Applied Operations Management - Introduction To Forecasting - Revised
Learn about strategic forecasting models in operations management with this free Introduction to Forecasting course.
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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.
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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