Applied Operations Management - Introduction To Forecasting - Revised

Management and Administration
Free Course
Applied Operations Management - Introduction to Forecasting demonstrates how nearly all operations management decisions are based on a forecasts
  • Duration

    2-3 Hours
  • Assessment

  • Certification

  • Responsive

  • Publisher





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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.

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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

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