IE5652 – PRODUCTION AND

OPERATIONS MANAGEMENT

UNIT II
FORECASTING

Lecture by
Dr. J.Jeevamalar, M.E., Ph.D.
Assistant Professor/ Mechanical,
Anna University, Chennai
 SYLLABUS
UNIT I INTRODUCTION 9 Hours
Objectives of Operations Management, Scope of Operations Management, Relationship of Operations with other
Functional areas, Manufacturing Vs Service sector, Operations Decision making, Phases in Product Design and
Development, Product Life Cycle, Process Selection.
UNIT II FORECASTING 9 Hours
Need, Determinants of Demand, Demand Patterns, Qualitative Forecasting Methods-Delphi techniques. Market
Research, Nominal Group Technique. Quantitative Forecasting methods – Moving Average Methods, Exponential
Smoothing Methods, Regression methods, Monitoring and Control of Forecasts, Requirements and Selection of Good
forecasting methods.
UNIT III AGGREGATE PLANNING AND MATERIAL REQUIREMENT PLANNING 9 Hours
Role of aggregate Product planning, Managerial inputs to Aggregate planning, Pure and Mixed strategies,
Mathematical Models for Aggregate planning – Transportation Method, Linear programming Formulation, Linear
Decision Rues, Master Production Schedule(MPS), Procedure for developing MPS, MRP -Lot sizing methods –
Implementation issues, MRP – II, Introduction to ERP.
UNIT IV CAPACITY MANAGEMENT 9 Hours
Measures of capacity, Factors affecting capacity, Capacity Planning, Systematic approach to capacity planning, Long-
term and short-term capacity decisions, Tools for capacity planning, Capacity Requirement Planning- Business Process
Outsourcing .
UNIT V PRODUCTION ACTIVITY CONTROL AND LEAN MANUFACTURING 9 Hours
Objectives and Activities of Production Activity Control -JIT- Kanban- Introduction to Scheduling in different types of
Production Systems. Lean Manufacturing - Principles – Activities - Tools and techniques - Case studies.

TEXT BOOKS:
1. Panneerselvam. R, Production and operations Management, PHI, 3rd Edition, 2012.
REFERENCES:
1. Lee J. Krajewski, Manoj K. Malhotra, Larry P. Ritzman,Operations Management: Processes and Supply Chains
Pearson Education,11th Edition,2015
2. Norman Gaither, Greg Frazier, Operations Management, Thomson Learning, 9th Edition, 2002.
3. William J Stevenson, Operations Management, McGraw Hill,13th Edition,2018. 2
Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 COURSE OBJECTIVES & OUTCOMES

COURSE OBJECTIVES:
1. Recognize and appreciate the concept of Production and Operations Management in creating
and enhancing a firm’s competitive advantages.
2. Describe the concept and contribution of various constituents of Production and Operations
Management (both manufacturing and service) .
3. Relate the interdependence of the operations function with the other key functional areas of a
firm .
4. Teach analytical skills and problem-solving tools to the analysis of the operations problems .
5. Apply scheduling and Lean Concepts for improving System Performance.

COURSE OUTCOMES:
1. The students will appreciate the role of Production and Operations management in enabling
and enhancing a firm’s competitive advantages in the dynamic business environment.
2. The students will obtain sufficient knowledge and skills to forecast demand for Production
and Service Systems.
3. The students will able to Formulate and Assess Aggregate Planning strategies and Material
Requirement Plan.
4. The students will be able to develop analytical skills to calculate capacity requirements and
developing capacity alternatives.
5. The students will be able to apply scheduling and Lean Concepts for improving System
Performance.
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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
UNIT II - FORECASTING

Need, Determinants of Demand

Demand Patterns
Qualitative Forecasting Methods - Delphi techniques, Market
Research, Nominal Group Technique.
Quantitative Forecasting methods – Moving Average
Methods, Exponential Smoothing Methods, Regression
methods
Monitoring and Control of Forecasts
Requirements and Selection of Good forecasting methods.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 WHY DEMAND FORECASTING?

• Business environment is uncertain, volatile, dynamic and risky.

