BUS 660 Grand Canyon Week 5 Complete Work
BUS 660 Grand Canyon Week 5 Discussion 1
Discuss the strategic importance of forecasting at your organization (or one with which you are familiar). What strategic decisions does it need to make in terms of forecasting? Provide two recent examples. In your opinion, was this the best way? How could the process be improved?
BUS 660 Grand Canyon Week 5 Discussion 2
Refer to the Topic Material, “Chapter 1 – Fundamental Issues in Business Forecasting.” This resource includes a discussion of unrealistic expectations and forecast accuracy. How have you seen this demonstrated in your organization or industry? Describe the forecasting scenario and the “prediction” that did not come true. What conversations did management have surrounding this issue? How would you mitigate expectations for a situation like this in the future?
BUS 660 Grand Canyon Week 5 Assignment
Forecasting Case Study: Urban Planning
Review “Forecasting Case Study: Urban Planning” for this topic’s case study, in which you will serve as an urban planner forecasting economic growth and decline for a specific industry in your city.
Students must access the “County Business Patterns” webpage (.census.gov/econ/cbp/index.html”>https://www.census.gov/econ/cbp/index.html) for this assignment. Students will use this U.S. Census Industry data portal to access data for a zip code with which you are familiar. This can be the zip code of your personal residence, location of employer (corporate, regional, or local office), undergraduate educational institution, hometown, etc.
In addition to the forecasting model and data, prepare a 500-750-word report to your city manager. Explain your approach and the rationale for why this is the best model. Evaluate the data and conclude your report with a recommendation about either expanding the industry in your area or allocating resources elsewhere.
Use an Excel spreadsheet file for the calculations and explanations. Cells should contain the formulas (i.e., if a formula was used to calculate the entry in that cell). Students are highly encouraged to use the “Forecasting Template” Excel resource to complete this assignment.
Mac users can use StatPlus: mac LE, free of charge, from AnalystSoft.
Prepare the assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.
Forecasting Case Study: Urban Planning
Important Note: Students must access the “County Business Patterns” Topic Material for this assignment. Students will use this U.S. Census Industry data portal to access data for a zip code with which you are familiar. This can be the zip code of your personal residence, location of employer (corporate, regional, or local office), undergraduate educational institution, hometown, etc.
- Transportation and Warehousing
- Finance and Insurance
- Real Estate and Rental and Leasing
- Professional, Scientific, and Technical Services
- Management of Companies and Enterprises
- Administrative and Support and Waste Management and Remediation Services
- Health Care and Social Assistance
Access the “County Business Patterns” page on the United States Census Bureau website and enter your city’s zip code. Using one of the industries above, access the data for the last 5 years that are available on website. Determine patterns of economic growth or decline during this time period, and develop the most optimal forecasting model for the next 2 years. Note that you will need to set up these two forecast calculations.
Clearly justify why your selected model is the best one. Specifically explain what forecast error is and how you used it to ascertain the most optimal forecasting model. Assume that you are presenting your findings to senior management and that senior management has minimal knowledge of forecasting techniques and how forecast error is calculated.