10_-_Forecasting_&_Capacity_Planning_in_Operations_Management[1]

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Forecasting & Capacity Planning in Operations Management:

Forecasting & Capacity Planning in Operations Management

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Forecasting Process of judging how much production is required to meet estimated sales in a particular forecasting period. Considerations include previous sales, the general state of the economy, consumer preferences, and competitive products. Production forecasting decisions affect budgetary and scheduling decisions.

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Capacity Planning Capacity planning and control is the task of setting the effective capacity of the operation so that it can respond to the demands placed upon it. This means determining how the operation should respond to fluctuations in demand. Operations managers usually distinguish between short, medium and long-term capacity decisions. For short- and medium-term capacity planning, the capacity level of the operation is adjusted within the fixed physical limits that are set by long-term capacity decisions.

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