Heuristic models
Heuristic models are based on historical aggregate planning data available with organizations. The management coefficient model is a heuristic model which uses the regression method to identify capacity requirements based on the management's past decisions. The management coefficient model is used to generate a set of equations that represents historical patterns of a company's aggregate planning decisions. Accumulated data on the firm's workforce, production and inventory decisions are analyzed using regression techniques. The objective is to find the regression equations that best fit the historical data. Finally, the equations so generated are used to make future planning decisions, in a manner similar to LDRs. Heuristic models are easy to construct if the relevant historical data is available. But heuristic models should be applied after careful consideration, as past pattern may not always be an accurate indicator of future trends.
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