1. Chapter -06 Supplement chapter Refer the supplementary book page 437 onwards

2. Forecasting Forecasting is the process of projecting the values one or more variables into the future. Why forecasts are important? Forecasts help managers to take the decision about resourcing the organization. Identify the major approaches for forecasting. There are two major approaches for the forecasting as following: 1.Qualitative methods 2.Quantitative methods Explain short-term capacity management. Acquiring or dismissing the resources for a short – term is known as Short- term capacity management. Explain Medium –term management. Hiring new staff (resource)or laying off the existing for the operation is Medium-Term management.

3. Quantitative methods A qualitative method or approach involves collecting and appraising judgments, options, guesses and past performance standards from the experts. For example the forecasting the outcome of a football match. There are 3 different ways to do this as follows: Panel approach Delphi method Scenario planning

4. Panel approach – this is a technique where a panel or focus group of experts or professionals discuss openly and freely. Delphi – this method is more useful as it avoids the face-to-face meetings and uses questionnaires to get the opinion. It may be mailed or posted to the experts for the opinion. The replies are analyzed and summarized and sent again to the experts for the consensus(agreement). Scenario Planning – this is also applied with the help of panels or experts. Here a the panel is asked to design or form future situations or scenarios and each scenario is then discussed and the risks are detailed.

5. Quantitative methods there are two techniques for quantitative methods such as: time series analysis casual modelling Time Series Analysis – Is a method where past behavior of a situation is analyzed based on the reasons for variation in trend. This is used to forecast the future behavior.

6. Moving average forecasting – page 180 Exponential smoothing – predict the demand for future by considering the present or current demand. 2. Casual methods Using complex techniques to understand the strength of relationships between the network of variables.