Operation Management Forecasting Techniques

Operation Management Forecasting Techniques. Pagas , Yvonne Demaulo , Kristine Nicole Baron , Crisziel Faye Jumuad , Diana Kate Gabrielle Montenegro , Joana Sweet.

Bitmoji Image. Fo recasting. Forecasting is the process of estimating the relevant events of future, based on the analysis of their past and present behaviour..

?. In preparing plans for the future, the management authority has to make some predictions about what is likely to happen in the future..

01. On the basis of the definition, the following features of forecasting can be identified:.

02. Forecasting is needed for planning process because it devises the future course of action..

03. It defines the probability of happening of future events. Therefore, the happening of future events can be precise only to a certain extent..

04. Forecasting is made by analysing the past and present factors which are relevant for the functioning of an organisation..

0 5. The analysis of various factors may require the use of statistical and mathematical tools and techniques..

Role of Forecasting. Since planning involves the future, no usable plan can be made unless the manager is able to take all possible future events into account..

Forecasting is the key to planning. It generates the planning process..

FORECASTING. Planning.