TITLE

Are You Interested in Becoming A Mentor? Do you think you have the skills required?

PUB. DATE
January 2001
SOURCE
Logistics & Transport Focus;Jan/Feb2001, Vol. 3 Issue 1, p73
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The author of this article deals with the need to make business forecasts, why forecasts are often wrong and the implications of forecast error. The reasons why business forecasts should be made are discussed under the heading product life cycle, the business cycle, supply chain lead times, provision of input into long-term decisions such as capital investment, peak demand and average capacity, spares, transport costs, and manufacturing costs. There are a number of reasons for forecast error. These include the tendency of customers to make secret plans, use of an imperfect source to use in making forecasts, information lags, omission of the communication of decisions and the use of many inaccurate sources. Forecast errors give risk of missing the market, lost sales, dissatisfied customers, obsolescence, wasted expenditures, stock and large product recalls caused by stock building.
ACCESSION #
11944882

 

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