course in Engineering managment Forecasting and it's Strategic Role in projects

course components:


Predicting future events
Usually demand behavior over a time frame
Qualitative methods
Based on subjective methods
Quantitative methods
Based on mathematical formulas

Strategic Role of Forecasting

Focus on supply chain management
Short term role of product demand
Long term role of new products, processes, and technologies
Focus on Total Quality Management
Satisfy customer demand
Uninterrupted product flow with no defective items
Necessary for strategic planning

Components of Forecasting Demand

Time Frame
Short-range, medium-range, long-range
Demand Behavior
Trends, cycles, seasonal patterns, random

Time Frame

Short-range to medium-range
Daily, weekly monthly forecasts of sales data
Up to 2 years into the future
Strategic planning of goals, products, markets
Planning beyond 2 years into the future

Demand Behavior

gradual, long-term up or down movement
up & down movement repeating over long time frame
Seasonal pattern
periodic oscillation in demand which repeats
Random movements follow no pattern

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