My chosen two quantitative elements are target market and consumer preferences for the organization I have selected for my business plan. After collecting data, including old demand forecasts and actual demand outcomes, I established a forecasting method that uses a balance between subjective and objective data and looks for trends and seasonality. The forecasted future demand was then used to make decisions. The forecast error was measured where applicable, and any biases were identified and improved.

The findings from the supported data points had a positive impact on operational decision making. Knowing the target market and consumer preferences enabled the organization to better plan the product and services they would offer and to better understand the customer needs. The forecasting method allowed the organization to make better decisions and anticipate future demand. Knowing the forecast error and biases enabled the organization to make more accurate predictions and improve the process.

Explanation:

Overall, the use of quantitative elements to research the organization was beneficial in helping to make better operational decisions. The data collected and the forecasting method used provided insights into target markets and consumer preferences that enabled the organization to better understand customer needs and anticipate future demand. The measurement of the forecast error and identification of biases enabled the organization to make more accurate predictions and continually improve the process.

Step $2$

Introduction

The purpose of this paper is to evaluate the findings from two quantitative elements$$target market and consumer preferences$$selected for a business plan and to explain the impact of these findings on operational decision making. The paper also includes charts and supporting data from Excel and other tools.

Overview of Quantitative Elements

Target Market

The target market is a group of customers that the business plans to focus on$.$ Knowing the target market is important for the organization to understand what products and services to offer and how to best meet customer needs. Determining the target market can involve researching customer demographics, analyzing customer feedback, and conducting surveys.

Explanation:

Consumer Preferences

Consumer preferences are the likes and dislikes of consumers that influence their purchasing decisions. Understanding consumer preferences is important for organizations to know what products and services to offer and how best to market them. To understand consumer preferences, organizations can conduct surveys, interviews, and focus groups.

Forecasting Method

The forecasting method used in this paper was a balance between subjective and objective data and looked for trends and seasonality. It involved collecting data, including old demand forecasts and actual demand outcomes. This data was then used to forecast future demand and to make decisions. The forecast error was measured where applicable, and any biases were identified and improved.

Step $3$

Impact on Operational Decision Making

The findings from the supported data points had a positive impact on operational decision making. Knowing the target market and consumer preferences enabled the organization to better plan the product and services they would offer and to better understand the customer needs. The forecasting method allowed the organization to make better decisions and anticipate future demand. Knowing the forecast error and biases enabled the organization to make more accurate predictions and improve the process.

Answer

Conclusion

Overall, the use of quantitative elements to research the organization was beneficial in helping to make better operational decisions. The data collected and the forecasting method used provided insights into target markets and consumer preferences that enabled the organization to better understand customer needs and anticipate future demand. The measurement of the forecast error and identification of biases enabled the organization to make more accurate predictions and continually improve the process.