50 word respond each to Student 1and 2 as it pertains to original Question

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Successful organizations are also those who are able
to make relatively accurate forecasts about the future needs (inventory,
facilities, capacity, manufacturing, manpower) for the products produced or the
services delivered.

Forecasting is an uncertain science since it calls for
predictions but current theoretical and mathematical models (quantitative and
qualitative) make it possible for organizations to predict with an acceptable
margin of error. Think about it this way; without forecasting organizations
would always be responding rather than acting.

  1. Select
    one industry from the list below: Bank, restaurant, health
    clinic/hospital, airline, or university.
  2. What
    specific variables would be needed by that organization in order to
    forecast? Be sure you explain why you selected each variable and why it is
    important to forecasting.
  3. Which
    variables are used for short-range forecasting, long-range forecasting, or
    for both. Make sure you support your selections.


Hello Class and Professor, 

Airline Industry

Variable needed to forecast in this industry are wind
direction, cloud cover, wind speed, air pressure, thickness, temperature above
5000ft sea level. These variable effect the working of airlines as most
important factor in this industry is weather & atmosphere for flying. Cloud
cover is selected because it prevents incoming sunlight while preventing
outgoing radiation overnight. Wind speed has a moderating effect on
temps.  Thickness values relate to air density which is primarily due to
the average air temperature in the lower troposphere. Temperature of the air
near 5000ft above sea level indicates rapidly changing temperature indicate an
air mass change, and most likely a frontal passage. Air pressure changes can
signify the passage of weather systems, including weather fronts. 
Typically, pressure falls fairly rapidly before the arrival of a cold or warm
front.  Wind direction and cloud cover are used for short term forecasting
because their values need to be predicted more frequently. Thickness
&temperature on 5000ft sea level are more of long term forecasts but more
appropriately in medium range as these details have to checked & updated
regularly or at specific intervals as weather changes every day. Air pressure
& wind speed can be considered in both medium range & short range
forecasting because these has to done for longer duration so that future flight
chart can be maintained.


For a bank probably the most effective forecasting
method would be the times series method because as a financial institution they
would have a lot of history to draw on and can make future desicions based on
financial and economic events of the past (Russell, Taylor, 2014). When making
forecasting decisions for a bank some of the variables that may need to be
considered Include unemployment rate, housing markets, taxes and businesses as
a few forecasting factors. These variables are all important because they can
help determine how much use a consumer will have for a bank, for example if the
housing market is up then more people will apply for car loans and if more
people are employed they will have more money to make different transactions at
a bank.

The variables that I believe would be used more for
short term forecasting include taxes which because this is tax season there may
be more people conducting bank business with their income tax check so this
variable should only be considered during those few months. The housing market
and unemployment rate are variables that require more long-term forecasting
because they change gradually over longer periods of time and it is important
to recognize the trend in the present to make decisions on what the bank
believes the future of these variables will be.


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