University | The Royal Melbourne Institute of Technology (RMIT) |
Subject | OMGT2228: OPERATIONS MANAGEMENT |
OMGT2228: OPERATIONS MANAGEMENT Assignment, RMIT, Singapore A well-known commercial bank in Australia is interested in estimating the number of new bank account opened by customers in each year
Case study: Bank Account Forecast
A well-known commercial bank in Australia is interested in estimating the number of new bank account opened by customers in each year. The number of new accounts opened in this bank has increased slowly over years even during the global financial crisis (2008–2009). Top management strongly believes that they need a long-term strategic plan for the bank which is a 5-year forecast for the number of new accounts opened. To achieve this aim, the bank operations manager examined past account data and also extracted the employment rate over 30 years (1991-2020). The resulting data are shown in below table:
Year | No of new account(000) | Employment Rate (%) | Year | No of new account(000) | Employment Rate (%) | |
1991 | 3.136 | 90.42 | 2006 | 6.007 | 95.22 | |
1992 | 3.309 | 89.27 | 2007 | 5.826 | 95.62 | |
1993 | 3.803 | 89.13 | 2008 | 8.266 | 95.77 | |
1994 | 6.807 | 90.28 | 2009 | 7.128 | 94.44 | |
1995 | 2.386 | 91.53 | 2010 | 9.670 | 94.79 | |
1996 | 4.643 | 91.49 | 2011 | 11.419 | 94.92 | |
1997 | 2.911 | 91.64 | 2012 | 11.335 | 94.78 | |
1998 | 2.553 | 92.32 | 2013 | 9.358 | 94.34 | |
1999 | 4.422 | 93.13 | 2014 | 10.418 | 93.92 | |
2000 | 3.613 | 93.72 | 2015 | 10.459 | 93.95 | |
2001 | 3.948 | 93.26 | 2016 | 7.328 | 94.29 | |
2002 | 3.347 | 93.63 | 2017 | 9.004 | 94.41 | |
2003 | 3.907 | 94.07 | 2018 | 8.559 | 94.70 | |
2004 | 4.071 | 94.60 | 2019 | 8.476 | 94.84 | |
2005 | 6.666 | 94.97 | 2020 | 8.635 | 93.39 |
Using the following forecast methods discuss which method fits best for the bank’s strategic plan. You need to justify the selection of one method over another.
- Moving average (you need to find the best value for n)
- Linear trend (trend projection)
- Linear regression
Can you exclude a portion of the data for the analysis? If yes, why?
The bank operations manager also collected the data on Australia’s GDP Per Capita (Gross Domestic Product) and believes that GDP Per Capita can also affect the number of a bank accounts. Below table shows the data for the same period:
Year | GDP Per Capita (000A$) | Year | GDP Per Capita (000A$) | |
1991 | 18.8218 | 2006 | 36.04492 | |
1992 | 18.57012 | 2007 | 40.96005 | |
1993 | 17.63453 | 2008 | 49.60166 | |
1994 | 18.04614 | 2009 | 42.77236 | |
1995 | 20.31963 | 2010 | 52.02213 | |
1996 | 21.86133 | 2011 | 62.51783 | |
1997 | 23.4686 | 2012 | 68.01215 | |
1998 | 21.31896 | 2013 | 68.15011 | |
1999 | 20.53304 | 2014 | 62.51079 | |
2000 | 21.67925 | 2015 | 56.75572 | |
2001 | 19.49086 | 2016 | 49.97113 | |
2002 | 20.08248 | 2017 | 54.02797 | |
2003 | 23.44703 | 2018 | 57.35496 | |
2004 | 30.43068 | 2019 | 55.0572 | |
2005 | 33.99924 | 2020 | 51.81215 |
Between GDP Per Capita and employment rate which one do you think can better estimate the number of new bank accounts?
Stuck with a lot of homework assignments and feeling stressed ? Take professional academic assistance & Get 100% Plagiarism free papers
Need Cost-Efficient Support for OMGT2228 at RMIT? Look no further than My Assignment Help SG! Our dedicated team of experts offers cheap assignment assistance for Operations Management at the Royal Melbourne Institute of Technology (RMIT). With our pocket-friendly prices, you can receive comprehensive solutions that meet academic standards. Besides, this our experts also provide you best Case Study Writing Help.
- Imagine that you are currently working for a precision medicine startup: Machine Learning Paper Review in Precision Medicine, Written Assignment 1, NUS, Singapore
- Go Business offers PSG solutions for enterprises in Singapore: Collective Intelligence and Entrepreneurship, Assignment 1, JCU, Singapore
- Design an ontology based on- Accidents can be categorised as chemical, electrical, fire, kinetic or liquid: Collective Intelligence and Entrepreneurship, Assignment 1, JCU, Singapore
- Project Control Monitoring, Assignment, HU, Singapore: Deliberate Project MONITORING AND CONTROL or PMC Identification
- DSM500: Final Project Report, Coursework 2, UOL, Singapore
- DSM080: Financial Markets, Assignment, UOL, Singapore: A grapefruit juice futures contract is for 15,000 pounds of frozen grapefruit juice
- DSM080: Financial Markets, Assignment, UOL, Singapore: The share price of a certain stock today is $42.50, and five-month European style call options with a strike price of $45 currently sell for $4.25.
- DSM080: Financial Markets, Assignment, UOL, Singapore: A trader who is working in the gold markets is able to borrow money at the interest rate of 7% per annum
- DSM080 Financial Markets, Assignment, UOL, Singapore: A dollar-based American corporation has decided that it will have to pay 6 million UK pounds in three months
- Principle of Finance Assignment, UCD, Singapore: National Gaming Inc. (National) operates the weekly lottery in the country
UP TO 15 % DISCOUNT