• Better business decisions can be taken if uncertainty can be eliminated

or reduced.

• Demand forecasting predicting the future demand for firms product, is

one way to reduce uncertainty.

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 DEMAND FORECASTING
• Demand forecasting is the process of
predicting the future demand for a
product or service.
• It involves analyzing historical data and
other relevant information to make an
estimate of how much of a product or
service will be required in the future.
• Demand forecasting is an important tool for
companies as it helps them to ensure they
have the right products available in the
right quantities at the right time to meet
customer demand.
• This helps companies to minimize waste,
reduce costs, and increase efficiency,
which can result in improved financial
performance. 6
Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 NEED OF DEMAND FORECASTING
• Appropriate production scheduling.
• Reducing costs of purchasing raw materials.
• Determining appropriate price policy
• Setting sales targets and establishing controls and incentives.
• Evolving a suitable advertising and promotional campaign.
• Forecasting short term financial requirements.
• Purposes of long-term forecasting
• Planning of a new unit or expansion of an existing unit.
• Planning long term financial requirements.
• Planning man-power requirements.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
DETERMINANTS OF DEMAND FORECASTING
• Demand is an economic principle that explains the relationship between
prices and consumer behaviors due to changes in goods and services.

• The term ―determinants of demand‖ refers to these variables, which

influence demand for products and services despite numerous economic
factors.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
DETERMINANTS OF DEMAND FORECASTING
1. The Prices of Goods or Services - Law of Demand.
2. Price of Substitute/Complementary Goods & Services - Goods that
satisfy the same needs
3. Buyers’ Tastes and Preferences – Advertisement of Chocolates
4. Buyers’ Expectations of the Goods’ Future Price – Gold
5. A Change in Buyers’ Real Incomes or Wealth – Individuals
purchase power
6. Buyers’ Expectations of their Future Income and Wealth -
Expectation
7. The Number of Buyers - Population
8. Government Policies - Rise in tax
9. Climate Changes - Discounted offer helps to increase the demand.
10. Income Distribution - Demand for luxury goods.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 FORECASTING IN DECISION MAKING
• Forecasting in different functional areas of management such as
Marketing, Production, Finance and Personnel play a crucial role for
planning ahead.

• Marketing • Finance
• Demand forecasting of • Cash flows
products • Rates of expenses
• Forecast of market share • Revenues
• Forecasting trend in prices
• Personnel
• Production • Number of workers in each
• Materials requirements category
• Trends in material and labour • Labour turn over
costs
• Maintenance requirements
• Plant capacity
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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 COMPONENTS OF FORECASTING

1. Data

2. Time Frames

3. Patterns

4. Forecasting Techniques

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DATA
• We must make sure that relevant data is collected before designing a
particular model of forecast.

• The data may be obtained from company records, published records,

journals, surveys, government's publications, newspapers, etc.

• Since, the forecasting is done on the past data, we must be sure of past
time period during which the data can be collected.

• If we consider the time period as large, the reliability of forecasting

would be more; but the cost and time of data collection will be more.

• Hence, a suitable time period may be selected for collecting relevant

data.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 TIME FRAMES

TYPES OF FORECASTING

1. Short Term forecasting is the forecasting that made for short term
objectives covering less than one year. Ex. Material Requirement
Planning (MRP), scheduling, sequencing, budgeting etc.

2. Long Term Forecasting is the forecasting that made for long term
objectives covering more than five years. Ex. Product
diversification, sales and advertisement.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DEMAND PATTERNS

• Forecasting is based on the pattern of events in the past.

• A pattern may solely exist as a function of time. Such a pattern can be

identified directly from historical data.

• Another pattern consists of relationship between two or more variables.

