This document outlines key concepts related to forecasting, including:
- The three time horizons for forecasting: short, medium, and long range.
- Qualitative and quantitative forecasting methods such as jury of executive opinion, Delphi method, moving averages, and exponential smoothing.
- Components of time series data including trend, seasonality, cyclicality, and randomness.
- Steps in a forecasting system and challenges with producing accurate forecasts.
- How Disney uses forecasting across its global operations to inform decisions.
1. The document discusses operations management and productivity. It defines operations management as transforming inputs into outputs through production of goods and services.
2. Ten critical decisions for operations managers are outlined, including design of goods/services, quality management, process design, location strategy, and inventory management.
3. Improving productivity is a key goal, as measured by the ratio of outputs to inputs. Small changes to processes can significantly boost productivity over time, as seen with Starbucks.
This document outlines the key topics to be covered in a chapter on operations strategy in a global environment. It includes an outline of subtopics, learning objectives, examples of Boeing's global suppliers, and definitions of mission and different strategies for achieving competitive advantage. The purpose is to provide students an overview of the concepts that will be discussed in the chapter.
This document discusses the process of planning business messages. It covers analyzing the situation by defining the purpose and audience, gathering relevant information, selecting the appropriate communication medium, and organizing the content. The key aspects of planning outlined are using the three-step writing process of planning, writing, and completion; allocating 50% of time to planning; and defining the main idea, outlining the content, and structuring the message effectively.
HUMAN RESOURCES, JOB DESING, AND WORK MEASUREMENTRamonLopez164
The document discusses human resource strategies for operations management. It covers topics like labor planning, job design, ergonomics, and work measurement tools. Specifically, it provides examples of how NASCAR racing teams use rigorous human resource strategies like specialized job roles and labor standards for their pit crews. It also outlines the objectives of human resource strategies and how to effectively design jobs through techniques like job specialization, expansion, and self-directed teams.
Chapter 10 Human Resources and Job Design.pptssuser7d3776
This document provides an outline and overview of topics related to human resources and job design that will be covered in a chapter on operations management. The topics include global company profiles like Southwest Airlines, human resource strategy, constraints on strategy, labor planning, employment policies, job classification, job design approaches, motivation systems, ergonomics, and workplace standards. Case studies and examples are provided to illustrate different concepts within each topic area.
The document outlines topics related to human resources management, job design, and work measurement. It includes an overview of key concepts such as labor planning, employment policies, job classification, job design approaches like specialization and expansion. It also discusses psychological factors in job design, self-directed teams, and motivation systems. Additional sections cover ergonomics, work environment factors, and various methods for analyzing work including time and motion studies. The overall document provides an outline and introduction to issues organizations should consider to effectively manage their human resources.
The document discusses various topics relating to training and developing employees, including:
1) The purpose and process of employee orientation to help new employees feel welcome and understand expectations.
2) The four-step training process of instructional design, needs analysis, program implementation, and evaluation.
3) Different training methods such as on-the-job training, lectures, and programmed learning.
The document outlines a chapter on project management from an operations management textbook. It includes an overview of topics like project planning, scheduling, controlling, work breakdown structures, critical path method (CPM), program evaluation and review technique (PERT), and using Microsoft Project for project management. The chapter aims to help students understand key project management concepts and techniques.
1. The document discusses operations management and productivity. It defines operations management as transforming inputs into outputs through production of goods and services.
2. Ten critical decisions for operations managers are outlined, including design of goods/services, quality management, process design, location strategy, and inventory management.
3. Improving productivity is a key goal, as measured by the ratio of outputs to inputs. Small changes to processes can significantly boost productivity over time, as seen with Starbucks.
This document outlines the key topics to be covered in a chapter on operations strategy in a global environment. It includes an outline of subtopics, learning objectives, examples of Boeing's global suppliers, and definitions of mission and different strategies for achieving competitive advantage. The purpose is to provide students an overview of the concepts that will be discussed in the chapter.
This document discusses the process of planning business messages. It covers analyzing the situation by defining the purpose and audience, gathering relevant information, selecting the appropriate communication medium, and organizing the content. The key aspects of planning outlined are using the three-step writing process of planning, writing, and completion; allocating 50% of time to planning; and defining the main idea, outlining the content, and structuring the message effectively.
HUMAN RESOURCES, JOB DESING, AND WORK MEASUREMENTRamonLopez164
The document discusses human resource strategies for operations management. It covers topics like labor planning, job design, ergonomics, and work measurement tools. Specifically, it provides examples of how NASCAR racing teams use rigorous human resource strategies like specialized job roles and labor standards for their pit crews. It also outlines the objectives of human resource strategies and how to effectively design jobs through techniques like job specialization, expansion, and self-directed teams.
Chapter 10 Human Resources and Job Design.pptssuser7d3776
This document provides an outline and overview of topics related to human resources and job design that will be covered in a chapter on operations management. The topics include global company profiles like Southwest Airlines, human resource strategy, constraints on strategy, labor planning, employment policies, job classification, job design approaches, motivation systems, ergonomics, and workplace standards. Case studies and examples are provided to illustrate different concepts within each topic area.
