attached is a word document with busineesterms to be answered

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sorgnaprf77

Business Finance

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attached is a word document with business terms to be answered regarding the following

nForecasting

nCapacity Planning

nScheduling

nInventory Management

nQuality Assurance

nFacilities Location and Design

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Mod 11 Listed below are the commonly recognized topics with the field of operations management and with which you should be familiar. Rummage around on the internet to get a handle on general descriptions of each topical area. The link below is just one place to help get started; expand your research beyond the initially suggested reference. In your own words (not copy/pastes) describe each topic averaging about 100 words each, maybe a little more for Quality Assurance given its additional note below. Define the topic and describe how it may benefit an organization. Scope of Ops Mgt ◼ Forecasting ◼ Capacity Planning ◼ Scheduling ◼ Inventory Management ◼ Quality Assurance ◼ Facilities Location and Design Within the area of Quality Assurance be sure to briefly discuss TQM, Six Sigma, and Kaizen. http://www.managementhelp.org/ops_mgnt/ops_mgnt.htm#anchor1899576
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Explanation & Answer

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Forecasting is the use of various methods in order to be able to estimate the future outlook of any
business which can be either long term or short term by analyzing the past data. Forecasting is
very important for all departments in any organization. It uses both qualitative and quantitative
methods. In quantitative method, observation is done at regular intervals whereas in qualitative
method, estimates are done on the basis of one’s judgement and opinion. Therefore, through
forecasting, businesses are able to obtain vital information which is necessary for any future
planning and satisfying customer needs while remaining competitive at the same time.
Capacity planning is invention of an approach to enable one to determine the resources which are
needed for production of an output within a given period of time. For there to be effective planning,
decisions must be made from the demand and supply chain, and also by analyzing the
organization’s financial and hu...


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