Forecasting in Operations Management

About this course

This courses teaches you how a business or organization cope with the demand for its goods and services.  Demand and Supply should more or less match with each other.  If there is a mismatch, either there will be more money locked in inventory of the customers will be frustrated due to non-availability of products and services. It is the responsibility of the operations manager to analyze the demand and supply.  The operations manager should be thorough knowledge about forecasting the demand and formulate strategies for meeting the demand.What you learn from this course?What is meant by ‘Forecasting’Classification of ForecastingTypes of ForecastingFactors to Consider While ForecastingSteps for Ratio-Trend AnalysisRegression AnalysisWork Study TechniquesManagerial Judgments for ForecastingMistakes to Avoid while ForecastingOne important module briefs about the Factors to be Considered for Forecasting which includes:-Economic EnvironmentLegal EnvironmentTechnological EnvironmentCompetitive EnvironmentTo make the above concepts clearer, the explanation is supported by an interesting case study. The characteristics of good forecasting includes:-Goal-orientedFuturisticAnalytical ProcessChoice and Decision MakingBasis for Operations ManagementContinuous ProcessAll-InclusiveAccurate & EfficientFlexibilityThis courses gives you good knowledge about the tools and techniques used in Forecasting and Demand Management. You will be better equipped and apply whatever you have learnt in

Course objectives

• To equip learners with practical forecasting skills
• To analyze demand and supply in operations management
• To formulate strategies based on accurate demand predictions