Applied Operations Management - Introduction To Forecasting

Learn about strategic forecasting models in operations management with this free Introduction to Forecasting course.

Publisher: NPTEL
This free online Applied Operations Management course will give you an introduction to forecasting. Forecasts drive strategic operations decisions, such as choice of competitive priorities, changes in processes, and large technology purchases. Forecast decisions also serve as the basis for tactical planning and developing worker schedules. With this course, you will learn why operations management decisions are almost always based on forecasts.
Applied Operations Management - Introduction To Forecasting
  • Duration

    1.5-3 Hours
  • Students

  • Accreditation






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This course will first introduce you to Operations Management and the challenges that modern manufacturers face. You will study the typical characteristics shared by today's customers as well as study the requirements of manufacturing to satisfy their customers' demands for variety. The course will discuss the recommendations made by Skinner, the different manufacturing methodologies, and the benefits of Just In Time manufacturing. You will also learn the importance of forecasting including its time series model.

You will then learn that Time Series Models assumes that the information needed to generate a forecast is contained in a time series of data and that the future will follow the same patterns as the past. You will look into the historical pattern that needs to be forecasted which includes level, trend, seasonality, and cycle. The course will discuss Random Variation which cannot be predicted and the Simple Mean which is the average of all available data.

Forecasting is critical in the management of all functional areas within an organization, from marketing and sales to operations and human resources. This Applied Operations Management - Introduction to Forecasting online course will introduce you to practical applications of business forecasting. This will be a highly valuable skill for your résume, so check out the course today and learn the methods used to make effective predictive forecasts.

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