This website uses cookies to ensure you have the best experience. Learn more

Forecasting Model Essay

390 words - 2 pages

The business development of the construction industry depends not only on the ability to optimize
operations within industry, adapt to external conditions, but also on the country's economic
development, the situation in the market.
The Manpower forecasting model.

The Estimated Manpower Forecast Model is designed to capture the future labour requirements of the engineering construction industry by key sectors.
Manpower is undoubtedly a valuable asset upon which the construction industry depends. However, rapid changes of the economy, working arrangements, and technology in construction advocate reliable estimations of manpower demand to lessen future skills imbalance. The aim of this ...view middle of the document...

The forecasting models could serve as practical tools for contractors and government to predict the labour requirements and number of jobs created at an early outset, thus enabling proper human resources planning and budgeting. At the industry level, co-integration analysis was applied to develop a long-term relationship between aggregate construction manpower demand and relevant variables.It was proved that the demand and the associated economic factors including construction output, wage, material price and interest rate are cointegrated. Subsequently, a vector error correction model incorporating short-run dynamics was developed for forecasting purposes. Upon completion of the aggregate model, occupational share manpower demand models were established by means of time series modelling analyses.
The construction output and labour productivity were the most significant factors determining the quantity demand of construction manpower. Addressing these two attributes on policy formulation is critical to achieve a sustainable labour market.
This research provides a significant contribution in the area of manpower demand forecasting. The forecasting models developed can benefit the construction industry by providing critical information on the future construction manpower requirements and assist policy makers to formulate training strategies. Apart from this practical use, the research also contributes new knowledge to the area of manpower forecasting and planning. It enriches and updates the understanding of advanced forecasting methodologies for collating construction manpower statistics so as to facilitate manpower planning.

Other Papers Like Forecasting Model

Hp Case Study Question 1

570 words - 3 pages power supply, the same printer can be sold in both the North American and European markets. Because they can be sold in both markets, this allows for HP to aggregate the demand worldwide instead of forecasting demand in each individual market separately. This will ensure a more accurate forecast. There will still be a long lead-time for manufacturing; however, HP can then delay the individual market forecasts by 2.5 months. Once individual market

Forecasting The Quarterly Rice Production In The Province Of Iloilo Using Different Forecasting Models

8603 words - 35 pages This is the most cost-effective objective forecasting model, and provides a benchmark against the more sophisticated models. An estimating technique in which the last period’s actuals are used as this period’s forecast, without adjusting them or attempting to establish causal factors. Thus, the last quarter’s productions are this current period’s productions. It is exhibited by the formula below: Ft+1 = Yt Where: t+1= Forecast for the next


1079 words - 5 pages Flexibility of the Desktop PC ISCOM 476 April 9, 2012 Professor Gary Kowalkowski Flexibility of the Desktop PC Dell Computer Company founded in 1984 uses the business model of eliminating retailers from the sales channel and selling directly to customers. Dell used this model to deliver customized systems to customers with lower than market average prices. To assist Dell in accomplishing this achievement, Dell used contract manufacturers


1022 words - 5 pages ; Dai, H. et al., 2016, Dominguez, R. et al., 2014). In fact, technologies, aimed at enhancing information sharing and communication mechanism, has been broadly applied in construction such as BIM and web-based methods, which largely aid to reduce bullwhip effect. Another stream aims to combine strategies or optimal models such as ordering strategy, forecasting policy, game theory, fuzzy method, multi-agent system and etc. to weaken bullwhip impact


973 words - 4 pages series of the data using short range forecasting. Time series are important because they are often the drivers of decision models. While the growth of demand is increasing or decreasing, trend projection and regression analysis models will be used to forecast future values in arriving orders. Moving average forecasting will be used while the growth of demand in relatively steady during the year. The following equations apply to these tools


