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Applied Operations Management - Introduction To Forecasting - Revised

Management and Administration
Free Course
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. This free online Applied Operations Management - Introduction to Forecasting course will show you why virtually all operations management decisions are based on forecasts of the future.
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  • Duration

    2-3 Hours
  • Assessment

    Yes
  • Certification

    Yes
  • Responsive

    Yes
  • Publisher

    NPTEL

Description

Outcome

Certification

View course modules

Description

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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Learning Outcomes

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

Certification

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
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
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.

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