Forecasting
This module taught me about the process of predicting trends and outcomes
based on the historical data of a company or event. The activity that we have done on
forecasting Covid-19 cases in Iloilo City is at first glance difficult to understand. But, as
we go along with the process and with the use of Excel QM solver, I think it became
more manageable to navigate and interpret. This technique is very useful in this modern
times where companies could utilize it in forecasting their sales and inventories to avoid
overproduction and additional costs for spoilage or breakage due to excess inventory.
Decision Analysis
For us to maximize outcomes, we should make good decisions. One that is
logical – utilizes every information available and explores all possible alternatives. In
this topic, we learned about the steps of decision-making while taking into consideration
the risks and uncertainties involved. Personally, as an indecisive person, I also struggle
in coming up with informed decisions. As I have read this module, I learned about how
we should think differently in different situations. For instance, when faced with a
decision-making environment with certainty, it’s much easier to come up with a decision
that will yield the best outcome since we have sufficient information and are presented
with the alternatives. On the other hand, when faced with uncertainty, we use data from
past experiences to analyze and weigh lacking information accessible to us.
Inventory Control Models
This topic applies not only to big companies but also to our homes and personal
inventories. The process of inventory planning and control can be applied in almost all
of the things that we keep and manage in our life. I also gained more understanding of
the importance of managing resources to attain efficiency in terms of usage. My
learnings in this topic are very important because I can use it to advise my parents
about how we keep and use things at home.
ks I should do to maximize the results.
Conclusion
In summary, this subject taught me many things that I believe are crucial and
useful for me as a business student and member of an organization. From the role of
operations research up to the last topic which is project management, I became
equipped with knowledge that I could utilize in my everyday life. In this online set-up, the
modules and study notes provided for us are very helpful because the topics are
explained in a way that we could easily understand and it guided us in doing the
assessments we are required to do.
Forecasting
This module taught me about the process of predicting trends and outcomes
based on the historical data of a company or event. The activity that we have done on
forecasting Covid-19 cases in Iloilo City is at first glance difficult to understand. But, as
we go along with the process and with the use of Excel QM solver, I think it became
more manageable to navigate and interpret. This technique is very useful in this modern
times where companies could utilize it in forecasting their sales and inventories to avoid
overproduction and additional costs for spoilage or breakage due to excess inventory.
Decision Analysis
For us to maximize outcomes, we should make good decisions. One that is
logical – utilizes every information available and explores all possible alternatives. In
this topic, we learned about the steps of decision-making while taking into consideration
the risks and uncertainties involved. Personally, as an indecisive person, I also struggle
in coming up with informed decisions. As I have read this module, I learned about how
we should think differently in different situations. For instance, when faced with a
decision-making environment with certainty, it’s much easier to come up with a decision
that will yield the best outcome since we have sufficient information and are presented
with the alternatives. On the other hand, when faced with uncertainty, we use data from
past experiences to analyze and weigh lacking information accessible to us.
Inventory Control Models
This topic applies not only to big companies but also to our homes and personal
inventories. The process of inventory planning and control can be applied in almost all
of the things that we keep and manage in our life. I also gained more understanding of
the importance of managing resources to attain efficiency in terms of usage. My
learnings in this topic are very important because I can use it to advise my parents
about how we keep and use things at home.
ks I should do to maximize the results.
Conclusion
In summary, this subject taught me many things that I believe are crucial and
useful for me as a business student and member of an organization. From the role of
operations research up to the last topic which is project management, I became
equipped with knowledge that I could utilize in my everyday life. In this online set-up, the
modules and study notes provided for us are very helpful because the topics are
explained in a way that we could easily understand and it guided us in doing the
assessments we are required to do.
Forecasting
This module taught me about the process of predicting trends and outcomes
based on the historical data of a company or event. The activity that we have done on
forecasting Covid-19 cases in Iloilo City is at first glance difficult to understand. But, as
we go along with the process and with the use of Excel QM solver, I think it became
more manageable to navigate and interpret. This technique is very useful in this modern
times where companies could utilize it in forecasting their sales and inventories to avoid
overproduction and additional costs for spoilage or breakage due to excess inventory.
Decision Analysis
For us to maximize outcomes, we should make good decisions. One that is
logical – utilizes every information available and explores all possible alternatives. In
this topic, we learned about the steps of decision-making while taking into consideration
the risks and uncertainties involved. Personally, as an indecisive person, I also struggle
in coming up with informed decisions. As I have read this module, I learned about how
we should think differently in different situations. For instance, when faced with a
decision-making environment with certainty, it’s much easier to come up with a decision
that will yield the best outcome since we have sufficient information and are presented
with the alternatives. On the other hand, when faced with uncertainty, we use data from
past experiences to analyze and weigh lacking information accessible to us.
Inventory Control Models
This topic applies not only to big companies but also to our homes and personal
inventories. The process of inventory planning and control can be applied in almost all
of the things that we keep and manage in our life. I also gained more understanding of
the importance of managing resources to attain efficiency in terms of usage. My
learnings in this topic are very important because I can use it to advise my parents
about how we keep and use things at home.
ks I should do to maximize the results.
Conclusion
In summary, this subject taught me many things that I believe are crucial and
useful for me as a business student and member of an organization. From the role of
operations research up to the last topic which is project management, I became
equipped with knowledge that I could utilize in my everyday life. In this online set-up, the
modules and study notes provided for us are very helpful because the topics are
explained in a way that we could easily understand and it guided us in doing the
assessments we are required to do.
Forecasting
This module taught me about the process of predicting trends and outcomes
based on the historical data of a company or event. The activity that we have done on
forecasting Covid-19 cases in Iloilo City is at first glance difficult to understand. But, as
we go along with the process and with the use of Excel QM solver, I think it became
more manageable to navigate and interpret. This technique is very useful in this modern
times where companies could utilize it in forecasting their sales and inventories to avoid
overproduction and additional costs for spoilage or breakage due to excess inventory.
Decision Analysis
For us to maximize outcomes, we should make good decisions. One that is
logical – utilizes every information available and explores all possible alternatives. In
this topic, we learned about the steps of decision-making while taking into consideration
the risks and uncertainties involved. Personally, as an indecisive person, I also struggle
in coming up with informed decisions. As I have read this module, I learned about how
we should think differently in different situations. For instance, when faced with a
decision-making environment with certainty, it’s much easier to come up with a decision
that will yield the best outcome since we have sufficient information and are presented
with the alternatives. On the other hand, when faced with uncertainty, we use data from
past experiences to analyze and weigh lacking information accessible to us.
Inventory Control Models
This topic applies not only to big companies but also to our homes and personal
inventories. The process of inventory planning and control can be applied in almost all
of the things that we keep and manage in our life. I also gained more understanding of
the importance of managing resources to attain efficiency in terms of usage. My
learnings in this topic are very important because I can use it to advise my parents
about how we keep and use things at home.
ks I should do to maximize the results.
Conclusion
In summary, this subject taught me many things that I believe are crucial and
useful for me as a business student and member of an organization. From the role of
operations research up to the last topic which is project management, I became
equipped with knowledge that I could utilize in my everyday life. In this online set-up, the
modules and study notes provided for us are very helpful because the topics are
explained in a way that we could easily understand and it guided us in doing the
assessments we are required to do.