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Forecasting Paper

Abstract
Forecasts are extensively used to support business decisions and direct the work of operations managers. The two major types of forecasts are qualitative and quantitative. Within each of these types are multiple methods and models. Qualitative forecasts are based upon subjective data. Quantitative forecasts are derived from objective data. Both methods are not suitable for all situations and circumstances. Each has inherent strengths and weaknesses. The forecaster must understand the strengths and shortcomings of each method and choose appropriately. One example of forecasting is the United States Marine Corps use of forecasting techniques, both qualitative and quantitative, to predict ammunition requirements.
Forecasting Defined
Forecasting is "A statement about the future" (Anonymous, 2005). Operations management is designed to support forecasted performances and events. Specifically, operations managers allocate personnel, time, and resources in order to......


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Approximate Word Count: 1478
Approximate Pages: 6 (250 words per double-spaced page)

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