course in Engineering managment Forecasting and it's Strategic Role in projects
course components: Forecasting: 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 Long-range Strategic planning of goals, products, markets Planning beyond 2 years into the future Demand Behavior Trend gradual, long-term up or down movement Cycle up & down movement repeating over long tim...