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Forecasting in Supply Chain Management

Forecasting in Supply Chain Management

In the context of supply chain management, demand forecasting involves predicting future demand for products or services to ensure that the right quantity of goods is produced, delivered, and available to meet customer demand. Accurate forecasting in supply chain management is essential to optimize inventory levels, reduce costs, and improve customer service. Forecasting methods commonly used in supply chain management include quantitative methods, such as time-series analysis, regression analysis, and causal modeling, as well as qualitative methods, such as market research and expert opinion. However, supply chain forecasting is a challenging task, as it requires dealing with multiple sources of variability, such as seasonality, trends, and unexpected events, such as natural disasters, economic downturns, or pandemics. Therefore, forecasting in supply chain management involves not only using the right methods and tools but also understanding the business context, interpreting the data correctly, and incorporating human judgment and experience to make accurate predictions and informed decisions.