Question
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magine that your boss asked you to help her to prepare the company's sales torecast for the coming two years. In the past, she feit that trends in the nation's GDP, U.S. manufacturing and manufacturing in Ilinois were espe- cially helpful in forecasting sales. She would like you to do the following: 1. Go to the Bureau of Economic Analysis's websilte (www.bea.gov) and locate the gross domestic product data. Compare the annual figure for the last four years. What do the figures indicate for the next couple of years? 2. At the Bureau of Labor Statistics website (www.bis. gov) under Industries, click on Industries at a Glance to find the information about the manufacturing industry. What is the employment trend in manufacturing over the last four years (percentage change from preceding period)? 3. Retum to the Bureau of Labor Statlistics home page and use the Search feature to find trend information is available. Plot the trend in manufacturing employment in lilinois over the last four years. On your own, discuss what economic changes ma 4. Based on the information you have gathered, wrte a brief summary of what may happen to company sales over the next couple of years s in employment for the state of linols. Look around the website to see what other Assignment Guidelines-Mgmt. 390 An overall understanding of each topic must be presented by submitting responses to al A questions in a way that demonstrates a new familiarity with the processes of business outlined in each assigned chapter Grading Rubric (89- 100)-Superior B + (83-88)- Excellent A superior response contains every day (student's own words, not just the book version) B(79-82)- Very Good definitions of the key terms and concepts and how they relate to each other in analyzing the particular problem or process. It must contain a thoughtful application as well as references to the learning objectives in the context of the assigned chapter c+ (75-79) Good (69- 74) Acceptable (60-68) Minimum (0-59) Inadequate Activate Windows Go to Settings to activate Wit
Explanation / Answer
1. For the last four years the GDP of the USA has been witnessing an increasing trend and it increased on a year on year basis for each year from 2014 to 2017. The data are provided below:
As we can see from the above data that GDP growth rate has been increasing every year. It was 2.86% for 2015 and this increased every year to become 4.48% in 2017.
2. The Bureau of Labor Statistics have thrown the following data pertaining to employment in the manufacturing industry:
As we can see that in absolute terms the number of people being employed by the manufacturing sector has been increasing every year. It is just that the growth rate of increase in employment being provided by this sector slowed down in 2016 when the year on year growth was just 0.14%. The momentum, however, picked up again in 201y when the growth rate increased to 0.74%.
3. The employment data for the state of Illinois is provided below:
As we can see that state has an increasing employemnt trend over the last four years and even though employment level decreased by 7.6% in 2016 the overall trend is increasing.
4. Based on the above trends that we have seen we can easily say that. going forward, the sales of the company, for the next couple of years will only increase. The increase may not be in the double digit growth rate but the trend will be an increasing one nonetheless.
Sales will vary directly with the GDP figures, employment trend in the manufacturing sector and the employment trend in Illinois. With increasing trend of all these variables sales of the company is bound to increase going forward in the future.
Year GDP (in $ trillion) % change (year on year) 2017 19.83 4.48 2016 18.98 3.43 2015 18.35 2.86 2014 17.84