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Forecasting in Operations Management

The key function of an operations manager objective is to ensure that the production process and output constantly matches the dynamic consumer demand. To accomplish this task, the manager needs a proper understanding of the demand forecasting and of strategies for managing capacity to meet ever-changing demand. This online course will provide you with the foundational knowledge of how forecasting works, processes, guides and factors to consider on the job.

  • 2500
  • 20000
  • Course Includes
  • 1.10 Hour Video Class
  • Free Certificate of Completion
  • 1-Year Access

Enrol and get access to the full course.

What you will learn

  • Forecasting in Operations Management
  • Types of Forecasting
  • Qualitative Forecasting Methods
  • Quantitative Forecasting Methods
  • Factors to Consider While Forecasting
  • Steps in Forecasting
  • Steps for Ratio Trend Analysis
  • Regression Analysis
  • Steps in Delphi Technique
  • Managerial Judgments for Forecasting
  • Forecasting Process
  • Characteristics of a Good Forecast and more

Requirements

  • Anyone interest in forecasting can take this course

Description

Forecasting is the art and science of predicting what will happen in the future. Sometimes that is determined by a mathematical method; sometimes it is based on the intuition of the operations manager - most forecasts and end decisions are however a combination of both. A proper forecast enhances accurate strategic decision making, as such that concerns change processes, inflations, demands, competitive priorities and more. Forecasting also serves as the basis for planning and developing an operational framework.

This online course will guide you on the strategy and techniques in forecasting. How a business will cope with changes in demand for its goods or services depends heavily on accurate forecasting. If demand falls below supply, the storage of unsold products will cost money, or staff and equipment will be idle. Also, if demand exceeds supply, customers will be frustrated by unavailable products or long lines for service, which may be an opportunity for your competitor. 

The key function of an operations manager objective is to ensure that the production process and output constantly matches the dynamic consumer demand. To accomplish this task, the manager needs a proper understanding of the demand forecasting and of strategies for managing capacity to meet ever-changing demand. This online course will provide you with the foundational knowledge of how forecasting works, processes, guides and factors to consider on the job.

Course Content

Click on the tabs to view all the contents
Forecasting in Operations Management
preview 7min
Introduction to Forecasting in Operations Management
5min
What Forecasting Is
3min
Classification of Forecasting
2min
Types of Forecasting
2min
Qualitative Forecasting Methods
1min
Quantitative Forecasting Methods
1min
Factors to Consider While Forecasting
7min
Steps in Forecasting
2min
Steps for Ratio Trend Analysis
1min
Regression Analysis
1min
Work Study Techniques
1min
Steps in Delphi Technique
1min
Managerial Judgments for Forecasting
6min
Forecasting Process
13min
Mistakes to Avoid while Forecasting
5min
Characteristics of a Good Forecast
10min
How to Download your Certificate of Completion
3min

About the Instructor

About the Instructor

ManagementStudyGuide is an educational portal launched in 2008 with the vision of providing students and corporate workforces worldwide with access to rich, easy to understand, frequently updated instruction on many management related topics. Management Study Guide is ISO 9001:2015 Certified Education Provider. Learning at MSG is highly practical and directed towards the needs of the industry.

 

MSG’s instructional content is developed and regularly updated by MSG experts who have substantial educational and industry experience. MSG is a leading global provider of management & skill based education addressing the needs 3,000,000+ members across 198+ Countries. Our unique step-by-step, online learning model along with amazing 200+ courses prepared by top notch professionals from the Industry help participants achieve their goals successfully. All our training programs are job oriented skill based programs demanded by the Industry.