The document outlines topics related to human resources management, job design, and work measurement. It includes an overview of key concepts such as labor planning, employment policies, job classification, job design approaches like specialization and expansion. It also discusses psychological factors in job design, self-directed teams, and motivation systems. Additional sections cover ergonomics, work environment factors, and various methods for analyzing work including time and motion studies. The overall document provides an outline and introduction to issues organizations should consider to effectively manage their human resources.
The document discusses various topics relating to training and developing employees, including:
1) The purpose and process of employee orientation to help new employees feel welcome and understand expectations.
2) The four-step training process of instructional design, needs analysis, program implementation, and evaluation.
3) Different training methods such as on-the-job training, lectures, and programmed learning.
The document outlines a chapter on project management from an operations management textbook. It includes an overview of topics like project planning, scheduling, controlling, work breakdown structures, critical path method (CPM), program evaluation and review technique (PERT), and using Microsoft Project for project management. The chapter aims to help students understand key project management concepts and techniques.
Here is a process to minimize material handling costs for arranging 6 departments in a factory layout:
1. Map the material flow between each department pair and estimate the volume of material (Xij) and cost per load (Cij) moved between each pair.
2. Calculate the total material handling cost (MHC) for each possible layout arrangement by summing the costs between each department pair:
MHC = ΣΣ XijCij
3. Try arranging the departments in different layouts that vary the distances between department pairs to minimize the total MHC. For example, arrange departments with the highest material flow closest together.
4. Compare the total MHC for each layout arrangement and select the one with the lowest cost
Chapter 8 management (10 th edition) by robbins and coulterMd. Abul Ala
This document provides an overview of strategic management concepts including:
- The 6 steps in the strategic management process including identifying mission/goals, external/internal analysis (SWOT), strategy formulation, implementation, and evaluation.
- Three types of corporate strategies: growth, stability, and renewal. Growth strategies include concentration, vertical/horizontal integration, and diversification.
- Concentration strategy focuses on increasing products/markets in a primary line of business. Vertical integration aims to control inputs by becoming a self-supplier.
The document outlines the key concepts and methods for short-term scheduling. It discusses scheduling issues like forward versus backward scheduling and scheduling criteria. It also covers scheduling processes for process-focused facilities and the use of tools like input-output control, Gantt charts, and the assignment method to schedule jobs and resources in the short term. The learning objectives focus on explaining short-term scheduling relationships, applying scheduling tools and techniques, and using methods like Johnson's rule and finite capacity scheduling.
Introduction to Operations Management by StevensonWafeeqa Wafiq
This document provides an overview of operations management concepts. It begins by defining operations management as the management of systems or processes that create goods and/or provide services. It then discusses the three major functional areas of organizations and how they interrelate. Next, it compares manufacturing and service operations and describes the operations function and the nature of an operations manager's job. The document outlines key decisions operations managers must make. It also reviews the historical evolution of operations management and current trends impacting the field such as globalization and supply chain management.
This document outlines the key topics in a chapter on supply chain management. It begins with an overview of Darden Restaurants as a global company case study. It then discusses the strategic importance of supply chains and how supply chain decisions impact different business strategies. Several supply chain strategies are presented, along with issues in global and integrated supply chains. The document also covers supply chain economics, vendor selection processes, logistics management, and metrics for measuring supply chain performance.
The document discusses various forecasting techniques including judgmental forecasts, time series forecasts, naive forecasts, moving averages, exponential smoothing, linear trends, and associative forecasts using simple linear regression. It describes the basic approaches and formulas for each technique and discusses factors to consider when choosing a forecasting method such as cost, accuracy, data availability, and forecast horizon.
This document discusses various methods for analyzing jobs and setting time standards, including flow process charts, predetermined time standards, work sampling, and motion study. It provides details on how each method is conducted and their advantages and disadvantages. The goal is to identify inefficient processes and establish standard times for tasks to improve productivity and reduce wasted time and effort.
The document outlines topics related to supply chain management that will be covered in an upcoming chapter. It includes an outline listing key sections such as global company profiles, supply chain strategies, managing the supply chain, logistics management and measuring performance. It also lists learning objectives for the chapter and provides examples from companies like Darden Restaurants to illustrate strategic importance of supply chains and how supply chain decisions impact business strategy.
The document discusses the importance of planning for business/IT strategies and change management. It provides examples of companies' planning processes, including using ROI calculations and aligning IT projects with business objectives. Effective planning involves evaluating internal/external environments, building shared visions and goals, and determining actions. Implementation requires managing changes to processes, structures and jobs. Change management tactics like user involvement and communication can reduce resistance and increase acceptance of changes.
Operations management can significantly impact a business's financial performance. Three options are presented to boost earnings: 1) increase sales 30% through marketing, 2) reduce operating expenses 20% through process improvement teams, 3) invest in flexible machinery to allow faster response times and 10% higher prices. Analysis shows option 2 of reducing operating expenses increases earnings the most without requiring investment, and options 2 and 3 both involve improving operations. Improving operations can equal or exceed the benefits of just increasing sales volume.
