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Forecasting/Supply Chain Management best practices?
Lately our supply chain system has been having trouble with materials forecasting, which is resulting in our organization being short materials on a couple of occasions. What are some best practices to ensure that this doesn't happen in the future? We didn't have this problem last year- could it be that our system is somehow reading the wrong information? How would you go about starting to find a solution?
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2 Answers
Hi Todd. What solution are you currently using? How long have you had this system in place?
The demand of various items varies according to several factors. Although historic data helps a lot in forecasting but contemporary adjustments in the way forecasting is calculated are equally critical. One way fo verfifying if the system is giving desired result is that:
1. Conduct a regreesion analysis fo few items taken as samples based on parametres affecting the demand.
2. Analyse the result of the regression analysis.
3. Get system result for the same samples.
4. Analyse the deviations (if any) if deviations do appear then modify the system for the most relevant parametres.
Hope it works out.
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