Enrollment Forecast Training Exercise

Enrollment Forecast Training Exercise

What Goal Is the Organization Trying to Accomplish?

The organization lacks an elaborate enrollment forecast method to determine the optimum number of students to be admitted. Presently, the organization employs qualitative approaches by seeking expert opinions. Nonetheless, there is a need to implement statistical methods in determining the expected enrollment numbers. The institution intends to enhance its precision in conducting enrollment forecasts by incorporating qualitative and quantitative techniques. Therefore, this training aims to empower the accounting department with statistical techniques, particularly regression analysis. In doing so, the institution would precisely estimate the number of new students joining the university (Klimberg et al., 2017). Overestimating the number of students would increase costs, particularly lease charges and the workforce employed in the institution.

On the other hand, underestimating the number of new admissions would result in insufficient resources needed to lecture and sustain students in the institution (Klimberg et al., 2017). The regression analysis would also determine the school fee rates the institution would charge the students. Setting high rates would result in a loss of prospects since prospective students would switch to other institutions offering competitive tuition rates.

On the other hand, setting low margins would reduce the institution’s profitability since the organization would not efficiently cover its costs. Thus, there is a need to set favorable tuition rates to attract new admissions and retain existing students to enhance the organization’s profitability. Equally important, regression analysis would reduce the time used in conducting forecasts and improve the institution’s flexibility to new emerging information in the market. As a result, the institution would efficiently adopt new trends in the education sector and the world.

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What Processes or Procedures Will Change After the Training?

After the training, the accounting department will undertake a different approach to forecasting the university’s admissions. Instead of using historical accounting information, the accounting department will conduct market research to identify crucial indicators such as market prices, emerging fields, and economic indicators. This approach will incorporate ordinary least squares (OLS) and regression techniques (Klimberg et al., 2017). The accounting department will research economic and market indicators by evaluating competitors’ prices and the various courses’ demands. The accounting department would use this information to develop a regression analysis by quantifying the admissions tuition fee and demand-availability relationships. In this case, the analysis would explicitly demonstrate the impact of increasing or lowering the unit prices. The what-if analysis would also be achieved by varying the forecasted admissions. For instance, evaluating the effect of increasing or reducing admissions on the organization’s profitability. The accounting department will conduct the regression analysis through Forecast Pro, facilitating the development and interpretation of diverse hypothesis tests and other diagnostics. Therefore, the institution will no longer use Ms. Excel to undertake enrollment forecasts but Forecast Pro. Ms. Excel would only be used in recording the data. Lastly, expert opinion would be sought before determining the number of students expected to join the school. Most importantly, the enrollment forecast and the decisions made in the accounting department would capture emerging trends. Also, the employees in the accounting department would actively participate in the process.

Describe the strategies or actions involved in the training exercise to meet established goals. What is the expected performance or applications after the training? How will the strategies drive successful business results and improve employee performance?

To effectively conduct the exercise, a training schedule will be drawn that will be accompanied by key performance indicators. The schedule will contain a work breakdown of the associated tasks and the period they will be completed. A strict deadline would be set for each of the tasks. The organization would outsource regression analysis experts to sensitize employees using the rolled-out software to forecast enrollments and determine the optimum tuition fee (Armstrong & Landers, 2018). Furthermore, the management would sensitize the employees on the need for undertaking the training and the value it would add to the organization. This would be done to avoid employee resistance to the new changes incorporated in the department. The training exercise objectives would be made known to the employees, and the organization’s expectations of their achievement will also be communicated. The regression software will then be rolled out in the department, and the company’s intranet will be upgraded to streamline the training. The accounting department is expected to conduct more precise enrollment forecasts that would result in an optimum number of students being admitted. The training exercise will empower the accounting staff with decision-making skills by incorporating data analysis. Even though this training is centered on enhancing the institution’s accuracy in conducting enrollment forecasts, the expertise can also be employed in other areas. Lastly, the training would incorporate a pilot test to evaluate its effectiveness and the value added to the employees after the training.

How will the organization provide support to the employees receiving training? To new employees? Does this support consider strengths and weaknesses within the organization?

The organization will offer the employees support by reducing their tasks to allow sufficient time for exercise. In addition, the organization will provide financial support by upgrading the accounting department’s desktops and purchasing the licensed software required to train the employees. The employees undergoing training will be allowed ample time to adjust to the new work structure. Workers from other departments will be sensitized on the ongoing changes to enhance their acceptance. These initiatives illustrate the organization’s strength, which includes flexibility to change. The corporate culture promotes change in the organization, which in this case, is the adaptation of new technologies.

Most importantly, the institution offers financial support to initiatives to yield value, enhance productivity, and promote innovation to enhance workflow efficiencies. Lastly, teamwork is a vital aspect of the corporate culture, hence the sensitization of other workers in aiding the accounting department to undergo the training successfully. The corporate culture’s main weakness will be pressure on the workers to enhance their performance. The set time frame for the training exercise will be two months, even though learning the regression analysis is challenging.

Training Exercise Overview
Requested by	Accounting Manager
Goals	·       Enhance enrollment forecast precision. ·       Improve operation efficiency by admitting the optimal number of students. ·       Empower the employees with sufficient decision-making skills by incorporating statistical techniques and market research
Strategic Impact	·       Enhance the organization’s profitability by setting optimal prices. ·       Reduce the organization’s costs by lowering the lease charges and contractual engagement costs.
Benefits	·       Enhancing overall decision-making in the accounting department. ·       Incorporating market and economic trends in the organization’s decision-making. ·       Reduce the time used in decision-making and allow the employees time to focus on their core tasks.
Audience	The Organization’s Workforce, University President, Academic Leadership, University Leadership, and the Accounting Department.
Prior Knowledge	·       Statistical knowledge. ·       Accounting knowledge. ·       Should have budget preparation and drafting knowledge since regression analysis is needed in developing the sales budget.
Timeframe	·       One week of upgrading the desktops, procuring and installing the software, and outsourcing the training team. ·       Two months of training. ·       One-week pilot test.

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References

Klimberg, R. K., Ratick, S., & Smith, H. (2017). A Novel Approach to Forecasting Regression and Cluster Analysis, Advances in Business and Management Forecasting (Advances in Business and Management Forecasting, Volume 12) (pp. 87-101). Emerald Publishing Limited.

Armstrong, M. B., & Landers, R. N. (2018). Gamification of employee training and development. International Journal of Training and Development, 22(2), 162-169.

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Enrollment Forecast Training Exercise

Training and development prompt a change within an organization. The training aims to identify areas for improvement and develop materials and opportunities to educate employees to support growth.

For this assignment, you are required to develop a small training exercise. Review your needs assessment and previous observations conducted on your work environment to help identify one area for improvement that would benefit a part of your organization. This training exercise does not need to be implemented but should include at least one deliverable that you could use during the training exercise. As you review your organization, consider employee engagement, systems, procedures, communication, and the culture within the organization. These are suggestions for possible areas that could benefit from a training exercise. The training must include the following:

1. What goal is the organization trying to accomplish?
2. What processes or procedures will change after the training?
3. Describe the strategies or actions involved in the training exercise to meet established goals. What is the expected performance or applications after the training? How will the strategies drive successful business results and improve employee performance?
4. How will the organization provide support to the employees receiving training? To new employees? Does this support consider strengths and weaknesses within the organization?

You must develop a written description (1,000 words), including one visual for your training exercise. Be sure to analyze your work surroundings and identify a need for further training and development.

Prepare this assignment according to the guidelines in the APA Style Guide in the Student Success Center. An abstract is not required.

This assignment uses a rubric. Please review the rubric before beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.