Mobile Banking free essay sample

Bank of America is the largest US bank founded in 1904, it has expanded through several acquisitions. By the end of 2009, Bank of America was the market leader serving 82% of the US population and over 53 million customers. They are positioned as number one in online and mobile banking. Their mobile banking services were launched in 2007 and have gained 4 million customers in less than three years. Acquisitions made by Bank of America prior to the financial crisis caused a very strong drop in their stock price. Customers: In 2009, 10 million customers used mobile banking and this is expected to grow to 37 million by 2014. Customers that use mobile banking are not the same as online customers. Customers that use mobile banking represent a different segment of the market that other banking customers. Security issues, a perceived low value and expense, were the primary reasons that customers did not switch to mobile banking. Potential customers were reluctant to try a new banking service that are represented an extra cost and they were also afraid of losing control of their finances. We will write a custom essay sample on Mobile Banking or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Debit cardholders were the most active users. It was convenient for them because they could check their account at any time. Customers that used this service changed their usual banking channels and as a result -the bank had a higher retention for these users of online services. Competition/Competitors: Bank of Americas main competitors were: Bank of New York Mellon, JP Morgan Chase Co. , Wells Fargo Co. , Citigroup, and PNC Financial Services. These competitors also used mobile banking to ensure good service for their customers. They used SMS, customized web browsers and apps, depending on the bank and the customers they served. Citibank and Wells Fargo had different applications customized for their target groups. General Context Considering that the banking industry is fragmented, with thousands of banks offering retail and wholesale banking services; ten of the largest banks hold 46. 4% of total deposits, Bank of America being the largest one. The mortgage crisis of 2009 led to a deep recession and spilled over into a financial crisis that affected the retail banking business. Banks started waving fees and offering additional benefits in order to capture and retain customers. Mobile banking was introduced in the US in 2007 which added costs to each transaction. However, these costs were lower than call centers and interactive voice response costs. Bank of America had three options: mobile messaging (mobile stream modification without any software installation), mobile Internet (wireless application protocol), and mobile applications. Mobile applications in particular were more sophisticated and costly. Smartphone use was estimated to grow to 46% by 2014. Development Dilemma: Bank of America has two options to handle the future of mobile banking: 1) Build new and various applications to target different customers a) Pros: i) Customers want customization in the products; this will increase retention and satisfaction. ii) Marketing strategies can be segmented into different types of clients. This increases efficiency and reduces costs. iii) Superior brand and innovation perception. a) Cons i) Cost of application creation will increase due to the different areas and type of customers at Bank of America ii) Any changes in the bank services will have to be applied to all apps. Some customers will have to download and use various apps at the same time 2) Refuse to add complexity to the current application a) Pros: i) No extra costs on building a new application ii) Customers that don? t like technology or doubt about security issues wont be affected b) Cons: i) Other banks offer better mobile apps and this will increase their competitive advantage ii) Customer satisfaction will suffer if the app is not updated and does not fulfill their needs. iii) Transactions will still be done through ATMs, Call centers and IVR, which are 4 to 11 times more costly. Opportunities: Since Bank of America is one of the largest financial institutions in United States that has millions of customers; online banking is an important feature that offers to ease transactions and provides access to billing statements. However, because of the multitude of services banks offer it is overly-complicated to provide all items in one bundle. Because of this complexity (to add all the banking features in one app for mobile banking) Bank of America should target tablet-users to provide all the banking features with different applications. For example Bank of America can provide tools like market reports for savvy investors or savings programs for households (where it is easier to keep track of expenses. ) Tablets are relatively easier to use than mobile phones. Targeting such a market at an early stage can broaden the spectrum in which Bank of America operates its mobile banking. This opportunity which targets future markets as computers are being replaced by tablets should not be forgone. 1) Pros: a) Ease of access and use for customers with multiple Bank of America services, easier tracking of frauds or errors. ) Bank of America customers will be able to access a large array of services online. c) For some high-end apps a nominal fee may be charged to cover some of the technology budget. 2) Cons a) Customer information may be at risk as it is insecure to access sensitive information online for which Bank of America will have to maintain high privacy, increasing cost. b) Some of the features may still be complex and require customer support hotline. c) Customers may act on unintended transactions involving significant funds. Recommendations: Bank of America needs to improve the complexity to the current application. After analyzing the options and the opportunity, we think that Bank of America has to differentiate themselves from their competitors while offering a great service to their clients, we would recommend to increase the functionality of the mobile app. This change will bring extra benefits to the different type of clients in a single download. The company will also cut costs in the type of transactions made by the clients. The continuous growth of the mobile market especially the Smartphone use is another aspect of the recommendation. Having a mobile has become a commodity for the population. The new generation will get so accustomed to this technology that they will be able to deal with any app complexity without any problem. Bank of America has to think of its future customers, not only the current mobile technology adaptors. Having a better application will differentiate the bank compared to their competitors b) Customers will have overall services in a single application. ) Mobile payment services would be added to the app and will attract and benefit many customers. d) Transaction costs will become lower as the % of Smartphone users grows (46% for year 2014). 2) Cons: a) Added complexity will discourage some customers to use the application b) Speed of the application may suffer if the customer has a bad connection or has too many applications downloaded in their mobile. c) The cost of developing a more complex application is larger and may require more expertise and training for employees and customers as well.