This document outlines the key concepts in facility layout strategies. It begins with an overview of different types of layouts, including office, retail, warehouse, fixed position, process-oriented, work cell, and product-oriented layouts. For each type of layout, the document discusses the objectives and provides examples. It then covers specific layout strategies and considerations in more detail for offices, retail stores, warehouses, process-oriented facilities, and work cells. The document uses examples like McDonald's redesign and a hospital layout to illustrate process-oriented layouts. It also includes a step-by-step example of analyzing and designing a process-oriented layout to minimize material handling costs.
This document discusses strategic management concepts including long-term objectives, financial vs strategic objectives, the balanced scorecard, levels of strategies for large and small companies, vertical, intensive, diversification, and defensive strategies. It also covers Porter's five generic strategies, means for achieving strategies, and strategic management in non-profit and governmental organizations. Key points covered include setting objectives that are quantitative, measurable, realistic, understandable, challenging, hierarchical, and obtainable.
The document outlines various location strategy concepts including factors that influence location decisions, methods for evaluating location alternatives, and the importance of strategic location decisions. Specifically, it discusses:
1) Key factors that affect location decisions include labor costs, exchange rates, proximity to markets/suppliers, and clustering near competitors.
2) Common location evaluation methods are the factor-rating method, locational break-even analysis, and center-of-gravity method which aim to quantitatively assess alternative locations.
3) Strategic location decisions have long-term impacts and greatly influence a firm's costs, so these decisions require careful analysis of multiple location-specific factors.
This document provides an overview of operations management from a textbook by Slack, Brandon-Jones and Johnston. It defines operations management as managing the resources devoted to production and delivery of products and services. It discusses how operations management is important in all types of organizations from manufacturing to services. It also explains that all operations involve transforming inputs like materials, information and customers into outputs like products and services through various processes.
The document outlines key concepts related to material requirements planning (MRP) and enterprise resource planning (ERP). It discusses MRP concepts like the master production schedule, bills of materials, lead times, and gross and net requirements planning. It also covers extensions of MRP like MRP II and closed-loop MRP. Finally, it introduces enterprise resource planning (ERP) systems and their advantages and disadvantages.
This document discusses key economic indicators and concepts that are important for international business managers to consider when analyzing a country's economic environment. It covers different types of economic systems, measures of economic development and performance such as GNI per capita, as well as other important factors like inflation, unemployment, income distribution, poverty, and balance of payments. The overall goal is to communicate the importance of economic analysis and introduce students to the various indicators and concepts that are relevant for international business managers to understand countries' economic situations and environments.
The document discusses operations management, which involves managing an organization's resources and production system to convert inputs into products or services. It outlines the key departments in an organization and differences between manufacturing and service operations. Factors like global competition, technology, and social responsibility impact operations management. The evolution of the field is also summarized, from the industrial revolution to modern trends like lean production and outsourcing. Decision-making approaches in operations management include using models, quantitative analysis, trade-off analysis, and prioritizing factors.
This document discusses various quantitative forecasting techniques including time series models. It provides an overview of moving averages, exponential smoothing, trend projections, and decomposition models. Examples are given to illustrate computing forecasts using a three-month simple moving average and a three-month weighted moving average. Exponential smoothing is also introduced as a type of moving average that requires less data to compute forecasts.
Forecasting involves making predictions about the future. In finance, forecasting is used by companies to estimate earnings or other data for subsequent periods. Traders and analysts use forecasts in valuation models, to time trades, and to identify trends. Forecasts are often predicated on historical data.
Equity analysts use forecasting to extrapolate how trends, such as gross domestic product (GDP) or unemployment, will change in the coming quarter or year. Finally, statisticians can utilize forecasting to analyze the potential impact of a change in business operations. For instance, data may be collected regarding the impact of customer satisfaction by changing business hours or the productivity of employees upon changing certain work conditions. These analysts then come up with earnings estimates that are often aggregated into a consensus figure. If actual earnings announcements miss the estimates, it can have a large impact on a company’s stock price.
Forecasting addresses a problem or set of data. Economists make assumptions regarding the situation being analyzed that must be established before the variables of the forecasting are determined. Based on the items determined, an appropriate data set is selected and used in the manipulation of information. The data is analyzed, and the forecast is determined. Finally, a verification period occurs when the forecast is compared to the actual results to establish a more accurate model for forecasting in the future.
The further out the forecast, the higher the chance that the estimate will be inaccurate.
Forecasting Techniques
In general, forecasting can be approached using qualitative techniques or quantitative ones. Quantitative methods of forecasting exclude expert opinions and utilize statistical data based on quantitative information. Quantitative forecasting models include time series methods, discounting, analysis of leading or lagging indicators, and econometric modeling that may try to ascertain causal links.
Qualitative Techniques
Qualitative forecasting models are useful in developing forecasts with a limited scope. These models are highly reliant on expert opinions and are most beneficial in the short term. Examples of qualitative forecasting models include interviews, on-site visits, market research, polls, and surveys that may apply the Delphi method (which relies on aggregated expert opinions).
Gathering data for qualitative analysis can sometimes be difficult or time-consuming. The CEOs of large companies are often too busy to take a phone call from a retail investor or show them around a facility. However, we can still sift through news reports and the text included in companies’ filings to get a sense of managers’ records, strategies, and philosophies.
