MT435M5-5: Evaluate the purpose of forecasting and inventory management within operations management.
Forecasting is a realistic application of the scientific method towards future business requirements. This can be accomplished with both qualitative and quantitative methods. Inventory Management also connects to forecasting and is a key element of success within the supply chain and operations management professional areas of business.
Forecasting and Inventory Management support operations management efforts. However, you need to explore and evaluate these concepts more closely demonstrating knowledge of these real-world business concepts.
In this assessment, you will compose and informative essay in which you specifically address the parts listed below.
Part 1: Examine the business concepts provided below:
Select a part of forecasting to evaluate based upon your prior reading in the ebook. Conduct online research to support your writing with credible sources. In particular, demonstrate your knowledge of how forecasting supports operations management efforts. Select one method of forecasting as presented in the ebook that you find potentially useful in your own career. Evaluate how you would apply it in a real-world business setting.
Select a part of inventory management to evaluate based upon your prior reading in the ebook. Conduct online research to support your writing with credible sources. In particular, demonstrate your knowledge of how inventory management supports operations management efforts. Select one method of inventory management as presented in the ebook that you find potentially useful in your own career. Evaluate how you would apply it in a real-world business setting.
Part 2: Close your paper with the following observations from your research:
The importance of forecasting and inventory management within the context of operations management. Make sure you evaluate the purpose of forecasting and inventory management within operations management, as you close your paper, with skilled professional reflection and commentary.
Ensure each topic is covered to appropriate breadth and depth demonstrating knowledge of the module concept.
Minimum Submission Requirements
Proper notification of any resubmission, repurposing, or reworking of prior work per the Purdue Global Student Coursework Resubmission, Repurposing, and Reworking Policy Resource.
This assessment should be a separate Microsoft Word® (minimum 550 words) document, in addition to the title and reference pages.
In addition to the current APA style title page and reference page; ensure your paper covers the assigned topics, with a focus on quality. The following items provide additional guidance as to writing expectations.
Respond to the questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. Your paper should be highly organized, logical, and focused.
Your submission must be written in Standard English; demonstrating exceptional content, organization, style, grammar, and mechanics.
Your paper should provide a clearly established sustained viewpoint and purpose.
Your writing should be well ordered, logical, and unified, as well as original and insightful.
Ensure your paper uses current APA style for content, with properly indented paragraphs, and a minimum 550 words covering the assigned topics to appropriate depth.
A separate page at the end of your paper should contain a list of references in current APA style. Use your textbook, the Library, and the internet for credible research.
Ensure you have at a minimum three quality references supporting your work: defining words, or using dictionaries, wikis, or encyclopedias, does not count as a quality reference, or meet university standards for credible online research.
Be sure to include references for all sources and to cite them using in-text citations where appropriate. Your sources and content should follow current APA citation style. Review the writing resources for APA formatting and citation found in Academic Tools. Additional writing resources can be found within the Academic Success Center.
Your submission should:
include a title page;
be typed in Times New Roman, 12 -point font; and
be free of spelling or punctuation errors.
If work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned for revision. If the work submitted does not meet the minimum submission requirements by the end of the term, you will receive a failing score.
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