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Forecasting Techniques Essay

667 words - 3 pages

As the vice president there are many details that a vice president must look into and decide how future of McDonald and understanding the critical need for planning with in and organization is need in order to run a smooth operation from day to day operation needs to future needs. As the vice president you must insure that the senior staff is ready to implement this long/short term goals. Long term and short term forecasting is very important as it can be detrimental to the functionalities of each operating McDonalds.
There are many responsibilities that are need to be looked at when forecasting such as deliverables of a product, work interruption and cost just to name a few. Having an ...view middle of the document...

By creating surveys or manger feedback McDonalds is able to incorporate that in their daily products that are offered. Next forecast is Time-series forecast helps McDonalds forecast what has happened in the past to help predict and learn for future business. McDonald’s had a decline for their forecast in January 2103, which decreased normal sales. As stated by Reuters (2013) “McDonald’s on Wednesday forecast a decline in global restaurant sales for January, as it and other fast-food chains fight for customers who are spending cautiously during continued economic uncertainty.” These types of situations a Vice President must understand what is needed to make the change in order to help boost profits. This will help minimize the unforeseen events or at least help correct the necessary setbacks to bring up profit margins. As the Vice President know the forecasted outcome is necessary to keep the organization in line and create the necessary plan in order to continue to make profits....

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