Compendium admissions 2023-25

Difference between Operations and Supply Chain

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PI Prep Kit 2023

Difference between Operations and Supply Chain:
The supply chain is sourcing and moving raw materials and the finished product. Operations management is the part in the middle where the product is created from the raw materials. The supply chain is how you source raw materials and get the finished products to customers. Operations is how you process the raw materials to convert them into finished products.
PLANNING AND FORECASTING
Planning is establishing objectives and formulating, evaluating, and selecting the policies, strategies, tactics, and actions required to achieve them. Planning can be of two types short-term/operational planning for up to one year and long-term/strategic planning for more than one year.
Forecasting predicts future sales or demand of products or services to schedule production, staffing, and inventory levels. Forecasting can use different methods depending on the available data.
Quantitative forecasting- We can use this method when historical data is available. Mathematical models will be used to understand the patterns and create projections for the future. The Quantitative forecasting methods can be of two types
Time-series Models - Some examples of time series models include the Naive method, Simple moving averages, weighted moving averages, and exponential smoothing.

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Causal Models- Simple regression and Multiple regression are two Causal Models
Qualitative forecasting- We will use this method when fewer data is available. This is often subjective in nature, and expert opinion is considered. Some of the techniques include Consumer surveys and comparative analysis.
Links
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https://www.planettogether.com/blog/current-challenges-for-operations-management

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https://www2.deloitte.com/us/en/pages/operations/articles/global-robotic-process-
automation-report.html

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