Michigan State University Short Term Cash Forecasting Questions

Discussion 1:
Demand forecasting results in an estimate of future demand and gives an organization a basis for planning and making sound business decisions. Since the future is unknown, it is expected that some errors between a forecast and actual demand will exist, so the goal of a good forecasting technique would be to minimize the difference between the forecast and the actual demand.
Address the following requirements:

  • Articulate the difference in short and long-term forecasts, forecasting techniques, and the benefits and challenges of each technique.
  • Create a forecast for a situation with which you are familiar (personal or professional) explaining the situation and why you chose the method of forecasting that you did
    Discussion 2:
    Production reports are used in process costing environments to track and accumulate information on total units, equivalent units, and costs by departments rather than by individual products. How could the production reports in process costing also be used for controlling or improving operations?