Time Series Analysis
A time series analysis looks at historical data and how various variables have interacted with one another in the past. These statistical relationships are then extrapolated into the future to generate
This document provides an outline for a PowerPoint presentation on forecasting. It covers topics such as forecasting time horizons, the influence of product life cycles on forecasting, different types of forecasts, qualitative and quantitative forecasting approaches, and specific forecasting techniques like jury of executive opinion, Delphi method, sales force composite, and time series forecasting. The outline contains over 15 sections that will each be presented in more detail in the PowerPoint.
Here is a process to minimize material handling costs for arranging 6 departments in a factory layout:
1. Map the material flow between each department pair and estimate the volume of material (Xij) and cost per load (Cij) moved between each pair.
2. Calculate the total material handling cost (MHC) for each possible layout arrangement by summing the costs between each department pair:
MHC = ΣΣ XijCij
3. Try arranging the departments in different layouts that vary the distances between department pairs to minimize the total MHC. For example, arrange departments with the highest material flow closest together.
4. Compare the total MHC for each layout arrangement and select the one with the lowest cost
Chapter 8 management (10 th edition) by robbins and coulterMd. Abul Ala
This document provides an overview of strategic management concepts including:
- The 6 steps in the strategic management process including identifying mission/goals, external/internal analysis (SWOT), strategy formulation, implementation, and evaluation.
- Three types of corporate strategies: growth, stability, and renewal. Growth strategies include concentration, vertical/horizontal integration, and diversification.
- Concentration strategy focuses on increasing products/markets in a primary line of business. Vertical integration aims to control inputs by becoming a self-supplier.
The document outlines the key concepts and methods for short-term scheduling. It discusses scheduling issues like forward versus backward scheduling and scheduling criteria. It also covers scheduling processes for process-focused facilities and the use of tools like input-output control, Gantt charts, and the assignment method to schedule jobs and resources in the short term. The learning objectives focus on explaining short-term scheduling relationships, applying scheduling tools and techniques, and using methods like Johnson's rule and finite capacity scheduling.
Introduction to Operations Management by StevensonWafeeqa Wafiq
This document provides an overview of operations management concepts. It begins by defining operations management as the management of systems or processes that create goods and/or provide services. It then discusses the three major functional areas of organizations and how they interrelate. Next, it compares manufacturing and service operations and describes the operations function and the nature of an operations manager's job. The document outlines key decisions operations managers must make. It also reviews the historical evolution of operations management and current trends impacting the field such as globalization and supply chain management.
This document outlines the key topics in a chapter on supply chain management. It begins with an overview of Darden Restaurants as a global company case study. It then discusses the strategic importance of supply chains and how supply chain decisions impact different business strategies. Several supply chain strategies are presented, along with issues in global and integrated supply chains. The document also covers supply chain economics, vendor selection processes, logistics management, and metrics for measuring supply chain performance.
The document discusses various forecasting techniques including judgmental forecasts, time series forecasts, naive forecasts, moving averages, exponential smoothing, linear trends, and associative forecasts using simple linear regression. It describes the basic approaches and formulas for each technique and discusses factors to consider when choosing a forecasting method such as cost, accuracy, data availability, and forecast horizon.
This document discusses various methods for analyzing jobs and setting time standards, including flow process charts, predetermined time standards, work sampling, and motion study. It provides details on how each method is conducted and their advantages and disadvantages. The goal is to identify inefficient processes and establish standard times for tasks to improve productivity and reduce wasted time and effort.
The document outlines topics related to supply chain management that will be covered in an upcoming chapter. It includes an outline listing key sections such as global company profiles, supply chain strategies, managing the supply chain, logistics management and measuring performance. It also lists learning objectives for the chapter and provides examples from companies like Darden Restaurants to illustrate strategic importance of supply chains and how supply chain decisions impact business strategy.
The document discusses the importance of planning for business/IT strategies and change management. It provides examples of companies' planning processes, including using ROI calculations and aligning IT projects with business objectives. Effective planning involves evaluating internal/external environments, building shared visions and goals, and determining actions. Implementation requires managing changes to processes, structures and jobs. Change management tactics like user involvement and communication can reduce resistance and increase acceptance of changes.
Operations management can significantly impact a business's financial performance. Three options are presented to boost earnings: 1) increase sales 30% through marketing, 2) reduce operating expenses 20% through process improvement teams, 3) invest in flexible machinery to allow faster response times and 10% higher prices. Analysis shows option 2 of reducing operating expenses increases earnings the most without requiring investment, and options 2 and 3 both involve improving operations. Improving operations can equal or exceed the benefits of just increasing sales volume.
This document outlines the key concepts in facility layout strategies. It begins with an overview of different types of layouts, including office, retail, warehouse, fixed position, process-oriented, work cell, and product-oriented layouts. For each type of layout, the document discusses the objectives and provides examples. It then covers specific layout strategies and considerations in more detail for offices, retail stores, warehouses, process-oriented facilities, and work cells. The document uses examples like McDonald's redesign and a hospital layout to illustrate process-oriented layouts. It also includes a step-by-step example of analyzing and designing a process-oriented layout to minimize material handling costs.
