Operations Management: Forecasting and Capacity Planning
What you'll learn
- Match customer demand trends with the patterns that illustrate them.
- Identify the major demand forecasting variables.
- Recognize key concepts related to various demand forecasting models and methods.
- Sequence the stages in the demand forecasting process.
- Recognize the characteristics of strategies used to manage capacity.
Requirements
- This course has no special requirements or prerequisites
Description
The course on Supply Forecasting and Capacity Planning is part of the Operations Management Training Program which includes a number of eight sections also presented as individual courses for your convenience.
How can a business cope with changes in demand for its goods or services? If demand falls below supply, the storage of unsold products will cost money, or staff and equipment will be idle.
But if demand exceeds supply, customers will be frustrated by unavailable products or long lines for service, and they may take their business to a competitor. Whether the business is manufacturing or service based, dealing with fluctuations in demand is a challenge for operations managers.
An operations manager's objective is to fine-tune the production process so that the organization's output matches to constantly changing consumer demand. To accomplish this task, the manager needs a knowledge of demand forecasting and of strategies for managing capacity to meet ever-changing demand.
Demand forecasting often uses information about past demand to identify patterns that can help predict future demand. It reduces risk and uncertainty in planning operations. The aim of capacity management is to make decisions that optimize productivity in light of actual or anticipated demand.
This course addresses the basics of demand forecasting and capacity management, you'll learn:
about the nature of supply and demand
learn how to identify different demand trends based on their charts
be introduced to the steps in the demand forecasting process, and
learn about the range of capacity management strategies that are available.
In order, the six steps in the demand forecasting process are: establish purpose, select items, determine time horizons, select model, gather data and make forecast, and validate results. Three strategies are Level strategy, Chase Demand strategy, and Demand Management strategy
This course will give you important foundational knowledge of the techniques of demand forecasting and capacity management. You'll become better equipped to implement them in your organization to align production schedules or service capacity to changing customer demands.
That’s it! Now go ahead and push that “Take this course” button, and see you on the inside!
Who this course is for:
- Anyone working in operations management or another functional area, who is looking to gain a working understanding of the operations functions in a service or manufacturing organization
Course content
- Preview03:12
- Preview06:45
- Preview03:25
- 01:02The Characteristics of Demand
- 03:59What Demand and Supply Are
- 08:45Recognizing Demand Trends
- 02:42The Characteristics of Demand
- 01:45Demand Forecasting
- 03:09Defining Demand Forecasting
- 07:24The Four Variables of Demand Forecasting
- 08:36Steps in the Demand Forecasting Process
- 03:27Two Types of Demand Forecasting Models
- 10:11Qualitative and Quantitative Methods
- 05:33Forecasting Demand
- 00:01The Stages of the Demand Forecasting Process
- 01:30Capacity Management
- 10:32Defining Capacity
- 06:10Level Capacity Management Strategy
- 08:03Chase Demand Strategy
- 00:16Characteristics of the Three Substrategies of Chase Demand Strategy
- 04:02Demand Management Strategy
- 00:13Evaluating Capacity Management Strategies
- 04:45Managing Capacity
- 00:36Course Project (optional)
- 03:00Forecasting and Capacity Planning
- 17 questionsForecasting and Capacity Planning
- 00:05Bonus Lecture
Instructor
![Sorin Dumitrascu](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 64 64"%3E%3C/svg%3E){kind=avatar}
- 4.1 Instructor Rating
- 25,996 Reviews
- 270,950 Students
- 131 Courses
Before Udemy, Sorin developed and delivered courses on management, project management, computer literacy, human resources, career development, soft skills for employees and even corrections incidents management.
Currently working as a consultant and program manager, he is a certified trainer and project manager, holding a master degree in International Relations and Policy Making and a bachelor degree in Law and Public Administration.
Sorin coordinated during the last 12 years projects in the areas of rule of law, regional development and human resources.
He has more than 12 years of middle/senior managerial experience within the civil service (justice, corrections, internal affairs, training), private sector (project management, consultancy, training) and NGO (industrial relations, rural development).
Sorin is also a certified International Computer Driving License (ICDL) tester and trainer for the United Nations Peacekeeping Missions, certified Human Resource Professional and a Public Manager (professional degree).