ITBE 353 Lecture 8: Chapter+15+Summary
8 Mar 2017
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306 - operations management section 6 - tierney. Chapter 15 demand management and forecasting (pages 483 - 512: walmart manages one of the largest data warehouses in the world. They use this data to track sales patterns and inventory levels by store, market, customer demographics, product returns, and supplier performance. The data also helps forecast demand of products for each season at each location: page 484 - forecasts are a key part of business planning, leadership uses forecasts for long-range capacity planning. There are so many factors that influence forecasts that they are rarely 100% accurate. Specific methods covered include moving averages, linear regression, trends, seasonal ratios, and focused forecasting. This chapter also covers sources for forecasting errors and the measurement of forecasting errors: page 485 - dependent demand demand for an item can be generated as a direct result of the demand for another product. For example, if you need to make 100 tricycles you will need.
