Question: Forecasts are elementary inputs in the decision processes of operations management because they offer information on future demand. The importance of forecasting to operations management
Forecasts are elementary inputs in the decision processes of operations management because they offer information on future demand. The importance of forecasting to operations management cannot be exaggerated. The principal objective of operations management is to match supply to demand. Having a forecast of demand is crucial for defining how much capacity or supply will be required to meet demand. Apart from this, a properly prepared forecast should achieve definite requirements. Assess any five (5) of these elements of a good forecast
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