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Operation Mangement (forcasting) - Research Paper Example

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Operation management also considers the development, acquisition and utilization of the available resources that most firms need to deliver to their clients such as services and goods. Forecasting assists the managers and various businesses to develop plans that are much more meaningful and to reduce uncertainty in future events. …
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Operation Mangement (forcasting)
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Download file to see previous pages Due to the fact that many managers are always eager to match the supply of commodities with their demands, it is therefore very important for them to forecast on the amount of space required for the supply to the demands. Chapter three explains several methods of forecasting that helps managers to make future predictions for the purpose of improving the operations of the company. In this context, we are going to focus on six issues that include; managing, finance, strategy, operations statistics and data.
Under the topic of operation management, I chose two articles that relates to the main topic. These articles are; ` the Competing analytics` that belong to the Harvard business review and `Supply Chain Management review`. Both articles are very interesting to read as they try to share some common features though some are different. The articles also provide the clients with basic business information in relation to operation management. The competing analytics reflects on various subtopics such as strategies and quantitative forecasts, exemplars of analytics, the analytics and financial performance and finally, the distinctive capability. The article of Supply and Chain Management has the following subtopics: the selection of articles, the inter-rater reliability and review process, the classification framework and the strategy used, research methods and statistics, result and the data, industry sector, definitional issues, framing of SMC and discipline bases. Since there are two main forecasting methods; the qualitative and quantitative forecasting method, this paper mainly reflects on the qualitative forecasting method. This method consists of human judgment, subjective, opinions and it is non mathematical. At the end, the similarities and differences between the two articles, lessons learnt and conclusion. Harvard Business Review The main goal that Harvard Business Review intends to achieve is to be the best source of ideas that are very new in the market to enable different personalities to lead, create, lead and transform businesses. Judgmental forecasting method that involves the sales-force opinions, executive opinions and consumer survey was used. The HBR was founded in the year 1992 and has managed to become the world`s preeminent magazine in terms of management, publishing cutting-edge and authoritative thinking on important issues that face the executives. The HBR articles cover several topics that are relevant to different industries, geographical locations and management functions. All the HBR articles focus on areas such as management, finance, operations, strategy, negotiation, leadership and organizational change. This enables the HBR articles to relate to the operation management (forecasting) that also deals with management, operations and organizational change. In addition to that, the articles share common characteristics such that all of them are written for senior managers. The writing is done by the experts who have experience in the field of writing and their work has already been studied and analyzed. The ideas that are presented in the article can be put in to action due to the fact that they have already been tested in the business world and have successfully worked. When evaluating a given idea from the article, the editors always focus on the things that might ...Download file to see next pagesRead More
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