So it is important to understand the most common demand patterns.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DEMAND PATTERNS
1. Random Demand Patterns:
Random demand patterns are caused by
factors that are unpredictable and do
not follow any discernible pattern. For
example, demand for a particular
product might spike suddenly due to a
news event or social media trend.
Some examples of random demand patterns include:
• Demand for a particular product might spike suddenly due to a news event or
social media trend. For example, demand for face masks spiked in 2020 due to
the COVID-19 pandemic.
• Demand for a particular service might increase due to a natural disaster. For
example, demand for emergency services increased after Hurricane Katrina in
2005.
• Demand for a particular product might decrease due to a change in consumer
preferences. For example, demand for cassette tapes decreased significantly
after the introduction of the CD.
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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DEMAND PATTERNS
2. Seasonal Demand Patterns:
Seasonal demand patterns are caused by
factors that repeat on a regular basis, such
as the seasons, holidays, or school terms. For
example, demand for snow shovels and ice
melt spikes in the winter, while demand for
swimsuits and sunscreen peaks in the
summer.
Some examples of seasonal demand patterns include:
• Demand for winter clothing peaks in the fall and winter, when people
are buying new clothes for the cold weather.
• Demand for summer clothing peaks in the spring and summer, when
people are buying new clothes for the warm weather.
• Demand for holiday gifts peaks in the weeks leading up to Christmas,
Hanukkah, Kwanzaa, and other holidays.
• Demand for school supplies peaks in the weeks leading up to the start of
the school year. 16
Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DEMAND PATTERNS
3. Cyclical Demand Patterns:
Cyclical demand patterns are caused by
factors that occur over a period of several
years, such as economic cycles or political
events. For example, demand for cars tends
to increase during economic expansions and
decrease during recessions.

Some examples of cyclical demand patterns include:

• Demand for cars tends to increase during economic expansions and
decrease during recessions.
• Demand for housing tends to peak during economic booms and decline
during recessions.
• Demand for commodities such as oil and steel tends to fluctuate with
economic cycles.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DEMAND PATTERNS
4. Trended Demand Patterns:
Trended demand patterns are caused by
factors that are gradually changing over
time, such as population growth,
technological advances, or changes in
consumer preferences. For example,
demand for smartphones has been
increasing steadily over the past decade, as
more and more people have become reliant
on these devices.
Some examples of trended demand patterns include:
• Demand for smartphones has been increasing steadily over the past
decade, as more and more people have become reliant on these devices.
• Demand for electric vehicles is increasing as people become more
concerned about the environment and the cost of gasoline.
• Demand for organic food is increasing as people become more health
conscious. 18
Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 USE OF DEMAND PATTERNS TO MAKE
BETTER BUSINESS DECISIONS
1. Optimize inventory levels
2. Set prices
3. Target marketing campaigns
4. Make better operational decisions
5. Identify new opportunities

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 FORECASTING TECHNIQUES
• The forecasting techniques can be classified into qualitative techniques
and quantitative techniques.
• Qualitative techniques use subjective approaches. These are useful
where no data is available and are useful for new products.
• Quantitative techniques are based on historical data. These are more
accurate and computers can be used to speed up the process.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 QUALITATIVE FORECASTING METHODS
• Qualitative forecasting methods rely on subjective assessments and
expert judgment.
• They are useful in situations where historical data is limited, or the
future is uncertain.
• Qualitative methods include market research, surveys, expert opinions,
and the Delphi method.

Qualitative forecasting techniques

1. Delphi type method
2. Market surveys

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 a. DELPHI TYPE METHOD
Delphi Method is a structured forecasting and decision-
making technique used to collect and aggregate knowledge from a
group of experts or participants. It aims to achieve consensus or
make predictions in situations with uncertainty, often in areas where
there is a lack of complete information.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DELPHI TYPE METHOD - PROCESS STEPS
1.Selection of Experts: Experts or participants with relevant knowledge
are selected to participate in the Delphi process.
2.Anonymity: Participants provide their opinions and
forecasts anonymously to encourage open sharing and reduce the influence
of dominant personalities.
3.Iterative Questionnaires: A series of structured questionnaires are used,
with each round providing participants with feedback from the previous
round. Participants can revise their responses based on this feedback.
4.Controlled Feedback: A facilitator or organizer aggregates
and summarizes responses without revealing individual identities. The
results are presented to participants in a way that encourages discussion and
consensus building.
5.Iteration: The process continues through multiple rounds until consensus is
reached or until a predefined stopping point is reached.
6.Reporting: The final results, including the aggregated responses and
any emerging consensus, are reported, providing valuable insights and
predictions. Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
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 DELPHI TYPE METHOD
Highlights of Delphi method:
• Freedom of expression — Since each expert is questioned
individually, they have the freedom to express their own opinion
without feeling peer pressure,
• Ability to make up their mind and give a second thought — The
experts can change their opinion and provide additional information
in case they have reassessed the problem,
• Consistent feedback — After each round, the participants are
informed about the opinions of other group members and then make
discussions, and
• Quantitative results — This type of model is qualitative in nature,
however there is possibility to analyze the results quantitatively.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DELPHI TYPE METHOD
When to use Delphi?
• Predict trends in sales,
• Forecast outcomes in economic development,
• Identify risks and opportunities,
• Create work breakdown structures, and
• Compile a report from opinions.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 b. MARKET RESEARCH

