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Class Summary
I learned the processes that transform various inputs to finished goods and services. I understood the importance of operations management, and also it interacts with other departments of the organizations. The importances are that it improves the general productivity of employees, goodwill, and the presence of the firm. It also ensures the efficient use of resources. I also developed skills that can be used in applying appropriate analytical tools to challenges that affect business operations.
Some of the topics that we covered are forecasting, inventory management, and production and logistics. The topics that I found more interesting include forecasting. The areas covered in prediction are Simple Moving Average, Naïve, Exponential Smoothing, Moving Average, and Regression. I was explicitly interested in Naïve models. It is a technique that relies on the actuals of the past period to forecast the future. This is done without adjusting them or trying to find out casual factors. It is mainly used for comparing with forecasts that have been generated by better techniques. There are two models that I found them simple and easy to understand, Arithmetic Mean and Last period value.
The models can be used in real-life situations or work. I use the various skills learned in class in my current job.My job is in the accounting department, which includes ordering goods at a convenient store and affordable prices.I apply the different categories of forecasting into different types. However, I believe I have been using more of the Arithmetic Mean model to forecast my future sales and purchase. For example, when I want to find out the number of orders that are I am going to get, I use my previous actual orders for about 4 to 7 days in a week, find the average of sales and use the results to forecast my future sales