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Discuss, what will you do if you work as IE in the following industry/ organizations

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Discuss, what will you do if you work as IE in the following industry/ organizations

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1. Sunway Lagoon Theme Park-Ostrich
2. Parcel/ courier service- bald eagles
3. Broadcast- ASTRO, Netflix-sea dragons
4. Automotive - chameleons
5. LOTUS-rhinos

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Work can be done more efficiently and productive with the apply of IE in LOTUS

DO
- enhance the automatic checkout system
- drivethru shopping and checkout system
- automatic restock machine
- product tracking system (including location and stock remaining)
- implementation of robotics technology to act as trolley all the groceries

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AUTOMOTIVE
-  creating a platform for surveying common problems faced by customers
- evaluate and improve the current performance of production method and procedure
- set weekly maintenance for the production machines
- ask for customer feedback after they received their vehicles.

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1. modify membership system

2.Global implementation of the system

3.can watch movies from five years ago for free

4.free to watch the latest movie 15mins to improve customer stickiness
-provided premium mode：no advertisement，shareable account, multiple subtitles, free to download, able
to skip intro.

member
- 284835
- 285144
- 287214
- 287638
- 287687
- 277943

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Sunway Lagoon Theme Park

1. The people are crowded
Do :
- To avoid the wasting of time, Creating an app for the visitors and they can login to the app and can booking for the attractions, then visitors can receive the queue number automatically, later on the visitor can get notification from the app for time to play

2. Most of attraction closed/broke
Do :
- Increase the number of technician and give a professional training to them.
- Using a better quality of sparepart so it will be long lasting.
- Routine Checking to ensuring the Atrraction is in good condition.

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Bald eagle - Parcel/ Courier
Isu- Poor customer service
1. Contact more frequently with customer (improve tracking system)
E.g: if the parcel didn't arrive within the estimate date, courier company should inform customer detail so that the customer would be feel more relieved
2. If the parcel arrived at the courier station that near to the customer, courier can provide self pick up service.
3. Implement conveyor system to reduce worker fatigue/lethargy.
4. Organize order priority (express)
5. Reward employee for effective delivered system.

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please reflect what u have learned in last week (25-29 Dec) for this course

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There are three forecasting methods
1. Naive method
2. Moving average method
3. Exponential smoothing method

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What I had learned from the topic of forecasting is about predicting something in the future. I also learned on how to calculate to make a forecast using moving average method, weighted moving average and exponential smoothing.

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Forecasting; Seven steps in Forecasting, using Quantitative Approaches (Naive Approach, Moving Averages, Exponential Smoothing) also components of demand.

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I can understand how to find 3 month average or 2 month average and i know types of forecasting and know about seven step in forecasting and know about forecasting

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Ergonomic:
How does a workplace increase the effectiveness and efficiency of a workforce.

Forecasting:
Estimate the future minimum sales or maximum spend
Condition that affect:
Seasonal/Cyclical/residual
Moving Average...

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From the previous class, I have learnt that there are two forecasting approaches while quantitative method which involves calculation is the one that we studied. Naive approach,moving averages and exponential smoothing are approaches that most common among all the methods and they have different formulas that needed to be remembered.

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Learn how to calculate forecast sales through naive approach, moving average, weighted moving average and exponential smoothing.

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Forecasting is type of process that use to predict what will happen/ occurred in the future. People can use qualitative method and quantitative method to do forecasting. Quantitativr method can be divided into two which are time-series model and associative model.

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there are 3 types of forecasting namely economic forecasts, technological forecasts, demand forecasts

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I have learned about forecasting, which is a process that makes accurate predictions about the future course of trends using previous data as inputs. Forecasts aid people in making well-informed judgements about the future, particularly managers, analysts, and investors.

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I learned about naive approach (assumes demand in next period is the same as demand in most recent period), moving average method (total demand in previous n periods over n) and weighted moving average (total of weighted for period n times demand in period n over total weights) to calculate the forecast sales.

