Production forecasting and Production Scheduling

Question

14 Aug 2021

Answer :

Word Count : 433

Production forecasting is the estimation of future demand for a company's goods and services. It also predicts the number of resources that are required to manufacture specific product lines. Resources could include manual labor, funds, machinery, and raw materials.

Accurate production forecasting evaluates the 6 M's of management-

Men (human resources)
Money (financial resources)
Materials (inventory)
Machines
Methods
Market

Production forecasting also considers future technological advancements that could enhance manufacturing, as well as competitors' strategies to maintain customer satisfaction. Therefore, this process estimates a wide range of future events that could impact their ability to meet customer demand.

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