Forecasting in Operations Management

Forecasting in Operations Management

Updated Apr 21, 2021

Operations management is complex: You have to plan, implement, and supervise the production of goods and services. But forecasting can help smooth out the process by ensuring adequate resources to meet demand.

Organizations use forecasting methods to predict business outcomes. Forecasts create estimates that can help managers develop and implement production strategies. Operations managers are responsible for the processes that deliver the final product. This where forecasts can help: They aid decision making and planning around possible events.