Application of Forecast Techniques at Arifco Plastic Factory – Jeddah, Saudi Arabia

Problem Statement  

Forecasting methods being used in Arifco’s have some room for improvements. i would like to reduce between the actual demand and the forecasted one.

 

Aims and Objectives Aims:

  • To determine the best model(s) of forecasting that best fits the plastic production at Arifco in order to increase revenues and reduce unnecessary losses.

 

Objectives:

  • Using their sales data of the past five years 2010-20114 (monthly basis)
  • Plotting the data to find which model fit best
  • Comparing different forecasting model(s)with their existing forecast model
  • Finding out the best techniques to use in demand planning for the designated products.

 

Importance Enhance the forecast technique at Arifco, in order to avoid shortage/surplus in stocks. Also, to avoid opportunity costs that might be incurred due to not meeting the clients orders while also it should help maintaining the proper inventory level (i.e. no more than the desired level) ,thus, reducing the cost associated with it.
Scope The research will focus on Arifco plastic product. We will start by defining the segment or products that examine the forecasting techniques used in demand planning at Arifco and compare the results with other techniques in order to determine the best methodology in forecasting the demand of plastic.

 

Methodology
  • Quantitative Qualitative methodology
  • Primary data:
    • Interviews
    • Existing customer sales data for the past five years 2010-2014
  • Secondary data:
    • Literature review

 

find the cost of your paper

In light of this trade-off between benefits and potential risks, to what extent do you think penetration pricing is a suitable approach to helping a new product become successful in the marketplace?

Critical Thinking Penetration pricing is one approach to pricing for a new product launch. It is a helpful tactic to gain initial trials, build market share, discourage competitors, and pursue….

How many jars of pickles must you sell to break even?

Assume that you are in charge of pricing for a firm that produces pickles. You have fixed costs of $2,000,000. Variable costs are $0.75 per jar of pickles. You are….

If you were a marketer responsible for promoting these products, to what extent would you focus on a push or pull strategy for each of them?

n Class, 15–20 Minutes for Teams one of the steps in gauging the marketing communication budget is to determine whether the firm should adopt a push or pull strategy. let’s….