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Forecasting is a technique which help us to estimate the future by using some mathematics calculation. In this topic, we have learnt how to calculate native approach, moving average, exponential smoothing and so on.

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We have learnt
1) What is forecasting?
2) Types of forecasts
3) Forecasting approaches
- naive approach
- moving average method
- weighted moving average
- exponential smoothing

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We learned different quantitative approaches to forecasting. Naive approach based on previous data, moving average approach from the average of past data, weighted moving average approach where data of certain period have more value than others, and exponential smoothing approach where previously predicted data and actual data are taken into consideration

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From the previous lesson, I have learned that forecasting is a process of making assumption or predicting a future event to prevent company loss. There are two types of forecasting approaches, which are Quantitative and qualitative. Naive, moving average and exponential soothing are three most common approaches we used.

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I have learnt about what is forecasting and there are several type of forecasts such as economic, technological and demand forecasts. Not only that, I have also learnt about how to plot the graph and calculate the value of moving average.

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From previous lesson, I learnt forecasting is a process of predicting a future event and is important when constructing business strategy. We learnt quantitative forecasting method which are naive approach, moving average, exponential smoothing and so on.

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we have learn about the what is forecasting,way to calculate and its type

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Example of Jury of Executive Opinion (Group Singa - 277079, 279377 & 285198)

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Example of Jury of Executive Opinion (Group Singa - 277079, 279377 & 285198)

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An information-technology based company wants to forecast the units of computer required for next month. So, it summoned a weekly committee to estimate the orders for the previous twelve months and also the orders that estimated to come in for the next four weeks. The committee was made up of operations and marketing analysts and managers from R&D. They would conduct their meetings every Saturday morning reviewing the number of orders that were previously determined and check the accuracy of the forecasted demand and accordingly determine the demand for the subsequent period. Based on the material release order and spreadsheets of data, each member of the committee would indicate forecasts for the next four weeks. The forecasts would then be averaged to arrive at a final result.

Reference
https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/17870-jury-of-expert-opinion.html#4

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What is Jury of Expert Opinion?

Jury of expert opinion is one of the methods for forecasting sales qualitatively where executives from different streams of business provide their inputs. Jury of expert opinion considers experts from Marketing, Sales, HR, Finance, Operations, Production department, who discuss and provide their opinions and experience to the board of directors as high level executes are well acquainted with the strengths and weaknesses of the firm and what changes need to be done.

The discussions happen through meetings where the decision is taken after all of them come to a common consensus. Jury of expert opinion method is usually followed when there is a complex issue and the top-level expertise are required to come into a conclusion. Here, it adds and averages the opinions and views of all and the final decision comes out to be a rough average estimate without using any statistical techniques.

This method is very simple and quick to execute but in many cases it is subjected to biases that results in poor forecasts.

Importance of Jury of Expert Opinion

Jury of expert opinion is used as one of the qualitative methods for demand forecasting. It permits the inclusion of soft information such as human factors, personal opinions and hunches. Managers and executives come from different divisions and departments to forecast what will be the demand for the subsequent period and accordingly estimate sales for the given period of time. Top level managers use their experience and specialization to arrive at final forecast.

The measure of forecast in Jury of expert opinion is obtained by averaging out the opinions given by all the experts. The forecasted demand is an input for sales and operations. The sales divisions provide insights on how much they can sell in a given time period and whether the forecasted value is feasible. Similarly the operations division estimate how much production can be carried out in that same given period of time. Therefore the jury's judgment provides a platform to maintain transparency and allows communication among various departments within an organization.

Jury of expert opinion amalgamates opinions of top level executives based on their years of experience. These experts have profound knowledge about their organization's strengths and weaknesses, what are the risk factors in the related industry and an overall general knowledge of how economic factors can affect the previously determined sales trend. The aim is to minimize error. No doubt it has some obvious advantages like it provides deeper insights but it has some disadvantages as well.

