Increase to lack of consensus. Quantitative forecasting method

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Last updated: May 22, 2019

Increase Efficiency and Decrease Waste. BusinessFinance Updated September 09, 2016Peavler, R. (2016). Just-in-Time (JIT) Inventory Management References        Qualitative forecasting method Operation Strengths and weaknesses Executive opinion This is mainly used in the production of products Forecasting is done easily and quickly.

However, it sets inherent problems to those who meet as a group. Delphi technique This deals with the future marketing expectation of the company products This method is effective for long range forecasting. However, this method seems to be highly unreliable due to lack of consensus. Quantitative forecasting method .   Life cycle modeling This operating is mainly used in forecasting products produced by the organization This method is cost effective since it can easily lead to forecasting of larger economic activities.

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This method seems to be poor in complex and small projects.  method. Evaluate the strengths andweaknesses of each methodcreate a table in which you identify the characteristicsof the operation that relate to eachDetermine a qualitative and quantitativeforecasting method for your operation. Next, However, since Just in time only works whenthere is trust,  quality assurance, andcooperation, Home Depot must provide information in a timely and better way totheir suppliers for them to be able to make preparation and allow them adequatetime for delivering of the merchandise and eliminate any activities within thesupply chain and distribution processes that may be added later with thesuppliers, for instance, if any changes should arouse Home Depot most notifytheir suppliers as quickly as possible this way the close working relationshipwill not be validated on the trust, quality assurance and cooperation between Home Depot, their supplier andduring the distribution processes.

Itcould come a disadvantage with the use of the Just in time method if Home Depotdon’t inform suppliers and customers about their inventory needs andrequirement due to the lack of timely delivery of merchandise, and forinventory planning an improved sales forecast. Also, as I stated in my Part Onepaper these three means can potentially impact quality assurance: (1) Merchandise limitations. Theorganizations are limited to showcasing what will fit inside of the building.(2) Companies they lose the one on one customer experience and thatrelationship clientele that people create when they must come into the store. (3)Logistics could be an issue if the company was transitioning into a completevirtual organization because the organization could only ship items to members Therefore,Home Depot, in their Brick-and-Mortar stores due to, they serve their customerswithin a building or physical location, as well customers come face to facewith them in a specific location to employ Just in time in inventoryreduction.  With that in mind, thissystem will help Home Depot goal of inventory of zero with provided goods tomeet their demands. TheJust-in-Time (JIT) method is a strategy for inventory to be ordered when neededin the production process.

This method eliminates wasted inventory, stock andtime. Equally, with minimal inventory a set of activities is designed toachieve production at a high volume with the control of the flow of allinventory.  Evaluate 3-5 means in which the philosophycould potentially impact quality assurance.Analyze 3 advantages in employing thejust-in-time philosophy in your organization.executivedue to each employee seeking and executing each task that would make thecompany better and not to mention at the store levels, better ways of managingand handling freight, discouraging freight, improving customer service, rewardsand recognition. Anintegrated effort that is designed to improve the quality performance at everylevel of an organization is called a Total Quality Management (TQM).  With this type of tool, Home Depot needs toengage fully with the whole concept to the EmployeeEmpowerment because it will develop an environment where all employees arelooking for ways of improving the efficiency within the organization they areinvolved and a part of.

However, for it to benefit the employees, Home Depotmust create a system that is well integrated for feedback and then once theyleave remarks of certain issues or present ideas that is rewarding to thecompany, Home Depot then need to reward those employees. Also, with the use ofTotal Quality Management (TQM) tool of Employee Empowerment can be used at alllevels within the organization weather its janitorial or the delivery of thehighest Develop a total qualitymanagement tool that identifies and analyzes any future issues.Therefore,Home Depot has made huge investments, such as Black Locus IBN for-DemandForecasting for floor to palletized loads, with these loads it can be weightedbecause palletized truck carries on an average less than a floor truck by atleast 30% of merchandise, increase more percentage of damage to the product andrequire more man hours to offload, pack and sort out the truck loads. So, tosay that Home Depot emphasis more on one then the other would be anunderstatement, I think it is fair to say that this is one company that emphasizesstrongly on all four of these components when it comes to the supply chain.

