Question

We learn the role of Forecasting in Operations and supply chains-. You can share your experiences in forecasting from your work, as well as how you think forecasting is related to other aspects of the organization.

Answer 1

Answer:-

In my opinion Forecasting is an that science which is like not perfect but also a necessity for most businesses. That's particularly when it comes to supply chain management. forecasting helps ensure you have enough supply on hand to satisfy demand. Business analysts use supply chain management systems and other tools to forecast demand weeks and months in advance.

In my opinion Supply chain management (SCM) can help facilitate the process of forecasting and measuring the supply chain synchronizes the supply and demand cycle through the use of real-time information. It is combination of Demand and Supply inventory is less likely to sit unused. For example, a goods manufacturer using SCM software can monitor its inventories and place an electronic order to its suppliers in increase in demand. Experience is also an asset when it comes to managing your supply chain. Having years of demand data helps you better predict future demand.

In my opinion Forecasting plays a important role in the operations of modern management. It is an important and necessary aid to planning and planning is the backbone of effective operations. Many organizations have failed because of lack of forecasting or faulty forecasting on which the planning was based.

Some of the areas in which perfect forecast about future events and trends are necessary for organizational success and growth are:

1. Economics Forecast
2. Technological Forecast
3. Competition Forecast