Explain the distinction between prediction and forecasting

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Reference no: EM132125

QUESTION 1

a. Describe the concept of Just In Time (JIT).

b. Describe briefly JIT Inventory Control System.

c. List and weigh the significant decision before launching a warehouse.

QUESTION 2

a. Outline the concept of supply chain management

b. What changes have company made to respond to the supply chain management concept?

QUESTION 3

a. Define the Operation Management Concept.

b. Give a model of a Production/Operation system. Describe the input and the output of the system.

QUESTION 4

a. Explain the distinction between Prediction and Forecasting?

b. Why Forecasting is significant in decision making?

c. Define Delphi technique of Forecasting.

QUESTION 5

What are the various decisions operation managers are called upon to make in the manufacturing and service industries for various operation area under his responsibility. Give suitable illustration in each area

Reference no: EM132125

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