OPMAN Finals ppts

Forecasting

A statement about the future value of a variable of interest such as demand.

Demand Forecasts

Predictions about future demand for a product or service.

Time-Series Forecasts

Forecasts based on patterns identified in recent observations over time.

Naïve Method

Forecasting technique where the forecast for a future period is equal to the actual value of the previous period.

Exponential Smoothing

A forecasting technique that uses a weighted average of past data, giving more weight to recent observations.

Mean Absolute Deviation (MAD)

A measure of forecast accuracy calculated as the average absolute differences between forecasted and actual values.

Mean Squared Error (MSE)

A measure of forecast accuracy calculated as the average of the squares of the forecast errors.

Mean Absolute Percent Error (MAPE)

A measure of accuracy that expresses forecast errors as a percentage of actual values.

Reorder Point (ROP)

The inventory level at which a new order should be placed to replenish stock before it runs out.

Economic Order Quantity (EOQ)

A formula used to determine the optimal order quantity that minimizes total inventory costs.

Lean Supply Chain

An approach focused on minimizing waste and maximizing value throughout the supply chain.

Agile Supply Chain

An approach aimed at being responsive to market demand and enabling quick adjustments.

Total Quality Management (TQM)

An organizational approach that seeks to improve quality and performance through ongoing refinements in response to continuous feedback.

Six Sigma

A set of techniques and tools for process improvement aimed at reducing defects and ensuring quality.

Seasonality

Regular, predictable changes that recur over a specific period within a time series.

Trend

The general direction in which something is developing or changing over time.

Qualitative Forecasting

Forecasting methods that rely on expert judgment, intuition, and subjective evaluation.

Quantitative Forecasting

Forecasting methods that use historical data and statistical techniques to predict future outcomes.

ABC Analysis

An inventory categorization method determining the importance of different items based on their revenue contribution.

Supply Chain Management

The management of the flow of goods and services from raw materials to the final consumer.

Operating Costs

The ongoing expenses incurred from the day-to-day functioning of a business.

Customer Experience

The totality of interactions and experiences a customer has with a brand or company.

Block Chain Technology

A decentralized digital ledger used to record transactions across many computers.

Forecast Accuracy

A measure of how closely forecasted values align with actual outcomes.

Judgmental Forecasts

Forecasts that rely on subjective inputs such as opinions and intuition.

Forecast Errors

The difference between the forecasted values and the actual outcomes.

Data Deseasonalizing

The process of removing seasonal effects from time series data to analyze the underlying trends.

Process Improvement

The proactive task of identifying, analyzing, and improving existing business processes.

Inventory Optimization

Strategies to manage inventory levels to meet customer demand while minimizing costs.

Service Quality

The degree to which a service meets customer expectations.

Continuous Improvement

An ongoing effort to improve products, services, or processes.

Work Study

A systematic examination of the methods of work to improve efficiency.

DMAIC

A data-driven quality strategy used for improving processes, standing for Define, Measure, Analyze, Improve, Control.

Supplier Selection

The process of choosing suppliers based on criteria such as cost, quality, and reliability.