The Time Horizon in Forecasting Short-term sales Product family sales Shift schedule Labor needs Resource requirements Resource requirements Days/Weeks Weeks/Months Short erme Long Capacity needs Long-term sales patterns Growth trends Fig.2-1 Forecast Horizons in Operation Planning
The Time Horizon in Forecasting Fig.2-1 Forecast Horizons in Operation Planning
he Time Horizon in Forecasting Short-term sales Product family sales Shift schedule Labor needs Resource requirements Resource requirements Days/Weeks Weeks/Months Short ermedo Long .The Short-term forecasting is required for day-to-day planning; Measured usually in day or weeks; Required for inventory management,production plan,and resource requirement planning,and shift scheduling
The Time Horizon in Forecasting Fig.2-1 Forecast Horizons in Operation Planning •The Short-term forecasting is required for day-to-day planning; •Measured usually in day or weeks; •Required for inventory management, production plan, and resource requirement planning, and shift scheduling
The Time Horizon in Forecasting Short-term sales Product family sales Shift schedule Labor needs Resource requirements Resource requirements Days/Weeks Weeks/Months Short ermed Long sioa/syiuow .The Intermediate term is measured in weeks or months; Typical intermediate term forecasting problems include sales pattern of product families,requirements and availabilities of workers,and resource requirements
The Time Horizon in Forecasting Fig.2-1 Forecast Horizons in Operation Planning •The Intermediate term is measured in weeks or months; •Typical intermediate term forecasting problems include sales pattern of product families, requirements and availabilities of workers, and resource requirements
The Time Horizon in Forecasting 'The long term is measured in months or years; It is one part of the overall firm's manufacturing strategy; Problems for long term forecasting include long term capacity planning;long term sales patterns,and growth trend. .One of example is long term planning of capacity. Long Capacity needs Long-term sales patterns Growth trends Fig.2-1 Forecast Horizons in Operation Planning
The Time Horizon in Forecasting Fig.2-1 Forecast Horizons in Operation Planning •The long term is measured in months or years; •It is one part of the overall firm’s manufacturing strategy; •Problems for long term forecasting include long term capacity planning; long term sales patterns, and growth trend. •One of example is long term planning of capacity
Classification of Forecasts Sales force composites; .Customer surveys Subjective-based on human Jury of executive opinion; judgment .The Delphi method; Causal Models-the forecast for a phenomenon is some function Objective-derived of some variables from analysis of .Time Series Methods- data forecast of future values of some economic or physical phenomenon is derived from a collection of their past observations
Classification of Forecasts Subjective-based on human judgment Objective-derived from analysis of data •Sales force composites; •Customer surveys •Jury of executive opinion; •The Delphi method; •Causal Models-the forecast for a phenomenon is some function of some variables •Time Series Methodsforecast of future values of some economic or physical phenomenon is derived from a collection of their past observations