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Principles of Industrial Engineering - Forecasting

Learn how to apply the useful forecasting techniques of industrial engineering as taught in this free online course.

Publisher: NPTEL
Forecasting is a critical keystone of industrial engineering because, without it, no planning can proceed. In this free online course, you will be taught the techniques, methods and applications of forecasting in operations management. Go on to discover the components of demands, forecasting errors, the importance of a tracking signal, the seasonality factor for forecasting and the use of the correlation coefficient in calculating predictions.
Principles of Industrial Engineering - Forecasting
  • Duration

    3-4 Hours
  • Students

    211
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

What are the principles and techniques of forecasting and why is it such a vital determinant factor in operational management and industrial engineering? This course breaks down the importance and applications of different forecasting techniques, as well as their advantages and disadvantages in different scenarios.

The material explains the quantitative methods of forecasting and identifies the components of demand as well as its determinant factors. It also explains the exponential smoothing method and the calculation of the forecast considering the known trends. You will be taught the functions of the ‘forecasting error’ and ‘tracking signal’, and the simple moving and weighted covering averages will also be analyzed. Lastly, you will learn the method and procedural analysis of forecasting considering seasonality as well as how to relate independent variables to dependent variables.

Learn about the approaches used by the casual method of forecasting as well as the calculation of tracking signals using correlation coefficient and the track effectiveness of the tracking signal methodology. By registering for this course now, you can boost your knowledge of forecasting today and go on to have a positive impact on overall operational management.

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