This document discusses production planning and forecasting methods. It outlines the objectives of production planning as determining resource needs, arranging production schedules, and making efficient use of inputs. Forecasting is defined as estimating future events based on past data in a systematic way. Short, medium, and long-range forecasts are used for different time horizons and planning purposes. Time series forecasting methods discussed include simple and weighted moving averages, as well as exponential smoothing.
Just in time (JIT) is a production strategy that strives to improve a business' return on investment by reducing in-process inventory and associated carrying costs. Just in time is a type of operations management approach which originated in Japan in the 1950s. It was adopted by Toyota and other Japanese manufacturing firms, with excellent results: Toyota and other companies that adopted the approach ended up raising productivity (through the elimination of waste) significantly.
work measurement, the uses of work measurement, the techniques of work measurement, time study, time study form, methods of timing, work sampling, allowances, predetermined motion time and systems (P.M.T.S.),
Just in time (JIT) is a production strategy that strives to improve a business' return on investment by reducing in-process inventory and associated carrying costs. Just in time is a type of operations management approach which originated in Japan in the 1950s. It was adopted by Toyota and other Japanese manufacturing firms, with excellent results: Toyota and other companies that adopted the approach ended up raising productivity (through the elimination of waste) significantly.
work measurement, the uses of work measurement, the techniques of work measurement, time study, time study form, methods of timing, work sampling, allowances, predetermined motion time and systems (P.M.T.S.),
Method Study, Objective of method study, Pre-requisites for method study, Steps/basic procedure in method study, different method recording techniques,
Material Resource Planning (MRP)
Objectives of MRP
Fundamental concepts of MRP
Functions of MRP
Inputs to MRP
Master production schedule(MPS)
Bill of Materials (BOM)
Inventory Status File
MRP outputs
Learning Curve
Negotiating
Forecasting practice in manufacturing businessMRPeasy
The forecast is an effective tool for planning and managing any type of manufacturing business. Regardless of the industry type, it will reduce the uncertainty and the risks of your business.
#manufacturing #forecasting #materialforecast #materialplanning #inventorymanagement #supplychainmanagement #erp #mrp
Method Study, Objective of method study, Pre-requisites for method study, Steps/basic procedure in method study, different method recording techniques,
Material Resource Planning (MRP)
Objectives of MRP
Fundamental concepts of MRP
Functions of MRP
Inputs to MRP
Master production schedule(MPS)
Bill of Materials (BOM)
Inventory Status File
MRP outputs
Learning Curve
Negotiating
Forecasting practice in manufacturing businessMRPeasy
The forecast is an effective tool for planning and managing any type of manufacturing business. Regardless of the industry type, it will reduce the uncertainty and the risks of your business.
#manufacturing #forecasting #materialforecast #materialplanning #inventorymanagement #supplychainmanagement #erp #mrp
Sales Forecasting
Sales forecasting is the process of a company predicting what its future sales will be. This forecast is done for a particular period of time in the near future, usually the next fiscal year. Accurate sales forecasting enables a company to make informed business decisions. Sales forecasting is easier for established companies that have been operating for a few years than for newer companies. Established companies have years of sales records and can base their forecasts on that past sales data. Newly founded companies have to base their forecasts on less verified information, such as market research and competition analysis to forecast their future business.
Why is Sales Forecasting important?
Sales Forecasting gives insight on whether a company should expand, information about cash flow, and the ability to effectively manage its resources. Without forecasting, a company would be unsure of what inventory level to maintain, unsure on how it should allocate resources across the company, and it would have a hard time predicting future success. Forecasting sales is a crucial business practice, because in addition to helping a company allocate its internal resources effectively, having this data is important for acquiring investment capital. Often, investors want to know what a company’s future expected sales are before making an investment.
This is a presentation covering the concepts of demand forecasting. it includes the meaning of demand forecasting, purpose, scope and factors affecting demand forecasting. It also covers the methods of forecasting for both new and existing products.
VCONNECT OR ICONNECT: Power of Interpersonal SkillsBhanu Arora
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We will begin by discussing the importance of active listening. Active listening involves fully focusing on the speaker, asking clarifying questions, paraphrasing to confirm understanding, and avoiding interruptions. By practicing active listening, we demonstrate respect, build trust, and gain a deeper comprehension of others' perspectives.
Next, we will delve into the fundamentals of effective communication. This includes developing verbal communication skills such as speaking clearly, using an appropriate tone and volume, and minimizing filler words. We will also examine the impact of nonverbal cues, including body language and facial expressions, and how they can reinforce or undermine our spoken messages.
Navigating conflict is an inevitable part of interpersonal relationships, so we will explore constructive conflict resolution strategies. These include active listening, finding common ground, compromising, and using non-accusatory language. By approaching conflicts with empathy and a problem-solving mindset, we can turn them into opportunities for growth and stronger connections.
Emotional intelligence is a critical component of interpersonal effectiveness. We will define emotional intelligence and its key elements, such as self-awareness, self-regulation, and social skills. Understanding and managing our own emotions, as well as those of others, can significantly enhance our ability to build meaningful relationships.
