a) What is a time series? How would it be used to make predictions about emerging technological developments? (9 marks)
b) Managers throughout the organization make forecasts on many different variables other than future demand, such as competitor strategies, regulatory changes, technological changes, processing times, supplier lead times, and quality losses. Forecasts are important to managing both processes and managing supply chains.
Using the principles and concepts of forecasting under Operations Research, detail-out the fundamental forecasting techniques that aid operations managers to achieve the aforementioned tasks. (16 marks)
