Forecasting and Managing Demand Operation Management

Question: Discuss about the Forecasting and Managing Demand of Operation Management. Answer: I have come across various facts while going through my course of operations management. The topic of forecasting and demand management evaluates various disciplines of operations management. The forecasting reflects an estimation of the future demands and the actual basis for the execution of planning and business decisions. The study of forecasting and managing demand critically highlights the different facts related to the supply and demand regarding the execution of industry process of the concerned firm. I have focused more on the application of the different disciplines of operations management related to the topic forecasting and managing demand. The topic reflects the desired fact that a good goal for forecasting techniques is merely for minimizing the deviation among the forecast and the real demands. Moreover, the concept of the supply and demand reflects that the balance regarding the demands of the products from the customers and its supply to those particular customers needs to be met in order to augment the considerable enlargement of the business. The proper management of demand facilitates the execution of the planning system as well as the effective use of the different resources in order to gain positive feedback and positive outcomes. There are certain threats within the execution of any business process where the supply and the demands of the concerned products need to be met, these are stock out, relationship with the respective customers, business loyalty and the sel ling of the products. It has been seen that the use of poor communication techniques with the customers and the inaccurate resonates of forecast significantly affects the complete business process. It is crucial to managing the different processes in any of the concerned firms and this study of the managing demand provides me the adequate information regarding the management of demand and supply. The studies of forecasting and matching demands have reflected the different purposes of forecasting which are supposed to be of immense importance for the growth and expansion of the business procedures of the firm. I have brought up the idea that the desired purpose of forecasting can be divided into short term and long term forecasting. Appropriate scheduling of the production, reduction in the cost of purchasing the different raw materials, determination of the suitable pricing policy, determining the sales targets as well as the establishment of incentives and controls are supposed to be the purposes for the short term forecasting. As per my knowledge is concerned, this short-term purposes for the short term forecasting needs to be considered while as to evaluate the significant expanding of the business procedures of the concerned enterprise. I have also investigated the long-term purposes of forecasting; it consists of planning for the new unit, planning for the financial need s of longer term and planning for the requirements of manpower. The study of forecasting managing demands provides desired strength and complete knowledge regarding the management of supply and demands which will be helpful for my future career and jobs. I particularly feel that there are some of the relevant innovative techniques related to the forecasting which will provide the desired idea in order to manage the work process in my future jobs. In order to acquire relevant information regarding the forecast, the different disciplines of operation management helped in evaluating the qualitative as well as the quantitative methods. I have come accrues two different types of a forecast, such as pyramid forecast and the forecasting process and these evaluate the importance for using these methods in future jobs. The study of forecast and managing demand evaluates my potential skills regarding the management of the demands and the needs of the customers in an effective way. There are many of the models which have been used for predicting the demand for regression analysis, market research, time series and the Delphi method. The demands management process has been considered to be of larger significance in order to manage the demands and the needs of the customers. The needs of the customers also needed to be prioritized as this will enhance the effectiveness and efficiency of the concerned firm. The high level and the low-level demands need to be understood as to bring out the preferred positive results for the organization. Consumer survey is another important process which provides desired means of feedback regarding the services provided by any organization. Therefore, the study increased my skills regarding the management of demands and forecasting of the different processes of the firm.