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
