Subject category:
Production and Operations Management
Published by:
IBS Center for Management Research
Length: 3 pages
Data source: Published sources
Abstract
The case focuses on the importance of forecasting and the role of forecasting in the planning and control functions of an organisation. Though forecasting cannot predict future demand with absolute accuracy, it can provide vital information for strategic, tactical and operational planning. The case examines the need for good forecasting and throws light on the process of forecasting. The case is structured to enable students to: (1) understand the importance of forecasting; (2) understand the process of forecasting; (3) understand the role of forecasting in strategic, tactical and operational planning; (4) understand errors in forecasting; and (5) analyse the various methods of forecasting. The case is intended for MBA/PGDBM level students as part of the operations management curriculum.
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Abstract
The case focuses on the importance of forecasting and the role of forecasting in the planning and control functions of an organisation. Though forecasting cannot predict future demand with absolute accuracy, it can provide vital information for strategic, tactical and operational planning. The case examines the need for good forecasting and throws light on the process of forecasting. The case is structured to enable students to: (1) understand the importance of forecasting; (2) understand the process of forecasting; (3) understand the role of forecasting in strategic, tactical and operational planning; (4) understand errors in forecasting; and (5) analyse the various methods of forecasting. The case is intended for MBA/PGDBM level students as part of the operations management curriculum.
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