Apophasis in Rhetoric

Apophasis in Rhetoric Apophasis is a rhetorical term for the mention of something in disclaiming intention of mentioning itor pretending to deny what is really affirmed. Adjective: apophatic or apophantic. Also called denial or omission.  Similar to paralepsis and praeteritio. The Oxford English Dictionary defines apophasis by quoting John Smiths The Mysterie of Rhetorique Unvaild (1657): a kind of Irony, whereby we deny that we say or doe that which we especially say or doe. Bryan Garner notes that  [s]everal set phrases in our language signal  apophasis, such as not to mention, to say nothing of, and it goes without saying (Garners Modern English Usage, 2016).   Etymology:  From the Greek, denial Pronunciation:  ah-POF-ah-sis Examples Jeff FisherWe dont make excuses, but three of our four starting defensive linemen were watching the game today.Michele BachmannI find it interesting that it was back in the 1970s that the swine flu broke out then under another Democrat president, Jimmy Carter. And I’m not blaming this on President Obama. I just think it’s an interesting coincidence.Jacob V. LamarAt a White House press conference, a reporter working for a journal published by Extremist Lyndon LaRouche asked the President about rumors that Michael Dukakis once sought psychological help. Look, [President] Reagan replied with a smile, Im not going to pick on an invalid.Richard M. NixonLet me say, incidentally, that my opponent, my opposite number for the Vice Presidency on the Democratic ticket, does have his wife on the payroll and has had ither on his payroll for the ten yearsfor the past ten years. Now just let me say this: Thats his business, and Im not critical of him for doing that. You will have to p ass judgment on that particular point. San Fernando RedIm not going to throw mud at my opponent because hes a fine man. And his wife is a mighty fine woman. Mighty fine. What he sees in that dame hes running around with...The GuardianMary Matlin, the Bush campaigns political director, made the point with ruthless venom at a press briefing in Washington, saying, The larger issue is that Clinton is evasive and slick. We have never said to the press that he is a philandering, pot-smoking, draft-dodger. Theres nothing nefarious or subliminal going on.Robert Downey Jr., Iron Man 2Im not saying Im responsible for this countrys longest run of uninterrupted peace in 35 years! Im not saying that from the ashes of captivity, never has a phoenix metaphor been more personified! Im not saying Uncle Sam can kick back on a lawn chair, sipping on an iced tea, because I havent come across anyone man enough to go toe to toe with me on my best day! Its not about me.John MiltonI shall ignore the fact that Learning is youths finest ornament, the strong support of the prime of life, and the consolation of old age. I shall make no point of the fact that, after careers full of achievement and glory, many of the men who have been most honored by their contemporaries and many of the most eminent of the Romans withdrew from the conflict and hurly-burly of ambition to literary studies, as to a harbor and a delightful treat. Mayor Massimo CacciariIts not my habit to comment on books that dont interest me or, for various reasons, I dont like.Geoff DyerSo even though you’ve seen fit to wash your dirty linen in public like this, shorty, I will refrain from mentioning that it wasn’t me who turned up at the Islington Tennis Centre wearing a Rastafarian headband. 15–0! I also won’t sink low enough to point out that while I may have been the crappiest player of this quartet, my game would presumably have gotten off to a better start if, like you and Byng, I’d lived in a stately home with a tennis court in the back garden. 30–0! Byng: I’ll forget that you still owe me for your share of the indoor-court fee for that game on January  20, 2013. 40–0! As for Ardu, the world is better off not knowing about those famously dodgy line calls. Game, set, and match! Thomas Gibbons and Cicero on Apophasis Thomas GibbonsApophasis, or denial, is a Figure by which an Orator pretends to conceal or omit what he really and in fact declares.Cicero gives us a definition of this Figure, and furnishes us at the same time with instances of it in the following passage: Omission, says he, is when we say we pass over, or do not know, or will not mention, that which we declare with the utmost force. As in this manner: I might speak concerning your youth, which you have spent in the most abandoned profligacy, if I apprehended this was a proper season, but I now purposely wave it. I pass by the report of the Tribunes, who declared that you was [sic] defective in your military duty. The affair about the satisfaction concerning the injuries you had done to Labeo does not belong to the matter at hand: I say nothing of these things; I return to the subject of our present debate. . . .