Collaboration,Communication, Integration and Demand Management are the four main componentsof Supply Chain Management (SCM). With that in mind, Home Depot supports theefficiencies increase of its imitative supply chain because since 2012 theyhave heavily invested in its IT infrastructure and its network of supplychains. For instance, in 2012, Home Depot acquired Black Locus to help themmake better pricing decision and to analyze their complex merchandise data.Sun15. Themanagement of supply and demand is integrated with the SupplyChain Management (SCM). Meaning for channel partners such as customers,distributors, service providers and suppliers the Supply Chain Management (SCM)covers them with coordination and collaboration.  Based on The Council of Supply ChainManagement Professionals, it encompasses all activities when it involvesmanagement sourcing, procurement, conversion and logistic as well as theirplanning.

Ian16) and the supply chain of your organization.determine three (3) major issues thatcould affect the structuring, sourcing, purchasing,Determine the key components of supplychain management for the company andProductLife Cycle (PLC) is known as the stages in its lifetime that a product goesthrough, where the demand changes over time. Rei132.

With that in mind, TheHome Depot has two generic brand products within the store one is HDX thatcould be found in almost every department of the store, this product usuallydoesn’t carry a warranty and for the most part it is built for residential usedue to it lower prices and quality point. Whereas, Husky is the other company’shouse brand, in which this product carries a warranty and a bit more expensivebut with great quality. Meaning the stages of products, whether new or old gothrough or their growth in the market place that is influenced by MarketDemand. For instance, Managers in Leadership need to know what stage a productis in due to the benefit of a devise marketing program for product sales dueto, a product goes beyond itself if its presented to the store proper, the wayit is packed and the service as well customer service and warranties that isoffered for the product from within the company.

(Ehmke, Fulton, Lusk, 2005).Consequently, the Home Depot has weaknesses in its Product Life Cycle for theirHDX line of products when it comes to the introduction and growth stages orotherwise called the early stages. Meaning, the brand HDX line is not close tomaturity and still in the early stage of the Product Life Cycle due to, HomeDepot failure to effectively invest in the marketing, packaging, branding andcreating an imperative of their HDX brands, especially at its early stage ofProduct Life Cycle because if any company is to be successful with the sale oftheir products they must do a number of things, such as develop an image,create awareness, public relations, encourage sales and advertise. Mar16.   Equally, in marketing the HDX brand, HomeDepot fail to market it and the packaging of the product/brand which resultedin a slow uptake. Even so, Home Depot opted to stick with the white packing fortheir generic brands which captures the same reaction of cheap and quality asbeing low, the same packaging that mostly all retailer uses on the line oftheir generic products/brands.

  Next,when it came to Home Depot growth it too showed signs of weakness due to thisarea is critical in the Product Cycle Line because it must be ensured by anycompany that they react to the market needs to modify the brands that saleitself, packaging and the direction of marketing so it can grow and generaterevenue or sales for them. Yes, the Home Depot, HDX brand is a success forthem, yet, it will continue to suffer in its growth if customer satisfaction aswell, repeat buying of the product from their customer’s is limited.Additionally, the failure that Home Depot not devising a strategy for thechanging environment to continue growth for HDX but instead they expanded theproduct line more than ever for this generic brand. Therefore, the HDX brandsgrowth capitalization, Home Depot needs to focus more on their overallpackaging, get away from just the one color and make it much brighter than theyare represented at this point as well there should be improvement and qualitypacking and focusing more on their product loyalty to meet their customerssatisfaction.Evaluatetwo to four (2-4) weaknesses that are evident in the selected organization’sproduct life cycle. Generate a new product design and product selection, andthen determine three (3) strategies that the organization needs to strengthenthe operation.

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