This document discusses strategic management concepts including long-term objectives, financial vs strategic objectives, the balanced scorecard, levels of strategies for large and small companies, vertical, intensive, diversification, and defensive strategies. It also covers Porter's five generic strategies, means for achieving strategies, and strategic management in non-profit and governmental organizations. Key points covered include setting objectives that are quantitative, measurable, realistic, understandable, challenging, hierarchical, and obtainable.
The document outlines various location strategy concepts including factors that influence location decisions, methods for evaluating location alternatives, and the importance of strategic location decisions. Specifically, it discusses:
1) Key factors that affect location decisions include labor costs, exchange rates, proximity to markets/suppliers, and clustering near competitors.
2) Common location evaluation methods are the factor-rating method, locational break-even analysis, and center-of-gravity method which aim to quantitatively assess alternative locations.
3) Strategic location decisions have long-term impacts and greatly influence a firm's costs, so these decisions require careful analysis of multiple location-specific factors.
This document provides an overview of operations management from a textbook by Slack, Brandon-Jones and Johnston. It defines operations management as managing the resources devoted to production and delivery of products and services. It discusses how operations management is important in all types of organizations from manufacturing to services. It also explains that all operations involve transforming inputs like materials, information and customers into outputs like products and services through various processes.
The document outlines key concepts related to material requirements planning (MRP) and enterprise resource planning (ERP). It discusses MRP concepts like the master production schedule, bills of materials, lead times, and gross and net requirements planning. It also covers extensions of MRP like MRP II and closed-loop MRP. Finally, it introduces enterprise resource planning (ERP) systems and their advantages and disadvantages.
This document discusses key economic indicators and concepts that are important for international business managers to consider when analyzing a country's economic environment. It covers different types of economic systems, measures of economic development and performance such as GNI per capita, as well as other important factors like inflation, unemployment, income distribution, poverty, and balance of payments. The overall goal is to communicate the importance of economic analysis and introduce students to the various indicators and concepts that are relevant for international business managers to understand countries' economic situations and environments.
The document discusses operations management, which involves managing an organization's resources and production system to convert inputs into products or services. It outlines the key departments in an organization and differences between manufacturing and service operations. Factors like global competition, technology, and social responsibility impact operations management. The evolution of the field is also summarized, from the industrial revolution to modern trends like lean production and outsourcing. Decision-making approaches in operations management include using models, quantitative analysis, trade-off analysis, and prioritizing factors.
This document discusses various quantitative forecasting techniques including time series models. It provides an overview of moving averages, exponential smoothing, trend projections, and decomposition models. Examples are given to illustrate computing forecasts using a three-month simple moving average and a three-month weighted moving average. Exponential smoothing is also introduced as a type of moving average that requires less data to compute forecasts.
Forecasting involves making predictions about the future. In finance, forecasting is used by companies to estimate earnings or other data for subsequent periods. Traders and analysts use forecasts in valuation models, to time trades, and to identify trends. Forecasts are often predicated on historical data.
Equity analysts use forecasting to extrapolate how trends, such as gross domestic product (GDP) or unemployment, will change in the coming quarter or year. Finally, statisticians can utilize forecasting to analyze the potential impact of a change in business operations. For instance, data may be collected regarding the impact of customer satisfaction by changing business hours or the productivity of employees upon changing certain work conditions. These analysts then come up with earnings estimates that are often aggregated into a consensus figure. If actual earnings announcements miss the estimates, it can have a large impact on a company’s stock price.
Forecasting addresses a problem or set of data. Economists make assumptions regarding the situation being analyzed that must be established before the variables of the forecasting are determined. Based on the items determined, an appropriate data set is selected and used in the manipulation of information. The data is analyzed, and the forecast is determined. Finally, a verification period occurs when the forecast is compared to the actual results to establish a more accurate model for forecasting in the future.
The further out the forecast, the higher the chance that the estimate will be inaccurate.
Forecasting Techniques
In general, forecasting can be approached using qualitative techniques or quantitative ones. Quantitative methods of forecasting exclude expert opinions and utilize statistical data based on quantitative information. Quantitative forecasting models include time series methods, discounting, analysis of leading or lagging indicators, and econometric modeling that may try to ascertain causal links.
Qualitative Techniques
Qualitative forecasting models are useful in developing forecasts with a limited scope. These models are highly reliant on expert opinions and are most beneficial in the short term. Examples of qualitative forecasting models include interviews, on-site visits, market research, polls, and surveys that may apply the Delphi method (which relies on aggregated expert opinions).
Gathering data for qualitative analysis can sometimes be difficult or time-consuming. The CEOs of large companies are often too busy to take a phone call from a retail investor or show them around a facility. However, we can still sift through news reports and the text included in companies’ filings to get a sense of managers’ records, strategies, and philosophies.
