About This Chapter
Forecast & Demand Planning - Chapter Summary and Learning Objectives
Much of the organization is involved in some way when it comes to delivering a product or service to the customer. The information contained in these lessons teaches you how to accurately forecast and plan for the needed amount of production. Lessons are short and direct, and quizzes at the end of each verify that you got it. This chapter will teach you:
- How to use statistics in forecasting
- A workable alternative to examining historical data for forecasting
- What to do when it looks like you won't be able to keep up with orders
|Quantity Demanded: Definition & Factors||Identify the three factors that determine product quantity demanded.|
|Understanding Aggregate Supply & Demand||Learn about aggregate supply and aggregate demand.|
|Demand Forecasting Techniques: Moving Average & Exponential Smoothing||Get familiar with statistical modeling for demand forecasting.|
|Using Qualitative Data for Demand Forecasting||See how demand forecasting can be done using surveys, patterns and other qualitative methods.|
|Alternatives for Managing Demand||Take a look at your options for unplanned increases in demand.|
1. Quantity Demanded: Definition & Factors
Three factor affect the quantity demanded of a product: appeal, availability, and price. This lesson discusses those factors in greater detail as well as how to determine the quantity demanded.
2. Understanding Aggregate Supply & Demand
In this lesson, we explore aggregate supply and aggregate demand. In addition, we discover how economists represent these terms on a graph, using the AS/AD model.
3. Demand Forecasting Techniques: Moving Average & Exponential Smoothing
This lesson will discuss demand forecasting with a focus on sales of established goods and services. It will introduce the quantitative techniques of moving average and exponential smoothing to help determine sales demand.
4. Using Qualitative Data for Demand Forecasting
After reading this lesson, you will know how to find out whether there is demand for your product and how much demand there is through the use of qualitative data, even when you are just starting out. Learn how you can use focus groups and surveys to forecast demand.
5. Alternatives for Managing Demand
Watch this video lesson to learn what alternatives and options you have when demand for your product increases to a point where you are not able to keep up. Test your understanding with a short quiz.
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Other chapters within the Business 312: Advanced Operations Management course
- Introduction to Operations Management
- Business & Operations Processes
- Quality Management & Control
- Continuous Process Improvement
- Performance Metrics & Process Variability Analysis
- Supply Chain & Inventory Management
- Sustainability & Lean Management Systems
- Project Management for Operations
- Cost Analysis
- Managing Risk in Operations Management
- Required Assignments for Business 312
- Studying for Business 312