Operations Management - Demand Forecasting

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Operations Management - Demand Forecasting

It has been said that the only certain thing about a forecast is that it will be wrong! The question for operations management has been the matter of degree of error. Limiting forecast error can be the source of major productivity improvements for a company.

Demand Solutions

There are a range of tools that are available for limiting forecast error and this site is a good example:

Select Info store
Work through this site to understand how forecast error can be limited

Assignment

Consider a demand forecasting system such as this in relation to a medium sized manufacturing company. Who would be responsible for the selection of the system and who would be responsible for running it? Discuss the reasons and issues surrounding this choice. What other functions would use the output of this system?

Students may like to search for similar sites using keywords such as:

independent demand, dependent demand, forecast error, lumpy demand, time series analysis

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