See assignment criteria Essay Example | Topics and Well Written Essays - 1000 words

See assignment criteria - Essay Example Lando Calrissian, of Alderaan Security Solutions Ltd., claims that companies must implement the latest and most advanced technologies to protect client data and that the European Union’s Electronic Signature Directive not only puts electronic signatures on equal footing with physical ones, but also assigns responsibility for the technology underpinning electronic signatures. I believe Lando Calrissian is wrong in his assessment that companies must implement the latest and most advanced technologies to protect client data, but I do agree that the Electronic Signature Directive puts electronic signatures on equal footing with physical ones and that it also assigns responsibility for the technologies that electronic signatures employ. The statement made by Lando Calrissian regarding the requirement for companies to deploy the latest and most advanced technologies to protect confidential client data is misguided. Indeed, his argument is based entirely on the premise that not only is technology infallible, but that all security breaches can be avoided. Between power and network outages, maintenance downtime and natural events, it is utterly impossible to maintain or guarantee perpetual 100% integrity of an online data warehouse due to its reliance on a distributed physical infrastructure. Moreover, with new virtual security threats emerging on a daily basis, the depreciating cost of processing power and the pervasiveness of high-speed networks, unlawfully gaining access to a secured remote computer system is only a question of skill, time and opportunity. Since The Protection of Individuals with Regard to the Processing of Personal Data and on the Free Movement of Such Data 1995 art 17 establishes that only the deployment of appropriate security instruments sufficient to maintain an adequate level of security are required, it is clear that legislation only expects companies to accomplish their due diligence in attempting to maintain the integrity of their cli ents’ confidential data. Therefore, it would probably be most responsible of companies to i) delegate their IT security to consulting firms and to ii) insure themselves against the risk of data security breaches, rather than engage in the technological rat race of unremitting software transition and constant security infrastructure turnover. I do agree with Lando Calrissian’s statement that the Electronic Signature Directive puts electronic signatures on equal footing with physical signatures. Indeed, a physical signature not only signifies consent of the signatory to the subject matter, it also provides a crude form of verifiability of the signatory’s identity. This time-honored practice is vulnerable to forgery with minimal skill and to usurpation of identity and misrepresentation of intent, since the legitimate signature of the signatory is not always readily known to the other contracting party. On the other hand, electronic signatures using paired public an d private keys as implied by the Community Framework for Electronic Signatures 1999 art 2 deliver a more robust and reliable voucher of the signatory’s identity. In fact, electronic signatures of this type require far more advanced skills to forge than physical signatures do, skills not readily accessible to most individuals. Furthermore, given the high-speed data cross-referencing infrastructure already deployed whereby the identity of a signatory can be rapidly validated with distant third

