* Operations Management Topic 6 – Forecasting * What is Forecasting? Process of predicting a future event Underlying basis of all business decisions Production Inventory…

The Aim of Forecasting The aim of forecasting is to reduce the risk or uncertainty that the firm faces in its short-term operational decision making and in planning for its…

Slide 1 Quantitative Techniques Unit No.:04 Unit Name: Time Series Analysis and Forecasting 1 Datta Meghe Institute of Management Studies 2 Time Series Analysis and Forecasting…

Employment Skills Employment Skills Lecture week 9 Business modelling Analysing data: a brief tour of some useful concepts Presentation skills Working with scales Scales…

Chapter 4 Forecasting Production Planning Overview What is forecasting? Types of forecasts 7 steps of forecasting Qualitative forecasting Overview Quantitative forecasting…

The Aim of Forecasting The aim of forecasting is to reduce the risk or uncertainty that the firm faces in its short-term operational decision making and in planning for its…

No Slide Title Learning Objectives Describe what forecasting is Explain time series & its components Smooth a data series Moving average Exponential smoothing Forecast…

Operations Management Forecasting Basic input in decision process Two major aspect of forecasting Expected demand Degree of accuracy What is Forecasting? Short-range forecast…