BOT 321 Study Guide - Quiz Guide: Operations Management, Service Design, Capacity Planning
25 May 2022
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How goods and services affect operations management activities. Forecasting is a projection based upon past data or it is an estimate of an event which will happen in future. Firms or manufacturers uses physical inventory as a buffer to minimize forecast errors. Forecasts can be aggregated over larger time frames (e. g. , months or weeks) Design of good focuses on its physical characteristics dimensions , materials ,color. Forecast horizons generally are shorter, and forecasts are more variable and time- dependent. Forecasting must often be done on a daily or hourly basis, or sometimes even more frequently. Design of a service system consider the degree of customer contact. Design of services can not be done independently from the process by which the service is delivered. Because customers have no participation or involvement in manufacturing processes, the processes can be more mechanistic. Customers usually participate extensively in service creation and delivery, requiring more flexibility and adaptation to special circumstances.