Small Business Essay Example | Topics and Well Written Essays - 500 words

Small Business - Essay Example The major advantages are that a franchisee is able to establish and operate a well established business in a new area where the whole marketing system inputs and guidelines are provided by the franchisor on a continuous basis. The franchisee is able to start business with a relatively small initial investment that has prospects of good return with immediate effects. The recurrent training and proven marketing strategies provided by the franchisor boost the confidence of the franchisee and help him to expand his business significantly. The main limitations are the loss of independence in running the business as one wants and restriction in the operational area comprising mainly of the goods and services that can be sold in specific areas. Other conditions like the restrictions on resale of franchisee rights and the individual advertising efforts are hurdles that restrict further scope for the franchisee. The main advantages of franchisor are that they are able to expand their business and spread them in wider areas of operation in a relatively short time and with reduced capital cost. By facilitating goods and services to the franchisee, the franchisor is relieved of the pressures of day today operation and therefore is better able to focus on his core business and developing network activities and franchisee support programs and strategies. The major aspect is that he is able to control the appearance and operation of the franchisee outlets as per his standards, thereby help maintain the credibility and high standard of his brands. The limitations of the potential franchisor are that it needs to keep updated with the training and strategies for its franchisee to meet the emerging challenges of the advancing technologies. Though the profit margins are considerably reduced but the widening network of franchisee, selected judiciously, help increase the overall profit with considerably less stress. Another major limitation is that expanding in foreign

Critical Analysis of Traditional and Agile Project Management Essay Example for Free

