Mcdonald's Forecasting Paper
Forecasting: The McDonald 's Way
McDonald’s is a well-known worldwide franchise and has been around since the 1950s. Serving customers for over 50 years successfully entails a strong inventory and operations management system. “McDonald 's is the world 's #1 fast-food company by sales, with more than 33,500 restaurants serving burgers and fries in 119 countries” (University of Phoenix [UOP], 2012, p. 2). To maintain and continue a successful franchise operation, quality food items, and highly successful sales continue to increase its efforts to “raise the bar” and offer items that cater to all types of consumers. Whether it is McDonald’s famous hamburger, chicken nuggets or salad and a latte, McDonald’s has it. Striving to continue to be the #1 franchise, McDonald’s obtains its forecasting data from consumers, employees, and the industry itself. This paper will discuss the qualitative forecasting methods that McDonald’s use to predict future growth and sales of its inventory, along with calculations of next year’s inventory levels. Combining both expert judgment and market research, McDonald’s continues to rely on putting the customer first when it comes to the future and success of McDonald’s.
Qualitative Forecasting: Expert Opinion and Market Research
McDonald’s uses qualitative forecasting methods to help aide in predicting the future growth of the organization. Developing a strong customer focus, McDonald’s relies heavily upon gathering information from customers, employees, and other experts in the field to assist in the decision-making process. Within the qualitative approach, McDonald’s focuses attention on utilizing expert judgment. Expert judgment is important because it provides significant insight into different aspects of the organization. When seeking expert’s opinions, a technique known as Delphi is used to ensure quality opinions are formed. The Delphi technique allows McDonald’s to gather expert’s opinions on predictions of future behavior
McDonald’s is a well-known worldwide franchise and has been around since the 1950s. Serving customers for over 50 years successfully entails a strong inventory and operations management system. “McDonald 's is the world 's #1 fast-food company by sales, with more than 33,500 restaurants serving burgers and fries in 119 countries” (University of Phoenix [UOP], 2012, p. 2). To maintain and continue a successful franchise operation, quality food items, and highly successful sales continue to increase its efforts to “raise the bar” and offer items that cater to all types of consumers. Whether it is McDonald’s famous hamburger, chicken nuggets or salad and a latte, McDonald’s has it. Striving to continue to be the #1 franchise, McDonald’s obtains its forecasting data from consumers, employees, and the industry itself. This paper will discuss the qualitative forecasting methods that McDonald’s use to predict future growth and sales of its inventory, along with calculations of next year’s inventory levels. Combining both expert judgment and market research, McDonald’s continues to rely on putting the customer first when it comes to the future and success of McDonald’s.
Qualitative Forecasting: Expert Opinion and Market Research
McDonald’s uses qualitative forecasting methods to help aide in predicting the future growth of the organization. Developing a strong customer focus, McDonald’s relies heavily upon gathering information from customers, employees, and other experts in the field to assist in the decision-making process. Within the qualitative approach, McDonald’s focuses attention on utilizing expert judgment. Expert judgment is important because it provides significant insight into different aspects of the organization. When seeking expert’s opinions, a technique known as Delphi is used to ensure quality opinions are formed. The Delphi technique allows McDonald’s to gather expert’s opinions on predictions of future behavior
References: Earley, S. (2004, November 14). Mcdonald. Retrieved from https://portfolio.du.edu/portfolio/getportfoliofile?fiuid=7696 University of Phoenix. (2012). McDonald’s Corporation Profile [Hoover’s Academic Research]. Retrieved from http://ecampus.phoenix.edu Vernon, W. (2009). The Delphi technique: A review. International Journal Of Therapy & Rehabilitation, 16(2), 69-76.