This text provides informative, short introductions to the core concepts of Operations Management. This text contains more than 50 concept entries and is fully cross-referenced.An outstanding reference for Operations Management students at all levels. 



Forecasting is the organisational exercise conducted to estimate future demand and initiate all planning tasks.

The Need for Forecasting

The task of planning is relatively straightforward in a stable or repetitive environment. It becomes more of a challenge in an environment of uncertainty. Compare, for example, a hotel planning its staffing levels for different seasons after having operated for five years and the task of planning staffing levels for a brand new hotel. In the first case, there is uncertainty but information about past demand can be used to remove some of this uncertainty. In the second case, there is simply no readily available information.

In the two examples above, any information about demand (past or future) is useful. For example, past high demand during the Easter ...

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