1859 words - 8 pages potential returns. Risk seeker Person who seeks risk. On the utility curve, as the monetary value increases, the utility increases at an increasing rate. This decision maker gets more pleasure for a greater risk and higher potential returns. Regression analysis A forecasting procedure that uses the least squares approach on one or more independent variables to develop a forecasting model Dependent variable The variable in a regression model

Product Life Cysle

1310 words - 6 pages PRODUCT LIFE CYCLE MODEL The product’s life cycle usually consists of five major phases: Product development, Product introduction, Product growth, Product maturity and finally Product decline. These phases are applicable to all products or services. These phases can be split up into smaller ones depending on the product and must be considered when a new product is to be introduced into a market since they dictate the product’s sales

Fd Dg A

630 words - 3 pages pressure from Wall Street is forcing companies to look at this previously under-studied area. Service parts logistics poses a unique set of problems for a company's supply chain. Managing service parts involves some distinctive processes, including testing for design flaws, refurbishment and repair. It also requires coordination among trading partners and third-party technicians. Forecasting demand for service parts is also significantly more difficult


2542 words - 11 pages Analysis Issue and Opportunity Identification The CEO of the Interclean has come out with the new service model to meet the customer needs and the currently changing environment. This service model will provide an opportunity for the employees and the company to gain valuable skills over the next several years. Interclean merged with Environ Tech, which could have a restructuring in the existing departments. Since there will be an

Contemporary Approaches To Management & Environments

695 words - 3 pages mathematical models including linear programming, queuing theory, simulation, forecasting, inventory modeling, network modeling, and breakeven analysis to resolve a problem (Bateman & Snell, 2013). The organizational behavior contemporary approach studies and identifies management activities that promote employee effectiveness by examining the dynamic nature of individual and group behaviors and interactions along with organizational processes. Systems

21. Describe How Or Why Integer Programming Or Goal Programming Or Nonlinear Programming (Choose One) Might Be Used In A Real-World Business Situation. Be As Specific As You Can And Use Examples As...

1137 words - 5 pages more appropriate and efficient keeping into consideration the constraints and available alternatives. I must add that managers used forecasting more commonly as it is an integral part in planning the financial. Quantitative techniques help managers improve the overall quality of decision making. These techniques are most commonly used in the rational/logical decision model, but they can apply in any of the other models too. Among the most common

Related Essays

Cellphone Simulation Essay

2331 words - 10 pages may result in high inventory cost, obsolescence costs, and change order costs. Appendix A: Simulation Comments Year One Design Room The consensus demand will increase by 2K with the options we selected which seemed to be the highest of all the possible combinations of all the options. There is no impact on the profitability of either model without decreasing the consensus demand. Forecasting Room With no previous experience in demand

Chapter 5 & 6 Check Your Understanding

815 words - 4 pages Chapter 5 and 6 Check Your Understanding Chapter 5 1. The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned ride snowmobiles. The model specifies that sales S vary jointly with disposable income Y and the population between age 15 and 40, and inversely with the price of the snowmobiles P. Based on past data, the best estimate of this relationship is s=k yz/p Where K has been

How Haji Abbas Came To Be

324 words - 2 pages Bob Hutchinson Employed by shell Pertroleum eng Graduated from mississipi state Masters from a and m this year Core values: most important: safety! Others: golden rule, trust, honesty. Be careful going up stairs. Mentoring: class presentations, Safety: people can die when we mess up, A brantch of petro eng that applies scientific principles to the drainage…. More in PP Production forecasting: use the past to predict the future

Manager’s Guide To Forecasting Essay

6086 words - 25 pages Manager’s Guide to Forecasting by David M. Georgoff and Robert G. Murdick Harvard Business Review Reprint 86104 J A N U A RY– F E B R U A RY 1 9 8 6 HBR Manager’s Guide to Forecasting David M. Georgoff and Robert G. Murdick E arly in 1984, the Houston-based COMPAQ Computer Corporation, manufacturer of IBMcompatible microcomputers, faced a decision that would profoundly affect its future. Recognizing that IBM would soon