Critical Analysis of Traditional and Agile Project Management Essay INTRODUCTION Project is an effort taken to build something unique within a specific period. (PMBOK, 2004: 20). This means that a project has a starting and an ending which has to be completed within the specified time. For a project to be completed within time limit and with little or no flaws, a plan has to be put in place so as to get a desired result. Project planning is the determination of the progress of a project to be carried out in a serial manner. (Successful Project Management, 2011: 57). Project planning is very essential in managing a project and will be discussed in detail specifically in traditional and agile project management which is the two major project management approaches. Critical analysis of these two approaches in respect to project planning will be given. That is treating the necessary processes in planning a project. Tools, techniques, and project lifecycle models used in project management will be explored. See more: how to write an analysis OVERVIEW Traditional project management TPM is a set of technique and tools that can be applied to an activity that seeks an end product, outcomes or service. This is a well taught out planning process which has a very strict control method that makes distinguishable stages in a project life cycle (hass, 2007). Requirement such as scope, cost and time are determined upfront, followed plans are also well laid out and once laid out, it cannot be modified. Due to this, life cycles are easily recognizable. Task are completed one after another once completed, it cannot be revisited. In TPM, a lot of importance is attached  to documentation of business needs thereby stakeholders needs are already known (Leybourne, 2009). TPM is based on the fact that situations surrounding project and activities are predictable and manageable (Hass 2007, Yusuf et al 1999). TPM views each project level as a separate process whose outcome or completion has an effect on how and when subsequent levels begin (caddle and Yeates 2008; Thonsett 2012). According to Larman (2004), a well thought out rule on project team members’ responsibilities are determined at the planning phase. This makes team members accountable for the project which ensures control (Saladis and Kezner, 2009). Examples of traditional models are: 1. PRINCE2 2. Waterfall 3. Event chain 4. CA-PPM. Agile project management APM is all about incremental iteration, adaptability, agility and collaboration (Scuh, 2005; Larman, 2004). It takes individual and iteration contribution over process and tools. It lays emphasis on short cycles of structure which happen at different levels and also emphasis on feedback (Hass, 2007). All plans are revisited to get certainty of delivery. APM sees the project as product increment. Due to its lack of structure, it requires a considerable amount of discipline and coordination. APM allows project scope to change rapidly and frequently which is done by constant communication with project stakeholders. APM teams consist of skilled members fully dedicated to the project and are co-located (Hass, 2007; Wysocki). The whole idea of what APM is all about is based on the agile manifesto. It was put forward by Martin Fowler and Jim Highsmith (wysocki,). Its content are given below: â€Å"We are uncovering better ways of developing software by doing it and helping others do it. Through this work we have come to value: Individuals and interactions over processes and tools Working software over comprehensive documentation Customer collaboration over contract negotiation Responding to change over following a plan That is, while there is value in the items on the right, we value the items  on the left more.† Types of agile project management approaches are as follows: 1. Agile Unified Process (AUP) 2. Scrum 3. Lean Software Development 4. Extreme Programming (XP) 5. Dynamic Systems Development Method 6. Feature Driven Development Scope Planning Scope planning is a process that describes and documents the boundaries of a project and project expectation. TPM is a rigid approach that gives no room to change once the scope plan has been created. Plans are made to prevent change in project scope. It focuses on developing all parts of the scope first. Documentation is very detailed trying to encompass the whole requirement. The project scope statement consists of the objective and boundaries of the project and also product specification. Work breakdown structure is then created. In TPM, steps are taken that the team sticks to the scope of the project. Scope planning in APM is a high-level activity because little is known of the solution. Change is a key part of APM, making the scope very flexible. The scope is constantly redefined due to the series of iterations. Ideas could be added at stage of the project. Documentations is present but not as detailed as in TPM. APM focuses on developing the most important part of the scope first and then proceed to the next. Human Resource Planning In TPM, team is usually large in number and consists of various levels of skilled members. The teams are very organized. The teams don’t make decisions on their own without the approval of senior managers. APM team members are proficient and are highly skilled, they are collocated in order to handle changes in project scope and also performance, communication and more so, interrelation. APM consists of small team, members are mostly between five and nine, and they also are highly productive. Agile teams are self-organizing and disciplined (Hewson, 2006). Agile teams are basically  independent. Risk Planning TPM assumes that there will be risk in the project. This is put into consideration at the planning of the project and measures are put in place to handle it. Projects in APM are volatile and very unstable because the solutions are not known. Every iteration cycle comes with its own risks. These risks are expected and are handled sequentially when it arises during project (Owen et al, 2006). Proponents of agile approach argue that dealing with real risk is better than preparing for unknown risk (Schuh, 2005). Quality Quality in agile is often determined by the regular feedback and acknowledgement of the customer’s view of the quality of the product. Time planning: In traditional approach, time estimation is dependent on the amount of tasks to be executed. Time estimation is done right after the WBS is created. Effort is made in other to complete the project within the required time (Hass, 2007). In agile approach, time estimation is based on features. The numbers of features to be developed determine the amount of time that will be used. Scheduling and workflow are also closely aligned. Management style: In TPM, the project manager is responsible solely for the planning and allocation of responsibilities (Kerzner, 2003). Traditional project managers focus more on the schedule, scope and budget (Fernandez and Fernandez, 2009). In APM, the project manager works in collaboration with the team (Hass, 2007). Agile managers focus more on the business value and deliverables (Fernandez and Fernandez, 2009). Cost management: Agile projects should be based on either a cost-reimbursable system, or the client accepts scope is a variable based on achieving the maximum improvement possible for a pre-set budget. This is a totally different philosophy to traditional project governance. Tools, Technique, models, and Project Lifecycle Models There are numerous tool and technique that can be utilized in the course of planning a project which include: Gantt chart is a graphical representation for scheduling the execution of various project activities. It can be used to make an approximation of time required to complete the  project. Brainstorming involves the assembling of idea by a group of people in order to solve problem and to arrive at a conclusion. It is essential in development of new ideas. Work breakdown structure (WBS) is the breaking down of project into smaller more manageable pieces in a hierarchical order. Each level in WBS is a smaller piece of the level above. Fishbone diagram is also known as cause-and-effect diagram. It is used to check the cause of a specific event. They also help during the collating and analyzing factors phase of project planning. Critical Path Method involves dealing with activities that has to be completed in order for other activities to be completed. It helps in the sequencing and correlating of interdependent processes. PERT Chart is a representation that shows the task to be performed serially in a graphical form. It helps to focus more on the most critical part of the project in order to reduce constriction. Project Charter is a document that formally authorizes a project statement. It contains project justification, business needs and so on. . (PMBOK, 2004) Scope Statement ensures that only the required work is done. That is work is not done out of scope of the project. Work Breakdown Structure (WBS) WBS is a deliverable-oriented hierarchical decomposition of the work to be done by the project team, to accomplish the project objectives and create the required deliverables. WBS is a tool which focuses on how a project work should be done. It breaks down the work to be done into smaller sections that can be managed by the project team, each section give details of the project work as such giving team understanding of what do(Biafore, 2011). WBS can be depicted as an outline or a diagram (Biafore, 2011). The number of levels present in a WBS should be reasonable as this is determined by how voluminous and complex the project is. WBS helps in d identification of task, brings to light what d project entails and a lot of other tools depend on WBS. It also allows stakeholders have an understanding of the scope of the project (Biafore, 2011). PERT Chart (Project Evaluation and Review Technique) It is visual illustration of a project plan task. It document important or critical phases of a project. It helps to identify critical processes and  the time that the process will end. It can also help in the documentation of a project. It helps in the organizing and scheduling of interrelated tasks in a complex project (Chinneck, 2009). It does this by using a network description to show parallel relationships between tasks (Chinneck, 2009). It helps in the completion of each task in other of precedence. It is a very important tool for tracking project activities and milestones. PERT enables the project team to handle task in order of importance. It also deal with uncertainty in process completion dates and determines activities start and end dates. Finally, PERT chart can be adjusted at anytime in the duration of the project. Linear Project Management Lifecycle Model This is a simple TPM approach which does not allow for returning to a project which has previously been completed. (Effective : 329). This means that once a phase in a project is completed, there will be no room to do any kind of adjustment. Incremental Project Management Lifecycle Model It is a traditional TPM in which unlike linear. It releases a solution to each phase of the project and it also emphasis on customer value than the linear approach. (Fernandez, Fernandez). Iterative Project Management Lifecycle Model In the iterative PMLC, change is required as it is the important part of the model. It is a learn by doing strategy. (Fernandez, Fernandez). All iteration consists of feedback loop, and it involves more clients and customers than incremental. Adaptive Project Management Lifecycle Model This is a PMLC that almost nothing is known about the solution and almost all of it are designed for software development project. It deals with a high level of uncertainty because little is known of the end product. Extreme Project Management Lifecycle Model In this model, there is no broad knowledge and solution about the project. The level of uncertainty is high and also that of clients too. CONCLUSION After looking at the two approaches, it is seen that both approaches are good  and can work perfectly well depending on the project at hand. TPM due to its detailed planning is the preferred choice for structured project. It is used in large projects that have well understood features and requirements and which involves large teams. Also, TPM is suitable for project that requires little change. APM is the preferred choice for unstructured projects. These kinds of projects have a high level of uncertainty and unpredictability about them. APM unlike TPM involves smaller projects.

