MG 211 Lecture Notes - Lecture 4: Delphi Method, Job Scheduler, Business Cycle
Document Summary
Forecasting inventory, personnel, facilities) (process of predicting a future event; underlying basis of all business decisions production, Short-range forecast planning purchasing, job scheduling, workforce levels, job assignments, production levels. Medium-range forecast: sales and production planning and budgeting, cash budgeting. Long-range forecast: planning new products, capital expenditures, faculty location or expansion, r&d. Economic forecasts: address the business cycle: inflation rates, money supplies, housing starts. Technological forecasts: predict the rate of the technological process; impacts development of new products; requires more pp&e. Forecasts are useful in projecting staffing levels, inventory levels, and factory capacity. Economic: address business cycle inflation rate, money supply, housing starts. Technological: predict rate of technological process, impacts development of new products. Demand: predict sales of existing products and services. Supply-chain management: good supplier relations, advantages of product innovation. Human resources: hiring, training, and laying off workers. Capacity: shortages can result in undependable delivery, loss of customers, loss of market share.
