Name: JOVIE S.

ESGUERRA

Year & Section: BSE 3-2

Activity 5:

1. Describe the core beliefs of the JIT philosophy.  

- As the industries produce products the waste from it can’t be avoided, JIT
philosophy is based and created for reducing the waste that we produce waste is
present in all industries. This waste can be a hindrance and make the production
slower than usual and as a result of having a slow production, the feedback we’re
going to receive will be always negative. There are steps to make sure that the service
we give will be given positive feedback and this is to maintain our product’s high
quality. Adopting Lean manufacturing or a just-in-time manufacturing system may
have a significant influence on an organization’s productivity, risk management, and
operational expenses when done correctly.

2. Identify the three major elements of JIT.  

Just-in-Time
This is also known as the master production schedule in which you are going to identify
which product has more demand in a specific time, maximize the time, and consider
producing the high-quality product that will make customers satisfied.
Total Quality Management
There are some standards that we need to pass to make our product high quality and we
should maintain that quality for our clients as they are the ones who will define the quality of
the product that we are offering. We must reach the expectations of our customers.
Respect for People
If we have respect for all people we meet in the business community customers, co-workers,
and managers success follows. The goal is to become successful not just by the business
itself but with the help of people who help us to reach success. We should take customers’
feedback to make our service better and should respect our co-workers in the business it will
help us to make our goal visible.

3. Explain how JIT manufacturing works and its key elements. 

- JIT manufacturing is reducing the time of the production flow, also lessening the
time it takes to market the product helps to reach customers more instantly. The final
assembly schedule is one that defines the product’s high demand at a specific time. If
all the process is done accurately the goal will be achieved while maintaining the
quality of product and satisfaction of our customers.

4. Explain the importance of respect for people in JIT. 

- In my opinion, the most important requirement of the company to achieve its goal
and to become successful is within the company itself the employees, when the
employees values and respect each other all the time and the process of JIT has well
performed the company will get the goal they want to achieve.

5. Give examples of JIT concepts seen in service firms. 

 - In fast-food restaurants they have refrigerators to keep their stocks, most of the
restaurants don’t cook when there’s no order of customers. In other words, they keep
their products in stock, and when customers tend to order one that’s the time for them
to cook orders.

6. Explain how you could use JIT to make your life more efficient.

- JIT helps to build respect for others and value the small things that will cooperate
with your success. Like the quality of the products that the business is offering we
need to do our very best every time to achieve our goals in life. It leads us to more
likely become a leader wherein we can have a better contribution to the business
success. JIT helps entrepreneurs’ life to become more convenient.
Activity 6:

1. Give three examples showing why a business needs to forecast.

- Business needs to forecast because business forecasting is a technique that is used to

determine and help predict the market movements this including sales and profits. It
helps you to have more understanding about the current market even what will be its
movement, by the help of this you will have a prediction to adjust your plans and make
some adjustment to your strategy.

2. Give three examples from your life in which you may forecast the future.

- Business forecasting helps you to make better strategies based on the prediction. The
data you have gathered will be very useful when you think of the best strategies also it
will help you to identify your weakness for you to work on it. In other words, forecasting
helps you to have more control by the means of having a prediction and a plan for the
future of the business.

I’m Financially free/ stable in the next coming years.

I see myself as a successful and well-known entrepreneur.
I already enjoying the goals I achieved in life.

3. Describe the steps involved in forecasting.

DESCRIBE WHAT TO FORECAST:

This is the first step you need to identify to think of the possible strategies that you will use
in the future.
EVALUATE AND ANALYZE APPROPRIATE DATA:
In this step you need to collect all the data to identify what is the most important and if the
needed data is available.
SELECT AND TEST THE FORECASTING MODEL:
You need to select the model that suits the best to your strategy.
GENERATE THE FORECAST:
Regeneration of the selected forecast.
MONITOR FORECAST ACCURATELY:
This step is the full monitoring of the forecast wherein you take notes of what’s happening.

4. Identify the key differences between qualitative and quantitative forecasting methods. Which
is better in your opinion and why?

- Qualitative forecasting is a prediction or a guess it doesn’t have support like evidence

while the Quantitative forecasting method is more on numerical data to support that
includes scientific proofs, In my opinion, Quantitative forecasting methods is better than
Qualitative because it has the support of evidence, unlike Qualitative.

5. Describe the different assumptions of time series and causal models.

- Time-series models’ assumption is that the demand in the market is based only on the
past demands that happen in the market in time series models it assumes that it has a
same demand pattern in the past, While the Casual models assume that there are other
factors that affecting the forecast and the prediction.
6. What are the differences among models that forecast the level, trend, and seasonality?

- Level refers to the value of a certain thing while the supply and demand of the product is
depending on the trend. Seasonality is a matter of time and it changes in over a short or
long period of time.

7. Explain why it is important to monitor forecast errors.

- Monitoring the forecast errors gives you more understanding about the problems and it
will lessen the chance of having the same error in the forecast. Once you monitored the
forecast very well you will become more prepared for every possible problem you might
encounter.
Activity 7:

1. What is capacity planning?

- It is the process of determining the production capacity needed by an organization to

meet changing demand for its products. In other words, one of the most effective
methods to support your team is through capacity planning. There are other advantages,
such as improved budgeting planning.

2. How is capacity measured?

Measuring Capacity
Companies measure capacity in different ways using either:
the input,
the output, or
the combination of the two.

- There are two types of capacity used by the Companies which are Theoretical and rated
capacity, The theoretical capacity is where the capacity doesn't have downtime in
reaching its maximum output, while the rated capacity is the output capacity that is based
on a long-term analysis.

3. Explain why capacity planning is important to a business

- Capacity Planning is important because you can see if your plan is going well if
everyone in the working place is doing their jobs. You can have a better understanding of
what will happen next so you can create future plans for improvement. Capacity planning
gives you more data and information.
-
4. What are the steps in capacity planning?

The first step is to determine the amounts of capacity required by the firm both today and in
the future, A corporation is unable to decide whether or not to acquire a new building without
knowing how much capacity would be required in the future.

Once capacity requirements have been identified, the

The company needs to develop a set of alternatives that would enable it to meet future
capacity needs.

The last step is the evaluation of alternatives where you need to seek for alternatives that is
the best for the company's requirements.

Step 1 Identify Capacity Requirements

Step 2 Develop Capacity Alternatives
Step 3 Evaluate Capacity Alternatives

5. What are decision trees, and how do they help us make better decisions?

- The decision tree is the most powerful and widely used classification and prediction tool.
A decision tree is a tree structure that looks like a flowchart. It's a series of decisions that
you can able to choose more likely the decision that is very close to attaining the certain
 goal is the one that will be chosen. Decision Tree helps us to have a choice between good
decisions that will make the work have its better output.
6. Describe five factors that should be considered in the location decision.

The proximity of Source of Supply

- Firms normally process a lot of products and they need bulk of raw materials to use it
will be easier if their location is near the source of supply.
Proximity of Customer
- The best example of this is the Grocery and Fast-Food chains they need to be located
near to customers because they need to introduce their services to customers.
Proximity to source of Labor
- this refers to the people whose employed in the business or even the potential employees
of the business. Business needs to make sure that the location of the firm is located near
the people who have skills and wants to be employed, they must have that certain skill
needed in the job. Business simply needs to be located at the populated area for its
insurance in employees
Community Consideration
- Success of the company can be affected by its location because the community
welcomes new businesses as they see it as the providing source of tax and opportunities
for a job at their location that will help the community.
Other Consideration
- There are some considerations that companies need to consider. For example, the space
they needed in the parking area, the access of customers to transportation, business
competitors, etc.