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Why bad forecasts can be good for business...[demand forecasting]

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1 Author(s)
Ross, A. ; Supply Chain Anal. Ltd., UK

In order for companies to be more responsive to actual customer demand, some degree of forecasting is necessary. In a study on supply chain improvement, the results indicate the importance of demand forecasting. The study show that manufacturers need to create a model of the near future, their demand forecast, to enable them to best configure their supply chain's resources. Forecasting is as important as ever, even as companies seek to become as responsive as possible. New software tools help companies make forecasting less of a black art and more of a scientific process. However, it is key that judgement is used to assess what the software proposes and collaboration, also enabled through software and the Internet, helps involve all key stakeholders to create a robust forecast that the business can work to.

Published in:

Manufacturing Engineer  (Volume:83 ,  Issue: 3 )

Date of Publication:

June-July 2004

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