Essays on Demand Forecasting Method in Abu Dhabi National Oil Company Assignment

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The paper "Demand Forecasting Method in Abu Dhabi National Oil Company" is a perfect example of a case study on business. Abu Dhabi National Oil Company is one of the most prosperous companies in the United Arab Emirates. It deals with oil and gas exploration and drilling. The success of the company is attributed to the methods used to forecast future demands. The judgmental methods involve the manipulation and analysis of data and the use of the reference class forecasting is for the purposes of addressing the factors that may impact the future demand negatively.

On the other hand, a good number of concepts used by the company to tackle the issues of future forecasting of demand are mainly judgmental. This is through the utilization of the past and present data in order to determine future demand. This has been made possible for the company through the presence of experts in the company. Other economical factors that impact future demand are also put into consideration so as to caution the company in the future. However, it is recommended that the company should put in place measures that are more comprehensive in order to address all the issues that affect future demand.

The technological methods of forecasting the demand have been recommended with the aim of increasing the accuracy of the results. Introduction Forecasting of demand is one of the most important concepts that guide the production and operations of a company. This is because it involves predicting the number of products that will be consumed by the customers (Ellis, 2010). The forecasting of demand is significant in terms of preventing losses for the company.

Producing more goods than the actual demand will definitely lead to losses for the company. On the other hand, producing a low number of products especially when the demand is high will also impact negatively on the profits of the company. It is thus important to note that consumer behavior is important for an organization in terms of forecasting the demand. The methods of forecasting demand, however, vary due to various factors. The type of goods and services produced by a company determines the demand forecasting method used by an organization.

References

Abu Dhabi National Oil Company. (2013). About ADNOC. Retrieved on 21 April 2013 from,

Ellis, K. (2010). Production Planning and Inventory Control. McGraw-Hill.

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