Part I True/FalseT F Forecasting has little significance to operations managementT F The global economy and international competition has no impact on operational decisions related to cost, productivity or product design.T F Broadly defined, quality refers to the ability of a product or service to consistently meet or exceed customer expectations.T F Operation Management strategy must align with organizational strategyT F A shortage of technology workers has no effect on productivity.T F Service delivery tends to be more customized to the customer’s needs compared to manufactured products.T F An example of an external factor which influences effective capacity is safety regulations.T F The service environment is likely to have more variability than a manufacturing environment.T F The customer is the focal point and customer satisfaction is the driving force in quality management.

Answered: T F Forecasting has little…

Business

Operations Management

T F Forecasting has little significance to operations management

Management, Loose-Leaf Version

13th Edition

ISBN:9781305969308

Author:Richard L. Daft

Publisher:Richard L. Daft

Chapter7: Planning And Goal Setting

Section: Chapter Questions

Problem 1ED: When the idea first occurred to her, it seemed like such a win-win situation. Now she wasn't so...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Part I True/False

T F Forecasting has little significance to operations management
T F The global economy and international competition has no impact on operational decisions related to cost, productivity or product design.
T F Broadly defined, quality refers to the ability of a product or service to consistently meet or exceed customer expectations.
T F Operation Management strategy must align with organizational strategy
T F A shortage of technology workers has no effect on productivity.
T F Service delivery tends to be more customized to the customer’s needs compared to manufactured products.
T F An example of an external factor which influences effective capacity is safety regulations.
T F The service environment is likely to have more variability than a manufacturing environment.
T F The customer is the focal point and customer satisfaction is the driving force in quality management.

Leveraging special tenchniques in analyzing historical data to predict future trends. Forecasting covers the methods and types of forecasting and their application to case studies.

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