Time Series Analysis
A time series analysis looks at historical data and how various variables have interacted with one another in the past. These statistical relationships are then extrapolated into the future to generate
This document provides an outline for a PowerPoint presentation on forecasting. It covers topics such as forecasting time horizons, the influence of product life cycles on forecasting, different types of forecasts, qualitative and quantitative forecasting approaches, and specific forecasting techniques like jury of executive opinion, Delphi method, sales force composite, and time series forecasting. The outline contains over 15 sections that will each be presented in more detail in the PowerPoint.
This document discusses forecasting methods used in operations management. It describes forecasting as predicting future events and underlying all business decisions regarding production, inventory, personnel and facilities. Short-term forecasts are up to 1 year and used for purchasing and scheduling, while medium forecasts are 3 months to 3 years for planning and budgeting. Long-term forecasts over 3 years guide new product planning and research. Qualitative methods use intuition for new situations while quantitative methods employ mathematics for stable, historical data situations. The document outlines various qualitative and quantitative forecasting techniques.
This document discusses forecasting methods for predicting future demand. It covers qualitative methods like jury of executive opinion and quantitative methods like naive forecasting, moving averages, and exponential smoothing. Exponential smoothing assigns weights to past demand that decrease exponentially, with the most recent demand weighted most heavily. The smoothing constant determines how quickly the weights decrease. Forecasting allows for better planning of human resources, capacity, and supply chain management.
The document discusses the ROI Methodology, a proven process for measuring the impact and ROI of projects and programs. It provides a 5-level evaluation framework that progresses from measuring reaction and learning to quantifying ROI. The methodology uses a 10-step process model and 12 standards to ensure evaluations are consistent, conservative, and credible. It has been widely implemented across various industries to conduct impact and ROI analysis in a balanced, results-oriented way.
Hospital and Healthcare System Strategic Planning and Financial ForecastingAxiom EPM
Given the level of uncertainty in the healthcare industry and all of the external factors that impact healthcare provider organizations today, strategic planning has become an increasingly complex function. The process is no longer a simple financial forecasting exercise. Instead, it has evolved into a more integrated financial and operational planning activity that touches the entire organization. The process of defining a multi-year financial forecast is now predicated on the modeling of individual business initiatives focused on cost reduction or revenue growth. These slides present four factors vital to establishing more agile strategic planning models. You'll learn techniques to incorporate financial and service line-based analytics to enable efficient ‘what-if’ modeling, scenario analysis and initiative-based modeling and tracking.
ROI CERTIFICATION PROGRAM
A comprehensive way to gain the skills, resources,
and knowledge to measure the value of projects
and programs of all types – down to the financial
return on investment (ROI).
Anubhav Mishra is a strategy consulting professional with over 7 years of experience conceptualizing, planning, and implementing growth strategies. He has a Master's degree from HEC School of Management in Paris and is fluent in English, French, and Hindi. Currently he works as a PMO Lead at Wipro Technologies where he leads operational excellence initiatives, governance, and strategic projects.
The document discusses integrated planning and unstoppable business performance. It outlines five key next practices for integrated planning: 1) dynamic planning by continuously iterating models, 2) integrating planning across business lines, 3) predictive planning using predictive models, 4) collaboration through interacting with colleagues, and 5) aligning with growth opportunities. It recommends shifting the focus of planning to growth and customers. Next-generation planning systems will leverage advanced analytics, embed collaboration, and integrate across systems to provide strategic insights.
This document discusses measuring return on investment (ROI) for human resources programs and initiatives. It provides an overview of the ROI methodology, which collects six types of data: reaction and planned action, learning and confidence, application and implementation, business impact, ROI, and intangible benefits. The methodology is a comprehensive process for evaluating programs that has been refined over 25 years. It helps demonstrate the business value of HR to executives by showing the benefits versus costs of initiatives through credible ROI calculations and analysis.
Top management is responsible for strategic leadership, vision, and managing the strategic planning process. They articulate a strategic vision for the long-term direction of the company. As part of managing the planning process, top management initiates environmental scanning, formulates strategies, implements programs and budgets, and evaluates performance through feedback and control systems. The board of directors provides governance and oversight of the strategic management process, monitoring developments, evaluating strategies, and influencing strategic decisions. Strategic management aims to achieve competitive advantage and long-term success through this strategic planning process.
The document discusses various forecasting techniques including qualitative and quantitative methods. It describes exponential smoothing, which weights recent data more heavily than older data. An example shows how to use exponential smoothing with a smoothing constant of 0.1 to forecast quarterly port cargo volumes over 8 quarters. The forecast for the 9th quarter is calculated as 178.02 based on the previous actual and forecast values.
Gavin Berry's post project review document summarizes the need for and benefits of conducting post project reviews. It discusses how past research has shown that the majority of projects do not achieve their intended benefits or are unsuccessful. While project management practices have improved over the past decades, measuring and achieving business benefits has lagged. Post project reviews are identified as a key missing element to help ensure projects deliver intended benefits. The document provides guidance on when reviews should occur, what inputs they should include, and how to conduct effective reviews. Case studies are also offered to demonstrate reviews from an organizational perspective.
