Opportunities for decision making

As production manager last unit in the Kibby and Strand simulation you gained insights into how raw materials were turned into finished goods. This unit you will learn more about the front end of the operational process employed by the company. Specifically, you will learn how to manage suppliers who provide the raw materials used in the production of the companys textile products. Some challenges you will face are: 1) which suppliers provide the best quality raw materials; 2) which suppliers are the most reliable; and 3) which suppliers have the most competitive prices.
The simulation scenario will pose many opportunities for decision making and forecasting, and if you make a poor decision regarding suppliers it will impact the ability of Kibby and Strand to meet its contractual obligations, leading to dissatisfied customers. Since customer satisfaction weighs heavily on future contracts, you cant simply make the best decision for the moment, but rather the best decision for the long haul. This scenario provides a realistic illustration of the issues textile companies face across the U.S. Its extremely important that operations professionals have an above when it comes to establishing grounded assumptions and conducting and interpreting financial and operational forecasts. In its simplest form, forecasting is a process that represents an educated guess. In business, we use time series methods, the indicator approach, or regression analyses to forecast the nature of a situation or future values. The data we observe when forecasting fall into one of four types: trended patterns, seasonal patterns, cyclical patterns, or irregular patterns (Kros

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