Question

Forecasting is a key driver of virtually every design and planning decision made in both an enterprise and a supply chain. Think of a business you recently purchased an item from. What role did forecasting play in your selected companies supply chain model?

Answer 1

Forecasting is the before time prediction of the graph of supply or responses which a chain supplies be it some kind of product, equipment , numbers , stocks etc. Forecasting is a key decision which is put forward by a production chain or planning decision. This is so because it is necessarily the decision whether the Economics of investing into a venture is productive or not. Every decision be it from the producer decision to provide a particular venture or consumer's decision to invest in a particular product or venture , is all based on how positive the forecast was.

Recently the local walmart opened up. The forecast of high demand , for the producers was a go sign while the esurance of both good prices and sufficient safety provisions , both was being forecasted for the consumer , so they can start visiting the Walmart store. Here the supply chain model which starts with the producer to the stakeholders at walmart including staff to the consumers , all decided to participate in the process of buying and selling of goods on the basis of forecasting.