What This Document Is
This study guide is designed to help students prepare for the third exam in Lehigh University’s Supply Chain Operations Management (SCM 186) course. It focuses on the critical area of forecasting and introduces the fundamentals of inventory management. The guide consolidates key concepts covered in lectures and readings to aid in review and exam preparation.
Why This Document Matters
This study guide is essential for students in SCM 186 who are looking to solidify their understanding of forecasting techniques and inventory control principles. It’s most useful during the exam preparation phase, serving as a concentrated review of important topics. Understanding forecasting is crucial for effective supply chain planning, impacting decisions related to production, capacity, and resource allocation.
Common Limitations or Challenges
This study guide is a review tool and does *not* replace the need to attend lectures, complete assigned readings, or engage with course materials. It provides an overview but does not offer in-depth explanations or practice problems with solutions. It’s intended to highlight what’s important, not to teach the material from scratch.
What This Document Provides
This study guide includes an overview of:
* Forecasting time horizons (short, medium, and long-range) and their applications.
* Different forecasting methods, including qualitative techniques like the jury of executive opinion and Delphi method, and quantitative techniques involving trend, seasonality, and cycles.
* The seven steps involved in the forecasting process.
* An introduction to inventory management functions and ABC analysis.
This preview *does not* include detailed explanations of specific forecasting models (like weighted moving averages or exponential smoothing), examples of calculations, or practice exam questions. It also does not cover the full scope of inventory management beyond a basic overview.