• As the name suggests, this technique involves analysing the market by

conducting market research through customer testing.
• The company tests a small batch of the product on customers and
observes their reaction to using it.
• There are two ways to conduct these market surveys; a company can take
the help of their employees or tie up with an outside agency proficient
in market research activities.
• Consumer surveys, focus groups, or blind product testing are some of
the methods used to carry out market research, where consumers get their
hands on the new product.
• When the product is unheard of by the customers, they try it without
having any fixed notions about it.
• The company then decides which products or services to go ahead with
and which ones to discontinue in the production stage based on
participants’ feedback and reactions.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 QUANTITATIVE FORECASTING METHODS
• Quantitative forecasting methods utilize historical data and
mathematical models to make predictions.
• They are based on objective analysis and statistical techniques.
• Quantitative methods include time series analysis, regression analysis,
and mathematical modeling.
Quantitative forecasting techniques
1. Moving Average Methods
2. Weighted Moving Average Method
3. Double Moving Average Method
4. Exponential Smoothing Methods
5. Adjusted Exponential Smoothing Method
6. Regression methods

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 1. SIMPLE MOVING AVERAGE METHOD

• In the simplest terms, a moving averages are ―moved‖ to manipulate the

data and produce a reliable forecast.
• A moving average is a technical indicator that market analysts and
investors can use to predict the direction of a trend.
• A simple moving average is a method of computing the average of a
specified number of the most recent data values in a time series.
• The formula to compute the simple moving average (SMA) is as follows.
where
• Mt = Simple moving average at the end of period t
(It is to be used as a forecast for period t + 1).
• Dt = Actual demand in period t.
• n = Number of periods included in each average.
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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 1. SIMPLE MOVING AVERAGE METHOD

Example: Instant Paper Clip Supply Company wants to forecast orders for
the month of November. Three-month moving average:

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 1. SIMPLE MOVING AVERAGE METHOD

• Longer-period moving averages react more slowly to changes in demand

than do shorter-period moving averages.
• The appropriate number of periods to use often requires trial-and-error
experimentation.
• A moving average does not react well to changes (trends, seasonal
effects, etc.) but is easy to use and inexpensive.
• Good for short-term forecasting. 30
Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
2. WEIGHTED MOVING AVERAGE METHOD
• The Weighted Moving Average (WMA) method involves assigning a
range of percentages to different periods. These percentages are
determined based on the relation of previous data to current market trends.
•Equal weights were assigned to all periods in the computation of the
simple moving average.
•The weighted moving average assigns more weight to some demand
values (usually the more recent ones) than to others.
•Table shows the computation for a three months weighted moving
average with a weight of 0.5 assigned to the most recent demand value, a
weight of 0.30 assigned to the next most recent value and a weight of
0.20 assigned to the oldest of the demand value included in the average.

