Explain Qualitative technique forcasting and give an example of how it is used in the manufacturing, retail, and health care industries.
What significance of forecasting error for the Qualitative technique and its impact.
Capacity Planning is extremely important in today's fast and dynamic business environment where more and more companies are focusing on improving total customer satisfaction. A sound capacity planning ensures that production is carried on per predetermined schedule and is effectively meeting the demands from the customers of the organization. A properly designed capacity planning allows a company to meet customer's demand in extreme and tight situations such as extremely high demand in some particular season. It also helps to eliminate the risks arising due to uncertainities in demand and supply due to changes in external environment. Capacity planning minimized wastages and removes inefficiencies, thereby decreasing the cost of production. All these factors ensure that products manufactured throughout the year meet highest standards in quality, schedule ...
Describe the impact of capacity planning on the ability of the production system to perform and satisfy customers.