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Forecasts heavily influence operations decisions, such as changes in processes and large technology purchases.
They also serve as the basis for developing worker schedules and for tactical planning. This course introduces the learner to forecasting and explains its necessity. For example, marketing relies on forecasting to predict demand and human resources can forecast for future hiring requirements. You will learn about forecasting methods like time series forecasting, which assume that information used to generate a forecast is reliable and that the future will follow a similar pattern as the past.
You will investigate moving average, simple mean, exponential smoothing methods, and weighted moving average. These forecasting methods are explained in detail with worked examples and graphed problems throughout the course.
This course will be of great interest to all who have completed Alison's Diploma in Operations Management and to all professionals working in the areas of operations who would like to further their knowledge about forecasting and the techniques used to make predictive forecasts. This course will also be of interest to anyone interested in operations management as a future career.Start Course Now
Having completed this course you will be able to:
- Describe the time series forecasting
- Explain simple forecasting models for time series data
- Describe what a causal model is and write equations for the causal model
- Define forecasting as related to operations management and give examples
All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire official Certification, which is a great way to share your achievement with the world. Your Alison Certification is:
Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning
Alison offers 3 types of Certification for completed Certificate courses:
Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
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Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping
All Certification is available to purchase through the Alison Shop. For more information on purchasing Alison Certification, please visit our faqs. If you decide not to purchase your Alison Certification, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certification pricing, please visit our Pricing Page.