- Accounting (Cost, profit, estimates)
- Finance (Cash flow and finding)
- Human Resources ( Hiring, recruiting, training)
- Marketing (Pricing, Promoting, Strategy)
- Management Information System (IT, IS, System, Service)
- Operation (Schedule, MRP, Workload)
- Product, Service and Design (New product and service)
MRP: Material Requirement Planing
PAST < - > PRESENT < - > FUTURE
Forecast rarely perfect because of randomness.
Elements of a good forecast
#1- Timely
#2- Accurate
#3- Reliable
#4- Written
#5- Meaningful
#6- Easy to use.
Steps In The Forecasting Process
Step 6 : Monitor the forecast
Step 5 : Prepare the forecast
Step 4 : Gather and Analyze data
Step 3 : Select a forecasting technique
Step 2 : Establish a time horizon
Step 1 : Determine purpose of forecast
(Move up)
Elements of a good forecast
#1- Timely
#2- Accurate
#3- Reliable
#4- Written
#5- Meaningful
#6- Easy to use.
Steps In The Forecasting Process
Step 6 : Monitor the forecast
Step 5 : Prepare the forecast
Step 4 : Gather and Analyze data
Step 3 : Select a forecasting technique
Step 2 : Establish a time horizon
Step 1 : Determine purpose of forecast
(Move up)