Forecasting pt2

• Forecasting


  The process of making predictions of the future based on past and present data, most commonly by analysis of trends
• Planning production operations without an estimation of how much you would be able to sell or how many resources will be at work at all times is most likely one of the largest mistakes any operation manager could make
• A poor estimate of demand or availability of workforce

  Can lead to either shortage of products or a pile up of inventory, both of which can be detrimental to any business's growth plans
• Forecasting in operations management

  • It is complex but aids in decision making and planning
• Forecasting is a key skill that operations managers responsible for deciding a company's production quantity and schedule need to nurture