Question

1)

a) What is forecasting, briefly explain why it is important and how it impacts the whole Supply Chain design and performance?

b) Please explain efficient vs responsive supply chain strategies

c) Please discuss how COVID-19 Pandemi has changed lives of companies in terms of

operations management.

Answer 1

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Below is the brief description of forecasting and its importance, along with the impact of forecasting on whole supply chain design and performance, explanation of efficient and responsive supply chain strategies, and how the COVID-19 pandemic has changed the lives of the company in terms of operations management.

CASE A:- forecasting can be described as the prediction of future events, taking the past and present information under consideration, and then depicting the estimated results. Forecasting is often done in the organization to predict future events so that the organization prepares itself for upcoming events. It is very important to do forecasting in the organization because, with the help of forecasting the necessary events can be predicted, and the required work can be done regarding those predictions and depictions. the forecasting impacts the whole supply chain design and performance, in the ways that at the decision making regarding the design and the performance of the supply chain is totally dependent upon the events that are forecasted. The design and the performance of the supply chain would take place according to the certainties and uncertainty is predicted by the forecasting team.

CASE B:- Efficient supply chain strategy can be described as it is generally used for long-term organizational goals to be fulfilled. To implicate the efficient supply chain strategy, it takes a lot of costs. But it works like wonder when it comes to the producing units at low cost. Whereas on the other hand, a responsive supply chain strategy is the exact opposite of the efficient supply chain strategy because the cost of setting up for implementing the strategy in the organization is the law, and it is generally used for the short term goals to be fulfilled. This is very helpful in fulfilling the market demand very quickly.

CASE C:- It is true, recovered 19 pandemics has changed the lives of companies in terms of operation management. Due to COVID-19, there are very fewer operations to be done in the management because the work has stopped, and there is no supply chain to work further which has ultimately lead to the stoppage of operation management.