Operation Management Assignment Help >> Defining Forecasting

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Brief introduction:

When the supply chain management does planning, then forecasting somehow is related to that planning and it plans for sales and management, marketing management, it talks about employment (planning related to manpower), it says about planning of production and so on it discuss about various terms which says that forecasting is an important criteria for planning.

What is forecasting?

It talks about the national, regional, functional, industrial, organizational and professional activities which briefly discuss about planning. It can either lies upon long range or also the planning can include in a short range purpose. It is more or less scientific in nature. It never leaves the past because the planning which has done in past relates it to today and it links with tomorrow so it continue moving towards the business. Thus forecasting is based and depends on three important factors which describes about the past, present and future. It talks about three specific dimensions that are based on present past and future. If the planning in past has been done wrong and in improper way or style, then the present also gets negatively impacted which in turn creates a lot of problem in future and describes wrong and improper planning.

The study consists of internal and external factors which talks about the following elements included in forecasting. The various elements are present past and future which comes in internal factors which describes honestly about the planning of the management and it comes under internal planning and so on.

The factors which consist of external factors are controllable and so as non-controllable elements which also describes about past present and so as future. It depends upon demand and supply chain of the business which shapes the things in such that it is unique, different and it offers various methods related to decision making and so on.

There are several methods used in forecasting, they are as follows:

1. Extrapolation

2. Moving averages method

3. Other time series method

These are the above mentioned three methods used for forecasting. These are known as extrapolation which talks about the method that is very easy; the previous data is used in this method, in this technique.

The second one is moving averages method which says about the discrete method and it depends on the certain period of time which takes and talks about the influencing nature of the method in terms of future by using the past data. It also reduces the old and past data and introduces and announce the fresh current data which is necessary and important in the calculation of forecasting period and so as the method of forecasting. Forecasting is always done for the current and present years which has just started and begin. This is suitable for many years and the data helps of the past from many years.

The third one describes about the other time-series methods which describes about the exponential smoothing method of forecasting. It is also the very simplest way to determine the forecasting.

There are various models of forecasting:

The models of forecasting allow the demand of supply in the country.

It includes the total rate of population, it talks about the distribution of the population rate and also it says that age matters a lot for the supply because product varies age wise as per life style and uses. The pricing strategy, the strategy of items which are competitive, the leisure time which are available and also the time of the population that matters a lot in this strategy. Thus forecasting depends on various methods, it talks about models and the relation of data in past, present and its usefulness in future terms or future perspectives.