Advanced forecasting techniques in operations management

Abstract

Currently, conducting business has become increasingly complicated due to rapid technical advancements in production processes, which also impact the management of these processes and pose a threat to the survival of firms. Various external influences affecting the internal working environment of companies have compelled organizations to become more adaptable and responsive to change.
This research focuses on a key issue for organizations, both private and public, by providing necessary information for making business decisions and analyzing potential events. Forecasting is essential for all businesses, regardless of their industry or the nature of their operations. This paper discusses forecasting, including its significance, stages, methodology, and recent advancements in the area.This article utilized the qualitative technique to gather information by accessing libraries and numerous online resources to obtain data. They draw conclusions about the importance of forecasting for decision-making in businesses based on data from the case study, research literature, and various sources.