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21 Pages Complete Study Notes Year: Pre-2021

CHAPTER 2: FORECASTING • 7 Steps in Forecasting 1. Determine the use of the forecast 2. Select the items to be forecasted 3. Determine the time horizon of the forecast 4. Select the forecasting model(s) 5. Gather the data 6. Make the forecast 7. Validate and implement the result • Types of Forecasts Economic • Address business cycle – inflation rate, money supply, housing etc. Technological • Predict rate of technological progress • Impacts development of new products Demand • Predict sales of existing products and services • Strategic Importance of Forecasting Human Resources • Hiring • Training • Laying off workers Capacity • Capacity shortages can result in undependable delivery • Loss of customers • Loss of market share Supply Chain Management • Good supplier relations • Price advantages • 3 Realities of Forecasting 1. Forecasts are seldom perfect 2. Most techniques assume an underlying stability in the system 3. Product family and aggregated forecasts are more accurate than individual product forecasts.


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