Advantages & Disadvantages of Jury of Expert Opinion

Some advantages are:

1. This method is useful for a company which is innovating new products.

2. Very quick and simple process and it is easily done through holding meetings periodically.

3. Collective decision is been taken considering the opinions of all the top level executives.

4. Useful for small business because of the simplicity of this method.

A few disadvantages of Jury of expert opinion are:

1. Its opinion and experience oriented not based on facts.

2. There can be biased opinions.

3. The responsibility of the decision is distributed among all the executives and no single person will be liable for any faulty forecast.

Similarity Between Jury of Expert Opinion and Delphi Method

Delphi Method is also a similar kind of forecasting method where expert opinions are taken into consideration for forecasting future decisions and sales but it is done in a more formal manner than the jury of expert opinion method. In this method, the experts have to fill questionnaires and surveys. The after reviewing all the responses and answers, applicable changes are made and this process is repeated three to four times until a final conclusion is reached.

Example of Jury of Expert Opinion

An information-technology based company wants to forecast the units of computer required for next month. So, it summoned a weekly committee to estimate the orders for the previous twelve months and also the orders that estimated to come in for the next four weeks. The committee was made up of operations and marketing analysts and managers from R&D. They would conduct their meetings every Saturday morning reviewing the number of orders that were previously determined and check the accuracy of the forecasted demand and accordingly determine the demand for the subsequent period. Based on the material release order and spreadsheets of data, each member of the committee would indicate forecasts for the next four weeks. The forecasts would then be averaged to arrive at a final result.

Hence, this concludes the definition of Jury of Expert Opinion along with its overview.

This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Browse the definition and meaning of more similar terms. The Management Dictionary covers over 2000 business concepts from 5 categories.

Continue Reading:

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Jury of Expert Opinion - Meaning, Importance & Example | MBA Skool

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Jury of expert opinion is one of the methods for forecasting sales qualitatively where executives from different streams of business provide their inputs. Jury of expert opinion considers experts from Marketing, Sales, HR, Finance, Operations, Production department, who discuss and provide their opinions and experience to the board of directors as high level executes are well acquainted with the strengths and weaknesses of the firm and what changes need to be done.

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one of an application example of jury of executive opinion is
A corporation based in information technology seeks to predict how many computers will be needed in the coming month. It then called a weekly committee to forecast the orders for the preceding twelve months as well as those anticipated to arrive in the following four weeks. Operations and marketing analysts, as well as managers from R&D, made comprised the committee. Every Saturday morning, they would convene to analyse the amount of orders that had already been calculated, check the accuracy of the predicted demand, and then calculate the demand for the following period. Each committee member would provide projections for the following four weeks based on the material release order and data spreadsheets.In order to determine the eventual outcome, the forecasts would then be averaged. So that's the end of the definition and summary of a jury of expert opinion. https://www.mbaskool.com/business-concepts/marketing-and-strategy-terms/17870-jury-of-expert-opinion.html

# data[].attributes.attachment_link.readable_text
What is Jury of Expert Opinion?

Jury of expert opinion is one of the methods for forecasting sales qualitatively where executives from different streams of business provide their inputs. Jury of expert opinion considers experts from Marketing, Sales, HR, Finance, Operations, Production department, who discuss and provide their opinions and experience to the board of directors as high level executes are well acquainted with the strengths and weaknesses of the firm and what changes need to be done.

The discussions happen through meetings where the decision is taken after all of them come to a common consensus. Jury of expert opinion method is usually followed when there is a complex issue and the top-level expertise are required to come into a conclusion. Here, it adds and averages the opinions and views of all and the final decision comes out to be a rough average estimate without using any statistical techniques.

This method is very simple and quick to execute but in many cases it is subjected to biases that results in poor forecasts.

Importance of Jury of Expert Opinion

Jury of expert opinion is used as one of the qualitative methods for demand forecasting. It permits the inclusion of soft information such as human factors, personal opinions and hunches. Managers and executives come from different divisions and departments to forecast what will be the demand for the subsequent period and accordingly estimate sales for the given period of time. Top level managers use their experience and specialization to arrive at final forecast.

