Forecasting, Mechanical Engineering

Forecasting:

Forecasts play a vital role in determining material needs that constitute inventories and in establishing production plans. In this unit, you have studied the importance of demand forecasting in business. Forecasting provides a basis for coordination of plans for activities in several parts of a particular company. It provides very important information to the company. Therefore, proper care should be exercised while estimating forecast value. Developing a forecasting system is not simple. It should be done because forecasting is fundamental to any planning effort.

Forecasting is the basis of corporate long run planning. In the functional areas of finance and accounting, forecasts provide the basis for budgetary planning and cost control. Production and operations personnel use forecasts to make periodic decisions involving process selection, capacity planning, facility layout, etc.

Marketing based on sales forecasting to plan new products and makes key decisions. Forecast error is the difference between the forecast value and what actually occurred. Error can come from a variety of sources. One common source that several forecasters are unaware of its projecting past trends into the future. Errors can be biass error or random errors. Standard error, mean squared error and mean absolute deviation (MAD) are the terms utilized to describe the degree of error. Several commercial forecasting programs are  now available. Most are available for micro computers and use shared network databases. You may use a spreadsheet such as Microsoft Excel to create a forecasting program on a PC. Depending on one's knowledge of the spreadsheet, a simple program can be written down.

Posted Date: 2/1/2013 12:11:57 AM | Location : United States







Related Discussions:- Forecasting, Assignment Help, Ask Question on Forecasting, Get Answer, Expert's Help, Forecasting Discussions

Write discussion on Forecasting
Your posts are moderated
Related Questions
Reassembly Position of Critical Parts:  Care should be taken to note the position of the unidirectional parts while dismantling the engine. This will ensure dimensions (depth, dis

Carnot vapour Cycle: It is convenient to analyze the performance of steam power plants by means of idealized cycles that are theoretical approximations of real cycles. The Car

Find out change in diameter: A cylindrical shell, 0.8 m in a diameter and 3 m long is along with 10 mm wall thickness. If the shell is subjected into an internal pressure of 2

Hi I am new tutor here Pankaj kumar I got the mail for the verification and i regitered now . But how can i get the sample assignment for the further process.

Draw schematic diagram of a position control system using armature controlled DC Servo motor. Graph the signal flow graph and hence calculate the closed loop transfer function.

Q. Resource Management for project? An important factor in overall project success is the provision of suitable and adequate resources. The initial estimate of engineering man

Copper-Nickel Alloys Complete solubility arises between nickel and copper. All alloys have same microstructure and may be cold or hot worked. Cupro-nickel also termed as Ge

Drive a mathematical expression for moment of Inertia of a rectangular section. A body consists of a solid hemisphere of radius 4 cm and a right circular cone of height 12 cm. t

What is STEP The STEP (Standard for External Representation of Product Data) project is supported by the ISO workgroup TC 184/SC4. it is also sometimes called Standard for Exch

Transformer for flash butt welding The transformer required for flash butt welding is similar to that needed for other resistance welding processes. Here, the transformer is to