MANAGEMENT AND FORECASTING CHAPTER 1 JF607 MANUFACTURING PROCESS MANAGEMENT 1.1 Describe management in manufacturing 1.1.1 Define the term of management 1.1.2 Describe the basic functions of management a. Planning b. Organizing c. Staffing d. Directing e. Controlling MANUFACTURING PROCESS MANAGEMENT 1.2 Explain organization and planning 1.2.1 Define the basic principle of an organization and terms of organization a. Authority b. Duties c. Responsibility d. Accountability
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of the following is NOT one of the things that contemporary managers are learning to do? A. Contemporary managers are learning how to succeed in a world of intense competition. B. Contemporary managers are learning how to succeed in an environment of continued globalization of markets and business activities. C. Contemporary managers are learning how to succeed in a world of rapid technological change. D. Contemporary managers are learning to operate in a world that devalues
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Homework: MRP & MPS Due: August 12th Discussion Questions 1.-What is the difference between a gross requirements plan and a net requirements plan? 2.-What are the differences between MRP & MPS? 3.-MRP is more than an inventory system‚ what additional capabilities does MRP possess? 4.-What functions of the firm affect a MRP systems? How? 5.-How does MRP II differ from MRP? 6.-What are the differences between SOP & MPS? 7.-What is the meaning of Bill of Material ? Problems 1. You have
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FORECASTING FORECASTING The Role of the Manager Planning Organizing Staffing Leading Controlling Future ? Data Information • Short-range • Medium-range • Long-range Features Common to All Forecasts Forecasting techniques generally assume that same underlying causal system that existed in the past will continue to exist in the future. Forecasts are rarely perfect. Forecasts for groups of items tend to be more accurate than forecasts for individual items. Forecast
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Chapter 3: The Multiple Choice 1. a. b. c. d. e. 2. a. b. c. d. e. 3. a. b. c. d. Cellular Level of Organization What are the three main parts of a eukaryotic cell? Plasma membrane‚ organelles‚ cytoplasm Plasma membrane‚ organelles‚ nucleus Plasma membrane‚ cytoplasm‚ organelles Plasma membrane‚ cytoplasm‚ nucleus Plasma membrane‚ cytosol‚ organelles Plasma membranes consist of what three components? Phospholipids‚ glycoproteins‚ water Proteins‚ cholesterol‚ fatty acids Cholesterol‚ fatty acids
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Forecasting Why forecast? Features Common to all Forecasts • Conditions in the past will continue in the future • Rarely perfect • Forecasts for groups tend to be more accurate than forecasts for individuals • Forecast accuracy declines as time horizon increases Elements of a Good Forecast • Timely • Accurate • Reliable (should work consistently) • Forecast expressed in meaningful units • Communicated in writing • Simple to understand and use Steps in Forecasting Process
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Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar‚ but more general term. Both might refer to formal statistical methods employing time series‚ cross-sectional or longitudinal data‚ or alternatively to less formal judgemental methods. Usage can differ between areas of application: for example‚ in hydrology
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Demand Forecasting Importance Demand forecasts form the basis of all supply chain planning. Forecast of future demand are essential for making accurate supply chain decisions and ensuring the company’s success. Examples of such decisions include how much of the product to make‚ how much to inventory‚ how much to replenish and how much to order. Ease of Forecasting Beverages are a push product. Forecasting is not easy in the beverage industry as there are possible serious fluctuations in demand
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Businesses use forecasting to predict future‚ trends‚ patterns‚ and business with data to develop a forecast. This data is used to predict future sales. In forecasting we use testing and reasonableness to predict future events. Companies use this method to compare their sales with other companies. Forecasting has many benefits to include; what is the popular product customers are purchasing‚ and it enhances cash flow‚ and identifies patterns and trends inside a corporation. Using this method is popular
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How to develop an Effective Scientific Retail Demand Forecast? Purpose of the Forecast The ability to effectively forecast demand is critical to the success of a retailer. In this hyper competitive environment of ever diminishing margins‚ every paisa saved or earned is critical. A robust demand forecast engine‚ can have significant impacts on enhancing both top & bottom lines. In today’s world‚ the retailers require forecasts that would be instrumental in directing the organisation through
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