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 WEIGHTED MOVING AVERAGE METHOD

where i = 1, 2, 3 if we use three periods moving averages. i = 3 corresponds to the

most recent time period and i = 1 corresponds to the oldest time period.
W, = Weight for the time period t.
In the example, W1 = 0.2, W2 = 0.3 and W3 = 0.5
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3. DOUBLE MOVING AVERAGE METHOD

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
DOUBLE MOVING AVERAGE METHOD

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
DOUBLE MOVING AVERAGE METHOD

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 DOUBLE MOVING AVERAGE METHOD
Comments:

1. This method is applicable to trend data patterns.

2. The forecaster must have 2n data points to find a forecast and thus
substantial data storage is needed.

3. This method can be used to forecast for any number of periods into the
future.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 4. EXPONENTIAL SMOOTHING METHODS
Another form of weighted moving average is the exponential smoothed
average. This method keeps a running average of demand and adjusts it for
each period in proportion to the difference between the latest actual
demand figure and the latest value of the average.
F, = F f_1 + a (D„1 — F„i )
where
F, = Smoothed average forecast for period t.
F,1 = Previous period forecast.
a = Smoothing constant, weight given to previous data (0 < a < 1).
D,1 = Previous period demand.
If a is equal to 1, then the latest forecast would be equal to the previous
period actual demand value. The preferred range for a is from 0.1 to 0.3.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 EXPONENTIAL SMOOTHING METHODS
A firm uses simple exponential smoothing with a = 0.2 to forecast
demand. The forecast for the first week of January was 400 units,
whereas actual demand turned out to be 450 units.
(a) Forecast the demand for the second week of January.
(b) Assume that the actual demand during the second week of January
turned out to be 460 units. Forecast the demand up to February third week,
assuming the subsequent demands as 465, 434, 420, 498, and 462 units.
Solution:
(a) The forecast for the second week of January is computed as shown
below.
Ft = Ft _ 1 + a (D, _ 1 — Ft _ 1 )
F2 = 400 + 0.2 (450 — 400)
= 410 units.
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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
EXPONENTIAL SMOOTHING METHODS

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
5. ADJUSTED EXPONENTIAL SMOOTHING
METHOD
The simple exponential smoothing forecast is a smoothed average
positioned on the current period. It is taken as a next period forecast. In
reality, trend exists in demand pattern of many businesses.
Hence, due recognition should be given to make correction in the demand
forecast for trend also. Adjusted exponential smoothed forecast model
actually projects the next period forecast by adding a trend component to
the current period smoothed forecast, F.
Fr+i = Fr+ T,
where
Fe = aDt _ I + (1 — a) (Ft _ I + 7; _ i )
T; = P(Ft — Fe _ 1 ) + (1 — 13) T, _ 1
where a and /3
Compute the adjusted exponential forecast for the first week of March for a
firm with the following data. Assume the forecast for the first week of
January (F0) as 600 and corresponding initial trend (T0) as 0. Let a = 0.1,
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and p = 0.2. Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
ADJUSTED EXPONENTIAL SMOOTHING
METHOD

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
ADJUSTED EXPONENTIAL SMOOTHING
METHOD

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 ADJUSTED EXPONENTIAL SMOOTHING
METHOD

• Comments:
1. Smoothing methods are well suited for short or immediate term
predictions of a large number of items.
2. Suitable for stationary data patterns.
3. Eliminates the need for storing the historical values of the variable.
4. A starting smoothed value and values for the smoothing constants (a, /3)
are needed.
5. There is no good rule for determining the approximate values of the
weights.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 6. REGRESSION METHODS
Regression means dependence and involves estimating the value of a
dependent variable Y, from an independent variable X. In simple
regression, only one independent variable is used, whereas in multiple
regression two or more independent variables are involved. The simple
regression takes the following form.

Y = a + bX

where

Y = Dependent variable

X = Independent variable

a = Intercept

b = Slope (trend)

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
REGRESSION METHODS

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
REGRESSION METHODS

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 REGRESSION METHODS
A firm believes that its annual profit depends on its expenditures for research. The
information for the preceding six years is given below. Estimate the profit when the
expenditure is 6 units.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
REGRESSION METHODS

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REGRESSION METHODS

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
 REGRESSION METHODS
Alpha company has the following sales pattern. Compute the sales forecast for the
year 10.

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
REGRESSION METHODS

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY
REGRESSION METHODS

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MONITORING AND CONTROL OF
FORECASTS

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REQUIREMENTS AND SELECTION OF GOOD
FORECASTING METHODS

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Dr. J.Jeevamalar, M.E., Ph.D. / MECHANICAL/CEG–ANNA UNIVERSITY