Student Solution

-->

"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

1 University

1 Course

1 Subject

Week 5 DQ: Contemporary logistics

Week 5 DQ: Contemporary logistics

Q Question 2: Discuss several demand forecasting issues and possible ways of reducing the negative impacts associated with those issues?

View Related Questions

Solution Preview

The several issues relating to forecasting of demand are listed below: 1. There will be no sell in case forecasting of demand isn’t seriously taken prior to the product launch. If only forecasting in a small fraction shall be done and the needed sales won’t occur. 2. Forecasting of demand is reliant on probability and prediction. It is sometimes hard to speak what can click to the consumers due to the ever-changing market dimensions. 3. The two kinds of defects in forecasting are under estimation and over estimation. Inventory wastage, wrong planning capacity and money wastage can be led due to over estimation. Under estimation can cause not fulfilling demands that are odd, customer