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Question: It has been said that forecasting is like driving a car by looking in the rear-view mirror. In operations management, we forecast a wide range of future events, which could significantly affect the long-term success of the firm. You touched on the idea that most often the basic need for forecasting arises in estimating customer demand for a firm's products and services. However, we may need aggregate estimates of demand as well as estimates for individual products. In most cases, a firm will need a long-term estimate of overall demand as well as a shorter-run estimate of demand for each individual product or service. What do you think we would need both short-term and long-term forecasts for? What can each be used for?
In addition, I want to point out the difference between forecasting and planning. Planning is often in response to a forecast. A passive response would be to reduce output because of a predicted decrease in demand, while an active response would be to advertise in an effort to offset the predicted decrease in demand.
Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..
Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..
Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..
An analysis of the holding costs, including the appropriate annual holding cost rate.
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Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.
Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.
Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.
Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.
Ccompare the effectiveness of different leadership styles in different organizations
Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.
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