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Management Tools

This comprehensive guide explores various management and forecasting tools essential for effective decision-making in business. It covers methodologies such as time-series analysis, regression modeling, and qualitative forecasting techniques like the Delphi method. We delve into linear programming to optimize resource allocation under constraints, along with break-even analysis to understand fixed and variable costs. Learn about the time value of money and its implications for investment decisions, using real-world examples from industry leaders like Harrah's and Travelocity to illustrate these concepts in action.

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Management Tools

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  1. Management Tools

  2. Forecasting • Forecast many things • Demand, inventory, expenses • Methods • Time-series • “extend the curve” (problems?) • Modeling • Regression (one variable) • Econometric (multiple variables) • Qualitative forecasting • Delphi technique • Sales force composition • Do market share forecasts

  3. Linear Programming • Used when need to maximize (minimize) something but have constraints • E.g. maximize profits • Constraints may be • Limited production capacity • Limited supply of particular parts • Relatively complex math • Use computer software • Big users – airlines, shippers

  4. Break-Even Analysis • Calculate fixed costs • Calculate variable costs vs. volume • Project revenue vs. volume • Graph revenue vs. total costs • Break-even is where the curves cross

  5. Time Value of Money • Important in project and investment decisions • Principle: • A dollar in the future is worth less than it is today • Why? • How does this affect decisions?

  6. Business Examples • Control at Harrah’s • Operations at Finagle a Bagle • Managing information at Travelocity

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