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Forecasting and Capacity Planning

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Forecasting and Capacity Planning

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Description:Forecasting-and-Cap-WEB

This session will review two of the most critical decisions in any business: forecasting demand and managing capacity. While managerial judgment and experience is still required for forecasting demand, managers today are aided by different decision making models that help them improve their forecasts. In this class you’ll learn how to use a number of effective forecasting approaches.

This program also gives you essential tools required to effectively plan for appropriate capacity in your operations. In class many of these tools will be hands-on exercises done with EXCEL on a laptop.  You’ll also gain valuable understanding of useful capacity measures, like utilization and efficiency. You’ll look at two key strategies that can be applied to match the forecasted demand to the available capacity.

 

The program was very good.  Each practical exercise built on the learning from the previous. I appreciated that the class wasted no time and we quickly started working hands on exercises. Dr. Sue Abdinnour was a great instructor with a mastery of her subject.  She easily explained the math behind the equations. Her ability to quickly and in layman's terms explain a production problem and walk the class towards a solution was vital to a successful class.  Having attended a couple of classes, I have confidence in the quality and value of the classes offered by CMD. Having this confidence in the staff and programs offered by CMD makes it easy to promote and to approve requests for training.  Rich Stinnett, BTCO

Outline:

Operations Management

  • What is operations management?
  • Critical decisions in operations
  • Products vs. services

Forecasting Models

  • Qualitative vs. quantitative
  • Time series analysis
  • Moving average
  • Exponential smoothing
  • Regression analysis
  • Forecast errors

Capacity Planning

  • Capacity measures
  • Forecasts vs. capacity
  • Chase strategy
  • Level strategy
  • Yield management
  • Scheduling strategies

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