Production management means planning, organising, directing and controlling of production activities

May 29th, 2015
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Delphi Technique - the short coming of the expert opinion method is eliminated in the Delphi technique method. In this method, the experts are not invited for the discussion, instead the questions is prepared for which is indented and circulated to all experts. The responses of experts are collected and then the reasoning for their response will also be collected and then same such process is continued until the consensus is arrived at. The whole task is carried out by a person called Facilitator.

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Production and Operations ManagementAssignmentOnDemand ForecastingCraig Patrick WilliamsBBA 6th SemesterAmity Global Business School, KolkataQuestion 1.Write short notes on Delphi method and Market Survey.Answer 1.Market Survey: is a technique, where the market / consumer are surveyed to estimate the potential market through various techniques like direct survey, questionnaire, interview methods etc.Delphi Technique - the short coming of the expert opinion method is eliminated in the Delphi technique method. In this method, the experts are not invited for the discussion, instead the questions is prepared for which is indented and circulated to all experts. The responses of experts are collected and then the reasoning for their response will also be collected and then same such process is continued until the consensus is arrived at. The whole task is carried out by a person called Facilitator. Question 2.Describe the Quantitative forecasting methods using suitable examples.Answer 2.Quantitative methods: These types of forecasting methods are based on mathematical (quantitative) models, and are objective in nature. They rely heavily on mathematical computations.Time Series ModelsModelDescriptionNaveUses last periods actual value as a forecastSimple Mean (Average)Uses an average of all past data as a forecastSimple Moving AverageUses an average of a specified number of the most re

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