Finally, we will discuss the importance of building rapport. Strategies for developing rapport include finding common interests, demonstrating genuine interest in others, and adapting our communication style to the individual. Strong rapport fosters trust, cooperation, and more fulfilling interpersonal connections.
By the end of this presentation, you will have a comprehensive understanding of essential interpersonal skills and practical techniques for enhancing these capabilities in your personal and professional life.
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The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules. Companies employ this inventory strategy to increase efficiency and decrease waste by receiving goods only as they need them for the production process, which reduces inventory costs. This method requires producers to forecast demand accurately.
The presentation covers the concept of Superchargers in automobiles. A supercharger is an air compressor used for forced induction of an internal combustion engine.
The presentation covers Competency Models which is a framework for defining the skill and knowledge requirements of a job. It is a collection of competencies that jointly define successful job performance.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Palestine last event orientationfvgnh .pptxRaedMohamed3
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Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2. PRODUCTION PLANNING
Production planning involves management
decisions on the resources that the firm will require
for its manufacturing operations and the selection of
these resources to produce the desired goods at
the appropriate time and at the least possible cost.
3. OBJECTIVES OF PRODUCTION PLANNING
To determine the requirements of men, material and
equipment.
Arranging production schedules according to the
needs of marketing demand.
Arranging various inputs at a right time and in right
quantity.
Making most economical use of various inputs.
To achieve coordination among various
departments relating to production.
To make all arrangements to remove possible
obstacles in the way of smooth production.
To achieve economy in production cost and time.
4. PRODUCTION PLANNING AND CONTROL
Production planning and control is the co-ordination
of series of functions according to a plan which will
economically utilize the plant facilities and regulate
the orderly movement of goods through the entire
manufacturing cycle from the procurement of all
materials to the shipping of finished goods at a
predetermined rate.
5. CHARACTERISTICS OF PRODUCTION
PLANNING AND CONTROL
It is the planning and control of manufacturing
process in an enterprise.
All types of inputs like materials, men, machines
are efficiently used for maintaining efficiency of
manufacturing process.
Various factors of production are integrated to use
them efficiently and economically.
The manufacturing process is organized in such a
way that none of the work centers is either
overworked or under worked.
6. FORECASTING
Contents to Forecasting are:
Introduction for Forecasting
The strategic role of forecasting
Components of forecasting demand
Time series methods Forecasting
7. FORECASTING
Forecasting is essential for number of planning
decisions and often provides a valuable input on which
operations of the business enterprises depend.
Forecasting is a process of estimating a future event by
casting forward past data. The past data are
systematically combined in a predetermined way to
obtain the estimate of the future.
Prediction is a process of estimating a future event
based on subjective considerations other than just past
data; these subjective considerations need not be
combined in a predetermined way.
8. THE STRATEGIC ROLE OF
FORECASTING
Supply chain Management
Quality Management
Strategic planning
10. Short Range Forecasts
Short-term forecasts are usually made for tactical
reasons that include production planning and
control, short-term cash requirements and
adjustments that need to be made for seasonal
sales fluctuations.
Such forecasts are for periods of less than one
year, with a normal range between one and three
months.
11. Medium Range Forecasts
These are made for minor strategic decisions in
connection with the operation of the business. They are
important in the area of business budgeting for the
operating budget, and it is from this forecast that
company budgets are built up.
Incorrect forecasting can have serious implications for
the rest of the organization, for if it turns out to be over-
optimistic, the organization will be left with unsold stock
and will have overspent on production.
The time period for a medium-term forecast is normally
one - five years.
12. Long Range Forecasts
Long-term forecasts are for major strategic
decisions to be taken within an organization, and
they very much relate to resource implications.
They are, therefore, concerned more with general
trends, and in the light of these trends, attempt to
predict sales over periods greater than two years.
In some strategic, heavily capitalized industries,
predictions might be needed for a decade or more.
14. TIME SERIES METHODS
Moving average
Simple moving average
Weighted moving average
Exponential smoothing Method
15. SIMPLE MOVING AVERAGE
A simple moving average (SMA) is an
arithmetic moving average calculated by adding
recent closing prices and then dividing that by the
number of time periods in the calculation average.
A simple, or arithmetic, moving average that is
calculated by adding the closing price of the
security for a number of time periods and then
dividing this total by that same number of periods.
16.
17. Weighted Moving Average
A Weighted Moving Average puts more weight on
recent data and less on past data. This is done by
multiplying each bar’s price by a weighting factor.
Because of its unique calculation, WMA will follow
prices more closely than a corresponding Simple
Moving Average.
The WMA to help determine trend direction. It could
be an indication to buy when prices dip near or just
below the WMA. It could be an indication to sell
when prices rally towards or just above the WMA.
18.
19. Exponential Smoothing Method
Exponential smoothing is a rule of thumb technique
for smoothing time series data using the
exponential window function.
It is an easily learned and easily applied procedure
for making some determination based on prior
assumptions by the user, such as seasonality.
Exponential smoothing is often used for analysis of
time-series data.
21. CONCLUSION
Precise forecasting is almost impossible because of
many factors which are difficult to model. Hence,
approximate estimates forms the basis of
Production Planning.