Demand forecasting involves predicting future demand. Key factors in demand forecasting include the period, type of goods, competition level, price, and technology. Demand forecasting is used for short-term purposes like production planning and long-term purposes like capacity planning. Determinants of demand include price, income, related goods prices, tastes, and expectations. Forecasting methods for new products include analyzing substitutes, existing products, consumer opinions, expert opinions, and market tests. Good forecasting methods are accurate, durable, flexible, acceptable, available, and plausible. Macro-level factors like income, investment, population, government spending, and credit policy influence demand forecasts. Recent trends include greater importance of demand forecasting, use
The document discusses strategy evaluation and control. It describes evaluating strategies by examining their underlying bases, comparing expected vs actual results, and taking corrective actions. Strategy evaluation is complex due to many factors like environmental uncertainty. Firms should continuously evaluate strategies using frameworks like Rumelt's criteria or the balanced scorecard, which assesses financial and non-financial metrics. Contingency planning and auditing also support effective evaluation. Current challenges include balancing art and science in strategic processes and deciding strategy transparency.
This document outlines an approach for IT architecture modernization through a Rapid Enterprise Advancement Program (REAP). The approach involves first defining a 3-5 year strategic roadmap focused on business initiatives, innovation, continuous improvement and rapid delivery. It then recommends identifying quick win opportunities, defining a continuous improvement program, selecting partners and technologies, and running pilot programs. The core of the approach is the REAP, which delivers business-focused improvements through short, iterative projects to provide continuous value while working towards the larger modernization strategy.
This chapter discusses strategy review, evaluation and control. It is important for organizations to regularly review and evaluate their strategies to ensure they are still effective and aligned with the changing internal and external environments. The chapter outlines the key aspects of strategy evaluation, including examining the underlying bases of the strategy, comparing expected vs actual results, and taking corrective actions. It also discusses various quantitative and qualitative criteria that can be used to measure organizational performance and evaluate strategy effectiveness, such as financial ratios and the balanced scorecard approach. Contingency planning and auditing are also covered as important parts of the strategy evaluation process.
The document outlines the key steps in product development including generating new product ideas, product design, and transitioning to production. It discusses product life cycles and how operations must adapt at each stage. A case study example is provided on constructing a House of Quality, a tool used to define customer needs and how the product will meet them. The overall purpose is to describe how organizations design goods and services to meet market demands.
This document is a syllabus for a 4.5 quarter credit Business Law course at Florida Technical College. The syllabus outlines the course description, learning objectives, instructional materials, schedule, assignments, grading criteria, and policies regarding attendance, academic conduct, and late work. Students will learn about legal topics and concepts, apply legal reasoning to business situations, and be evaluated through exams, assignments, attendance, and professionalism.
Mr. Perez has over 33 years of experience in education, including 20 years serving in the military. He holds a Master's in Business Administration and Bachelor's in Applied Sciences. Mr. Perez also has an Associate's in Science and Associate's in Arts. He has worked as an executive director for over 20 years and has experience working for corporations like IBM and General Electric.
1) German workers have shorter average work weeks of 30-37 hours compared to 37.7 hours in the US, are guaranteed at least 5 weeks of annual vacation by law, and fiercely resist working evenings and weekends.
2) At a German department store, staff turnover is negligible while it is 40% annually at an American store like JC Penney, where many employees work second jobs and 60+ hours per week due to economic necessity.
3) A German department store supervisor sees no need to shop at night and values free time that cannot be paid for, taking only the mandated 37 hour work week, while an American merchandising manager feels she must work evenings/weekends and bring work home to
This syllabus outlines the course requirements for a 4.5 quarter credit Operations Management course at Florida Technical College. The course will cover key operations management concepts over 4 weeks, including operations strategy, process design, forecasting, inventory management, and quality management. Students will be evaluated based on attendance, professionalism, out-of-class assignments, labs/quizzes, a midterm exam, and a final exam. The syllabus details expectations for online and on-campus attendance, grading scale, academic conduct policy, and assigned reading for each week.
This document discusses simulation as a modeling technique for operations management problems. It defines simulation as imitating real-world systems mathematically to study their properties. The key steps in simulation are defined as defining the problem, introducing important variables, constructing a model, specifying variable values for testing, running experiments, examining results, and deciding on actions. Advantages include flexibility to model complex systems, while disadvantages include cost and potential for different solutions between runs. Monte Carlo simulation and examples of queuing and inventory simulations using probability distributions and random numbers are provided. Software tools for developing complex simulations are also discussed.
This document discusses learning curves, which show that the time or cost to produce each additional unit of a product or service decreases as total cumulative production volume increases. It presents three approaches to calculating learning curves: arithmetic, logarithmic, and learning curve coefficient. The strategic implications of learning curves are also examined, such as pursuing a steeper learning curve than competitors. Limitations include learning curves varying by organization and industry and being sensitive to changes in work processes or personnel.
This document outlines key concepts in queuing theory and waiting line models. It begins with defining characteristics of waiting line systems such as arrivals, queues, and service facilities. It then covers specific queuing models including the single channel M/M/1 model, multiple channel M/M/S model, and constant service time M/D/1 model. Metrics for measuring queue performance are discussed. The document concludes with learning objectives related to applying different queuing formulas and models.
