Key Terms in Operations, Inventory, and Forecasting
Forecasting and Demand
Causal Relationship: A situation in which one event causes another. If the event is far enough in the future, it can be used as a basis for forecasting.
Collaborative Planning, Forecasting, and Replenishment (CPFR): An Internet tool to coordinate forecasting, production, and purchasing in a firm’s supply chain.
Dependent Demand: Requirements for a product or service caused by the demand for other products or services. This type of internal demand does not need a forecast but
Read MoreBusiness Success: Key Activities and Revenue Streams
Key Business Activities
Marketing and Sales
Identifying and optimizing key activities contributes to streamlining operations. For a service-based business, client consultations are a crucial activity.
Effective Communication Strategies
- Active Listening: Pay attention to your clients.
- Clear and Concise Language: Avoid jargon or technical terms.
- Understanding Your Audience: Use positive language.
- Building Rapport: Use empathy and understanding.
- Problem-Solving Skills: Remain calm and composed.
Building Partnerships
Read MoreExperiential Marketing vs. Traditional: A Comparative Analysis
Introduction
“Brands that engage in experiential marketing see 70% higher retention rates among consumers compared to those relying solely on traditional methods.” This striking statistic highlights the growing importance of creating immersive and meaningful consumer experiences. Experiential marketing, which focuses on direct and interactive consumer engagement, contrasts sharply with traditional marketing, which uses channels like TV, print, and radio to reach a broad audience.
While experiential
Read MoreAgile, Scrum, Kanban, and Lean: A Detailed Comparison
Agile
Agile is a broad philosophy that emphasizes collaboration, flexibility, and continuous improvement. It provides a way to manage projects and improve processes.
Scrum
Scrum is a framework within the Agile methodology for managing projects. It offers a structured way to “do Agile.” Teams work in short blocks called sprints (typically 2-4 weeks). Each sprint has clear goals, and the team reviews progress at the end. Scrum has three roles:
- Product Owner: Decides what needs to be done.
- Scrum Master:
Qualitative Data Analysis: Narrative, Thematic, and CGT
Week 7
Narrative Analysis
Narrative: An event (or set of events) that unfolds in time and involves several characters. We can analytically distinguish between the chronological trajectory of the events (the story) and the causal relation between these events (the plot).
Structure: Formal organization.
Archetypes: Villain, donor, helper, hero, false hero, etc.
A story is based on a temporal sequence and a causal chain of events.
As analysts, we have to focus on the ordering process used to construct the
Read MoreMultimedia, Virtual Reality, and Augmented Reality: Core Concepts
Fundamentals of Multimedia
Multimedia Defined
Multimedia refers to media that uses multiple forms of information content and information processing.
Linear vs. Non-Linear Multimedia
Explain the differences between linear and non-linear multimedia. In linear multimedia, the user has no control over the flow of information. Non-linear multimedia, on the other hand, allows for user interaction and control.
Examples of Multimedia Applications
Give examples of multimedia in the following areas:
- Commercial and