Importance of forecasting in terms of operations

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Reference no: EM133776645

Question: In this module, you will identify elements of demand forecasting, analyze steps in the forecasting process, and you will focus on the importance of forecasting as it relates to operations management. Demand forecasting may be completed in a simple manner reviewing historical trends or through elaborate systems. This will include the meaningful units in forecasting, how those meaningful units may be different in organizations providing services rather than making products, and how writing down the forecast allows multiple people in multiple roles in the organization to give input to the forecast. We will also look at the impact that a forecasting technique has on receiving the level of detail needed for a forecast. Each organization chooses its own method or methods based on the level of accuracy that may be required.
Learning Outcomes
Analyze the importance of forecasting in terms of operations management.
Articulate the importance of developing and monitoring forecasts.
ReadingsRequired:
Chapter 3 in Operations Management
Chapter 3 PowerPoint Presentation

Reference no: EM133776645

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