Forecasting my Week in Cyprus

Today was full of learning! We arrived at the University of Nicosia early in the morning for our first meeting with Fleet Management Limited(FML). Two of their representatives gave informative talks regarding the role their company plays in the shipping industry. Fleet Management Limited is the fastest growing shipping management company on the island of Nicosia and is one of the top four shipping management companies in the world. All together, FML manges three hundred and fifty ships including oil bunkers, bulk carriers, and even chemical tankers. They employ over twenty thousand seafarers that operate and take care of the ship as well as over two hundred and fifty professionals . The pandemic certainly slowed Fleet Management Limited due to the global shutdown of manufacturing facilities. Despite the pandemic, FML continued to operate their ships and was an integral part of ensuring that customers still had their goods amidst such desperate times. Marine transportation makes up roughly ninety percent of all global trading so it is clear to see the disruption that would ensue if they were cut out of the supply chain. FML also has an impressive one hundred percent client retention rate which speaks to their commitment to efficiency. Additionally, FML won the green award which signifies that the company meets certain safety and sustainability requirements.  

After our meeting with Fleet Management Limited, we listened to lectures by the CEO of the University of Nicosia, Antonis Polemitis, and a data forecasting professor, Dr. Spyros Makridakis. Mr. Polemitis focussed on the effects of cryptocurrency in our society and went into detail regarding bitcoin. We had a small discussion about whether or not the introduction of cryptocurrency would be more or less sustainable. Some argue that using cryptocurrency would require more electricity while others argue that they can harness unused renewable energy sources. There does not seem to be a clear answer. Dr. Spyros started his lecture by introducing ways that Walmart uses forecasting to predict the demand of products. Currently, Walmart has over two billion items to forecast each week. He then went into some of the different types of products that can be forecasted such as medications, dairy products, and luxury items. It was very interesting to hear about how forecasting varies per product and how it can be utilized to eliminate waste.

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