CORE CONCEPTS OF MANAGEMENT
MARKETING MANAGEMENT
FINANCIAL MANAGEMENT
HUMAN RESOURCES MANAGEMENT
OPERATIONS & PRODUCTION MANAGEMENT

Forecasting Methods
Planning is basic to management. (See CC/BF1). Forecasting forms the basis of planning. Effi ciency of production management systems, all the way from manual systems to FMS, is determined by the accuracy of forecasts. All the factors of production; men, material, money and machinery need to be forecast with a fair level of accuracy on both the time and quantity dimensions. Prof. S N Chary, a former Professor at IIMB and presently the Director of Kirloskar Institute of Advanced Management Studies, is the author of this lesson. Through the application of a series of quantitative and qualitative techniques (also see CC/QM2 and CC/QM3) and by using real world data on materials, the author demonstrates the practice of forecasting. Time Series Methods, Causal Methods, Salesperson Estimates, the Delphi Method and the Test Market Method are all part of this lesson. (Also see OP/PM09).
OP/PM04

25 Mins

25 Mins

60 Pages
Equivalent classroom time: 8hrs