The document discusses various transportation modeling methods for determining the least costly way to distribute products from sources to destinations. It begins with an overview of transportation modeling and its use in distribution and location decisions. Three methods for developing initial solutions to transportation problems are then covered: the northwest-corner rule, intuitive lowest-cost method, and stepping-stone method. The document provides examples of how to apply each method to transportation matrices and discusses how they can be used to find feasible but not necessarily optimal solutions. Learning objectives are also listed for understanding transportation modeling and different solution techniques.
This document outlines the key concepts and steps for solving linear programming problems using graphical and algebraic methods. It begins with an introduction to linear programming and its applications. It then discusses the requirements and formulation of linear programming problems, including defining the objective function and constraints. The document presents examples of solving linear programming graphically using the iso-profit line and corner-point methods. It also covers sensitivity analysis, changes to resources and the objective function, and solving minimization problems. The overall learning objectives are presented to understand how to model, graphically solve, perform sensitivity analysis on, and apply linear programming problems.
This document outlines the key concepts and methods for decision making under uncertainty, risk, and certainty. It discusses tools like decision trees and tables that can be used to evaluate alternatives and choose the best option. Specific techniques covered include expected monetary value, maximax/maximin, and expected value of perfect information. Examples are provided to demonstrate how to use decision trees to model sequential or complex decisions and calculate the expected monetary value at each decision node. The document is intended to teach students the fundamentals and applications of quantitative decision making.
This document discusses maintenance and reliability in operations management. It begins by outlining key topics like the strategic importance of maintenance and reliability, improving reliability, and different types of maintenance. It then provides examples from Orlando Utilities Commission to illustrate concepts like the costs of unexpected outages and the value of preventive maintenance. The document also explains techniques to improve reliability and maintenance like preventing failures in individual components, providing redundancy, and implementing preventive maintenance programs. Overall, the document aims to describe how organizations can enhance system reliability and maintenance practices.
The document outlines key concepts related to just-in-time (JIT) and lean operations, including:
1) JIT aims to have materials arrive where and when needed through partnerships with suppliers, small lot sizes, and reduced setup times. This eliminates waste and improves throughput.
2) The Toyota Production System emphasizes removing variability, respect for employees, and continuous improvement.
3) Implementing JIT, TPS, and lean concepts requires focusing on eliminating waste, removing variability from processes, and improving throughput across the organization.
The document outlines topics related to short-term scheduling including:
- The importance of effective short-term scheduling for competitiveness.
- Key issues in scheduling like type (forward/backward) and priority criteria.
- Tools for scheduling like Gantt charts, assignment methods, and priority rules.
- Concepts are illustrated with examples like input-output control and job sequencing.
- The document appears to be from a textbook or course on operations management and short-term scheduling.
The document outlines the key components of material requirements planning (MRP), including dependent demand, master production schedules, bills of material, accurate inventory records, lead times, and MRP structure and reports. It provides examples to illustrate how MRP works, including developing gross requirements and net requirements plans by exploding bills of material levels and offsetting requirements by item lead times. The goal of MRP is to determine the timing and quantities of orders needed for components to meet a master production schedule and end item demand based on available inventory and lead times.
This document outlines a graphical aggregate planning example for a roofing supplier. It includes the expected monthly demand forecasts, production capacity information, and relevant cost data. A level production strategy is presented where production is kept constant at 50 units per day, resulting in some inventory buildup and reduction each month to balance supply and demand. The total inventory carried over the planning period and required workforce to maintain the 50 unit per day production rate are calculated. Graphical and tabular presentations are provided to illustrate the example aggregate plan.
The document outlines a chapter on inventory management. It discusses key inventory concepts like the economic order quantity (EOQ) model, ABC analysis for classifying inventory items, and cycle counting to maintain inventory records. It also provides an example calculation of the optimal order quantity using the EOQ model formula. The learning objectives cover how to apply concepts like the EOQ model, safety stock, production order quantity, and probabilistic inventory models.
The document outlines factors that affect location decisions for companies. It discusses seven major factors including labor productivity, exchange rates, costs, political risks, proximity to markets/suppliers/competitors, and methods for evaluating location alternatives such as the factor-rating method, locational break-even analysis, and center-of-gravity method. The document uses examples from FedEx and various industries to illustrate key concepts in strategic facility location planning.
The document outlines the key topics to be covered in a chapter on process strategy and sustainability. It will discuss four main process strategies: process focus, repetitive focus, product focus, and mass customization. It will also cover tools for process analysis such as flow charts and time-function mapping. Additional topics include production technology, service process design, and achieving sustainability. The overall aim is for students to understand how to design production processes that meet customer and business objectives.
The document outlines topics related to quality management including: total quality management (TQM), Six Sigma, continuous improvement, benchmarking, just-in-time, and Taguchi concepts. It also discusses international quality standards like ISO 9000 and ISO 14000, as well as Deming's 14 points for quality management. The overall document provides an overview of key concepts and tools related to quality management and TQM.
The document outlines topics related to product design and development, including: defining products and services; product strategy options; product life cycles; generating new products; product development systems; quality function deployment; organizing for product development; issues for product design like robust design and modular design; and computer-aided design and manufacturing. The learning objectives are to understand key product design concepts and apply decision trees to product issues.
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