BUS522 Unit 6 Discussion Latest 2022 September

BUS522 Financial Tools for Managers

Unit 6 Discussion

Personal Inventory

After watching the video on inventory, what is something in your personal inventory? Try and go through the examples shown in the video. For example, what is your consumption rate, what are the holding costs and how many do you believe you should have on hand and why?

In response to your peers, what are some other things that might play into your classmate’s inventory example? What other holding costs can you see and what are some things that would affect the forecasts of that item in your life?

Qualitative and Quantitative Forecasting

Why is it important for managers to be able to utilize methods of making decisions or forecasting that are both quantitative and qualitative in nature? Can you recount an instance where a business you've worked for or are familiar with, has made both a qualitative-based and a quantitative-based decision in the same business area? In addition, please provide an example of an instance where you have had to make a decision or forecast and how you came to the conclusion.

In response to your peers, what data, either qualitative or quantitative would you like to have in that situation? How would it have helped?