Join Eddie Davila for an in-depth discussion in this video Forecasting: How much inventory do we need?, part of Operations Management Fundamentals.
- Operations is about good planning.…Operations is about…being prepared to meet demand.…To meet demand you need to have…the right people and the right materials.…To meet demand you need to have a good process.…But to meet demand,…you need to know demand.…Most companies don't know…how many customers they'll have tomorrow,…much less next week or next month.…But in our modern world of electronic devices,…social networking and digital transactions,…there's no shortage of data.…
Companies now have mountains of data…to create sophisticated forecasts…based on what happened in the past.…Quantitative Forecasting relies on…historical numeric data…to predict what will happen in the future.…And most people find comfort…in this type of forecasting.…It's unbiased,…it's based on real data…so we tend to trust it.…But there's also something…called Qualitative Forecasting.…This relies on the opinions of people.…This probably doesn't make you…feel as comfortable, right?…But in the absence of historical data,…it might be all we have.…
And believe it or not,…
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- Understanding operations management
- Making key inventory decisions
- Balancing holding costs and ordering costs
- Choosing a production strategy and facility layout
- Managing waiting-line systems
- Defining quality and improving quality
- Managing business processes
Skill Level Appropriate for all
1. Introduction to Operations
2. Managing Inventory
3. Managing Production of Products and Services
4. Managing Waiting Lines
5. Managing Quality
6. Operations at the Office
Wrap up2m 52s
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