Define the numerous techniques are available for forecasting and explain in detail

 INVENTORY MANAGEMENT

Define the numerous techniques are available for forecasting and explain in detail

CASE STUDY : 1

Wall Mart – success story we know very well. Their formula for success has been getting the right product on the appropriate shelf at the right time, at the lowest price. This is possible only when there is in place a perfect forecasting system, backed by the most accurate data possible. The company has invested several million dollars in data warehousing. It possesses more detail than any of its competitors on what is going on, product by product, store by store, day upon day. The systems house data on point of scale, day upon day. The systems house data on point of sale, inventory products in transit, market statistics, customer’s demographics, finance, product returns and supplier performance. The data is used for analyzing trends, managing inventory, understanding customers and determining product mix and presentation at each store.

Wall Mart has developed a demand forecasting application that looks at individual items for individual stores to decide the seasonal sales profile of each time. The system keep a year’s worth of data on the sales of 100,000 products and predicts which items will be needed in each store?

Q1) Explain the term forecasting?

 

Q2) What are the advantages of forecasting?

 

Q3) Explain the types of forecasting?

 

Q4) Define the numerous techniques are available for forecasting and explain in detail?

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Define the numerous techniques are available for forecasting and explain in detail

 

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