Question

1. what is Forecasting?

2. what steps are included in the forecasting process?

3. what is production management?

Answer 1

FORECASTING

It is a process of predicting the future based on past information. In business, forecasting plays an important role.The managers should make a proper plan about what will happen in future. Based on past events and information they can predict the future. Only with that they can they can control the risk. Risk may be due to wrong plans also.Here the managers foresee the future in advance based on past.It cannot be exact correct,but almost can reach the top.

STEPS IN FORECASTING

1- Developing the Basis

The future is predicted on the basis of investigations and observations about the operations , economic conditions etc

2-Estimation of future operations

Based on the data collected, the managers has to prepare future estimates about operations quantitative format.

3-Regulation of forecasts

The managers are responsible to compare the actual data with the predicted data and find out what causes the deviations.

4-Review of the forecasting process

After all the managers has to review their results and checks whether any improvements are needed for the next predictions.

PRODUCTION ,MANAGEMENT

It is the process of managing the production, ie it applies all those management principles for managing the production.It includes planning controlling directing organising etc to production process.In other word production management means coordinating and controlling the activities needed to make a product.