Welcome to the Underground :: Free Essay Writer

Welcome to the Underground While America sleeps safely at night, safe and secure in their world, there is another world taking place, a menacing and wild world. Right beneath their noses, taking place in their super markets, in empty warehouses, abandoned buildings, parks, and at roller skating rinks. Many will never know or hear about this world, for it may be safer not to know. For if one knows, he may be tempted to want to experience this world. Just indulging one night has been known to alter many lives. For once you go to the underground, there is no turning back. We walked towards the castle, drawn like magnets, already sensing the buzz of activity that lay inside. My friends were overly excited from the many energy drinks they had consumed earlier, so as to give them ultimate performance. My friend explained to me that a man named John Bishop built this castle single handedly, with little help from his family in 1963 and that every year he would add something new to it. It was nestled in the foothills of Pueblo, Colorado. As we walked closer the butterflies in my stomach flapped faster and more vigorously. The moon was shining brightly over our heads; the time about midnight, and still our journey had just begun. There were people frolicking everywhere; people of all ages, mostly teenagers though. They were dancing, hugging each other and running around zestfully. Most were dressed in Baggy jeans. One girl wearing a see-through plastic skirt with her pink daisy underwear displayed for all to view. Others had on doctor's masks, were carrying glow sticks, and some even had pacifiers in their. I looked at myself, jeans and a T-shirt. "I don't think I'm dressed right." I whispered to my friend, a so-called Rave expert. "Don't worry babe, nobody is going to care." He replied. Everyone seemed to know everyone else, except for myself. I knew no one. We were now nearing the entrance to the castle, each grasping our tickets as if they were the golden ticket in Willy Wonka. I handed my ticket to the doorman, which was exchanged for a half hearted pat down by the security guard. I stepped into the world of the rave.

