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Ch 15: Forecasting in Operations Management

About This Chapter

Use these video lessons to study different types of forecasting as well as strategies to identify an appropriate forecasting model. The self-assessment quizzes that correspond to each lesson are useful for quickly gauging your understanding of forecasting in operations management.

Forecasting in Operations Management - Chapter Summary and Learning Objectives

Every savvy operations manager needs to understand forecasting. At its core, forecasting is analyzing past data to produce a future prediction. These predictions can be on future consumer demand, a change in a supplier's inventory, or an analysis of your company's stock. This chapter examines the relationship between forecasting and effective supply chain and quality management. In addition to these concepts, you will learn the general forecasting process, different forecasting models as well as how to apply these models to specific situations. By the end of the chapter, you will have mastered:

  • Forecasting's role and its components
  • Steps in the forecasting process
  • Time series and causal forecasting models
  • Forecast accuracy measurements

Video Objective
Forecasting: Strategic Role, Components & Types Explore the relationship between forecasting and operations management. Learn different forecasting approaches based on different situations.
The Forecasting Process in Operations Management Determine the steps used in the forecasting process.
Time Series Forecasting Models Examine applications for different forecasting models, including linear trend line and seasonal adjustment models.
Causal Forecasting Models & Regression Analysis Use linear and multiple regression to create forecasting models.
Measuring Forecast Accuracy Describe mean square error, cumulative error, forecast control and other methods for determining the accuracy of a forecast.

Final Exam
Chapter Exam
Forecasting in Operations Management
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