The measure of forecast in Jury of expert opinion is obtained by averaging out the opinions given by all the experts. The forecasted demand is an input for sales and operations. The sales divisions provide insights on how much they can sell in a given time period and whether the forecasted value is feasible. Similarly the operations division estimate how much production can be carried out in that same given period of time. Therefore the jury's judgment provides a platform to maintain transparency and allows communication among various departments within an organization.

Jury of expert opinion amalgamates opinions of top level executives based on their years of experience. These experts have profound knowledge about their organization's strengths and weaknesses, what are the risk factors in the related industry and an overall general knowledge of how economic factors can affect the previously determined sales trend. The aim is to minimize error. No doubt it has some obvious advantages like it provides deeper insights but it has some disadvantages as well.

Advantages & Disadvantages of Jury of Expert Opinion

Some advantages are:

1. This method is useful for a company which is innovating new products.

2. Very quick and simple process and it is easily done through holding meetings periodically.

3. Collective decision is been taken considering the opinions of all the top level executives.

4. Useful for small business because of the simplicity of this method.

A few disadvantages of Jury of expert opinion are:

1. Its opinion and experience oriented not based on facts.

2. There can be biased opinions.

3. The responsibility of the decision is distributed among all the executives and no single person will be liable for any faulty forecast.

Similarity Between Jury of Expert Opinion and Delphi Method

Delphi Method is also a similar kind of forecasting method where expert opinions are taken into consideration for forecasting future decisions and sales but it is done in a more formal manner than the jury of expert opinion method. In this method, the experts have to fill questionnaires and surveys. The after reviewing all the responses and answers, applicable changes are made and this process is repeated three to four times until a final conclusion is reached.

Example of Jury of Expert Opinion

An information-technology based company wants to forecast the units of computer required for next month. So, it summoned a weekly committee to estimate the orders for the previous twelve months and also the orders that estimated to come in for the next four weeks. The committee was made up of operations and marketing analysts and managers from R&D. They would conduct their meetings every Saturday morning reviewing the number of orders that were previously determined and check the accuracy of the forecasted demand and accordingly determine the demand for the subsequent period. Based on the material release order and spreadsheets of data, each member of the committee would indicate forecasts for the next four weeks. The forecasts would then be averaged to arrive at a final result.

Hence, this concludes the definition of Jury of Expert Opinion along with its overview.

This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Browse the definition and meaning of more similar terms. The Management Dictionary covers over 2000 business concepts from 5 categories.

Continue Reading:

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Jury of Expert Opinion - Meaning, Importance & Example | MBA Skool

# data[].attributes.attachment_link.description
Jury of expert opinion is one of the methods for forecasting sales qualitatively where executives from different streams of business provide their inputs. Jury of expert opinion considers experts from Marketing, Sales, HR, Finance, Operations, Production department, who discuss and provide their opinions and experience to the board of directors as high level executes are well acquainted with the strengths and weaknesses of the firm and what changes need to be done.

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Example :
In the market research department of insurance company Bankers Life & Casualty during 1997-1999, surveys of our sales force and branch managers were conducted to understand how many long-term care insurance policies, Medicare Supplement policies, and annuities were being sold within each market, and how much were being lost to the competition. These surveys would provide a read into the market size for each insurance product at both a regional and national level.
Refrence：https://analysights.wordpress.com/tag/sales-force-composite-forecasts/

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Which of the following CLINICAL areas do you think are HIGH PRIORITY for development of an improved evidence base relating to minority ethnic groups and their health needs?