Consider the Importance of Forecasting for the Global Supply Chain of a Retail Food Company

Forecasting is a management planning tool which is aimed at coping with future uncertainties, depending mostly on data of past and present as well as trend analysis (Chopra & Meindl 2010). The core characteristics of today’s forward looking supply chains is flexibility and agility which utilises forecast, as one of the most enhanced planning systems of supply chain strategies to provide the needed capability to quickly respond to changes in situations which positions the agile supply chain profitably (Acar & Gardner, 2012).Forecasting is a critical element in any organisations decision making processes since its accuracy helps organisations to opt for the appropriate actions pertinent to demand planning, promotion planning, new product launch and inventory management in order for the business to become efficient and lean. Hence organisations are now paying particular attention to how the quality of forecasting can be enhanced in order to increase the accuracy of its output (Ac ar & Gardner, 2012).In so doing organisations must consider collaboration building with the entire supply chain in order to generate a more accurate forecast which will maximise the performance of the supply chain (Shu et al. , 2011). In a retail food company, it is essential to apply the appropriate storage procedures and inventory technique to able to serve customers better, because of this, forecasting plays a critical role in the efficiency of the company.Hence, forecasting in the retail food industry has become more challenging as result of price wars among competitors, uncertainty occurring from natural disasters, climate changes and epidemics (Hayya et al. , 2006). As a retail food company based in UK, Tesco considers availability of product as naturally the main competitive drive to success in the retail food industry and with products of over 50, 000 on its shelves, 6 distinctive store formats and operating in 14 countries, establishing proper inventory could be very diffic ult.A sales projection based on past patterns, which is classified as ‘base-level’ forecast, is very complex. Tesco distribution network centres and advanced technology have been developed to uphold the modern and cost effective supply chain. The efficiency of the distribution system understands the product needs of every store. This is achieved in two methods, forecasting the preferences of the customers by employing refined, detailed models which considers variables for instance, seasonality, weather forecasts as well as responding to promotions.The second deals with the automated system ordering, which helps in updating in real time on what customers really want to buy, in order to quickly and accurately provide stores with the right products at the right time. An improvement in the accuracy of sales forecasting by Tesco has enhance the availability of products for customers and decrease the supply chain cost. Tesco forecast accuracy is achieved by sharing valuable d ata beneficial to its entire supply chain via its web-based system known as TescoConnect to achieve an effective inventory system and lean supply chain.By utilising the capabilities of IT in the forecasting and integration of its partners, it enables them to make each part of the supply chain process productive. However, one of the challenges associated to supply chain is poor forecasting resulting in supply chain inefficiencies and lack of responsiveness which can create stock-outs in the shelves of Tesco. References: Acar, Y. & Gardner, E. S. (2012) ‘Forecasting Method Selection in a Global Supply Chain’, International Journal of Forecasting, 28(4), pp. 842-848, [Online]. DOI: 10. 1016/j. ijforecast. 2011. 11. 003 (Accessed: 9 March 2013) Chopra, S. amp; Meindl, P. (2010) Supply chain management: strategy, planning, and operation. 4th Ed. Englewood Cliffs, NJ: Prentice-Hall. Hayya et al. (2006) ‘Estimation in Supply Chain In Inventory Management’, Interna tional Journal of Production Research, 44(7), pp. 1313-1330, [Online]. DOI: 10. 1080/00207540500338039 (Accessed: 9 March 2013) Shu et al. (2011) ‘Supply Chain Collaborative Forecasting Methods Based on Factors’, International Journal of Innovation & Technology Management, 8(1), pp. 135-157, [Online]. DOI: 10. 1142/S0219877011002180 (Accessed: 9 March 2013)