the impact of production plans, master production schedules, rough cut capacity planning, workforce size, and carrying inventory as they relate to budgets for your chosen organization.
    3) Depending on whether the organization you selected is a manufacturing or service organization, compare and contrast how MRP usage would be different for this organization and one of the opposite type of organization.
    4) Compare and contrast the use of Material Requirements Planning (MRP) system concepts for your chosen organization.
    Site all references used for the paper.

    Thank you in advance.

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    Solution Preview

    The response addresses the queries posted in 682 words with references.
    //Prior to taking about the forecasting techniques, budget procedure and MRP concept followed by the selected company i.e. Wal-mart, we will have to first of all, understand about the company, in order to be clear that in which field, the firm operates. So, firstly, we will talk about Wal-Mart under the heading of Introduction, for example: //


    In the year 1962, Wal-Mart Stores Incorporation was established by Sam Walton that is grounded in Bentonville, Arkansas. It is an American public corporation, which not only operates a chain of large, discount departmental stores, but also provides a variety of products & services like meat, bakery produce, chemicals, dairy, frozen foods, floral, health and beauty aids, household, paper goods, etc. As per the Fortune Global 500, Wal- Mart is the largest public corporation, pertaining to receipts or net revenues, around the world (Wal-Mart, 2008).

    //Above, we discussed about Wal-Mart, which is global retail corporation. In this part, we will elucidate about the forecasting techniques used by the company.//

    Forecasting Techniques:

    In the organizations, the forecasting techniques are mainly applied to predict the future demand, revenues, production volume, requirement of inventory, labor requirement, cash demands, etc. For predicting the future, Wal-Mart uses the mixed quantitative and qualitative forecasting techniques i.e. customer survey, executive opinion and Delphi techniques, trend analysis, etc. With this forecasting technique, Wal- Mart has efficaciously found short- term and long- term projections that aid in formulating policies according to the upcoming anticipation. Like, the firm uses the customer survey technique for appraising the future demand for product & services. On the other side; trend projection method is used by it to determine the variable trends in accordance with current scenario.

    //As per the directions, now, we will highlight the process followed by the company in preparing budgets. I am just providing you a brief overview to raise your knowledge. You are free to add more in this part. //


    In budget preparation, Wal-Mart uses the stores net sales as the cornerstone, in order to key out sales growth trend and cost associated with each store. In preparing its budgets, Wal-Mart adopts a practice purposely understaffing its stores. In its financial plan that is concerned with the cost of workforce; it utilizes the monthly or weekly time duration. Besides that, it also considers the requisites and circumstances such as flows are impressed by seasonal variation and monthly is sub- divided into weekly (Brunn, 2006). Wal-mart uses the industry or historical standard in budget process; this is mainly applied as a plan on the ratios of costs to expenses, as well as, profits. Thus, in this way Wal- mart prepares its budget.

    //Above; we talked about Budgets procedure followed by the company. Now; moving to the next part of instructions, we will gain knowledge about the concepts of MRP followed by Wal-Mart Corporation.//

    MRP Concepts:

    MRP concepts are the most widely applied production management system that manages to make certain basics accurate i.e. quality and lead times. It is not only related with ordering and scheduling of materials base at the inventory level, but also with complete business turnover (Ayers, 2006). In regard to Wal-Mart, the concept of MRP is mainly used in relation to the cost, quality, sustainability and reputation because it is purchasing considerations.

    For inventory planning, it uses lean logistics for taking out variation and wastes in its supply chains. The company uses this method in planning all resources, in order to timely, fulfill the growing demand of the product in the market. In addition to this, Wal-Mart uses this concept in its planning, linked with operations and funds, in order to mix its budgets, financial reports and purchase commitments to have prudent plans, along with the consideration of constraints like quality, capacity, etc.

    // I hope the assistance provided by me is quite sufficient to address the queries. It will surely help you to develop a better understanding of the topic discussed and enhance your knowledge. I am also including the references, from where I found the ...

    Solution Summary

    The response addresses the queries posted in 682 words with references.