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MGT613 Production / Operations Management GDB Solution and Discussion Due Date 25-11-2014
The objective of this discussion is to make the students able to read and analyze the information on the concept of forecasting and to understand how to make an adequate demand forecast.
ABC Limited is currently dealing in the manufacturing and sales of the furniture equipment. The organization is currently facing severe financial troubles. At the inquiry it was revealed that these troubles are majorly due to inadequate demand forecast. The sales manager who was responsible for making the demand forecast, when contacted for the explanation of the trouble reported that the major problem lies in the inaccuracy of the demand forecast. Sometimes, the company incurs huge expenses on inventory holding in situations of reduced demand while at others; the company has to face losses by giving up their valuable customers, when they are unable to meet the customer demand because of the shortage of the produced items.
Being a student of production/operations manager, how will you help the Sales Manager in monitoring the forecast errors and in improving the accuracy of their demand forecasts in order to ensure that the demand forecasts are performed adequately in future?
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