Steps :
1.Design the questionnaire
2.Invite participants to take a part
3.Send out first round of questionaire
4.Analyse responses from round 1 questionnaire
5.Prepare the second round questionnaire
6.Send out second round questionnaire
7.Analyse responses from round 2 questionnaire
8.Design the third round questionnaire. For the third round, the second questionnaire is repeated but incorporates scores from the second questionnaire results. This gives participants a chance to see how the rest of the group prioritised the areas and if the participant then wants to change their opinion on the basis of the group consensus, has the opportunity to do so.
9.Analyse the results of the third round questionnaire for agreement and degree of consensus
10.Report findings

https://www.healthknowledge.org.uk/public-health-textbook/research-methods/1c-health-care-evaluation-health-care-assessment/use-delphi-methods

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The Delphi technique is a method of collecting opinion on a particular research question. It is based on the premise that pooled intelligence enhances individual judgement and captures the collective opinion of a group of experts without being physically assembled. The conventional Delphi uses a series of questionnaires to generate expert opinion in an anonymous fashion and takes place over a series of rounds. The technique is becoming a popular strategy that straddles both quantitative and qualitative realms. Issues that are critical to its validity are the development of the questionnaire; definition of consensus and how to interpret non-consensus; criteria for and selection of the expert panel; sample size; and data analysis. The authors used the Delphi technique to assist with making recommendations regarding education and training for medical practitioners working in district hospitals in South Africa. The objective of this Delphi was to obtain consensus opinion on content and methods relating to the maintenance of competence of these doctors. They believe the experience gained from their work may be useful for other health science education researchers wishing to use the Delphi method.
source：https://pubmed.ncbi.nlm.nih.gov/16332558/#:~:text=The%20Delphi%20technique%20is%20a,experts%20without%20being%20physically%20assembled.
https://www.projectpractical.com/delphi-technique-explained-with-examples/

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The objective of a market survey is to:
Understand competitors
Understand customers and stakeholders
Gather customer feedback
Measure market dynamics
Market trends

Why does Apple use Marketing Research?
Apple uses marketing research to improve their products by getting customer feedback and they also try to keep a good relationship with their customers by pleasing them and keeping them up to date with their products and informing them if there’s any new updates available for them.

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Thank you for participating in this brief survey to help us determine the needs in the market we cover. Feel free to contact us with more specific information at sales@checkpnt.com.

The first 500 people to Like our Facebook page and complete this survey will be placed into a drawing for an iPad. If someone is listed as referring another person for the survey, that person's name will be entered again.

Thank you once again!

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Thank you for participating in this brief survey to help us determine the needs in the market we cover. Feel free to contact us with more specific information at sales@checkpnt.com. The first 500 people to Like our Facebook page and complete this survey will be placed into a drawing for an iPad.

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People can do Market research through 2 ways. Which are primary research method and secondary research method. Primary research method is a survey method that the company collect opinion, data from their customer through In-depth interviews, questionnaire, survey and etc. While secondary research is going to do research base on the existing information that could be find via internet, journal, articles and many more others resource.
Here is this example of market research
https://amplituderesearch.com/market-research-surveys/sample-template.shtml

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Must focus in problem A,B,C because the sum of the percentage is 81.67%

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1. Based on the histogram,the data is not normally distributed. It is positively-skewed which means that most of the values or observations fall on the right side of the graph.
2. Based on the pareto chart and Pareto 80-20 principle,we should focus on category A,B and C. The sum of percentage for these categories are (37+25+20)%=82%

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1. The histogram shown above is not normally distribution and it is distribution is skewed to the right.
2.Since the cumulative percentage of A,B and C is 81.67%,therefore we should focus on A,B and C

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Ma Jia Xin 285185
Yap Xia Yu 285715
Gee Sin Tian 285907
Ong Shi Jing 287214

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A+B+C = 81.67

Problem of A,B and C causes 81.67% which greater than 80%

According to Pareto 80-20 principles, we should  focus problems A,B,C .

Members:
Yap Joo Yee 287756
Wong Xiang Yi 286267
Yong Li Xuan 279598
Por Eng Choo 276957

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Kautsar Bintang Aulia 276396
Khatami Mikhail Sayyid 275898
Dahape Zuhair Reikcy 275894
Ainun Harist Naufal 276393