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QUESTION
Operations Management for Competitive Advantage
Many companies use forecasting to determine product/service demand. However, forecasting can be very inaccurate. Some companies report forecast errors as high as 30% - 40%. Your company current uses a time series analysis to predict demand.
- Do you feel that your company would benefit from using forecasts even if they experienced forecasting errors in the 30% - 40% range?
- Discuss some potential causes of forecast errors.
- Provide an example of a product/service that your company could provide in which a time series analysis would be appropriate.
- Provide an example of a product/service that your company could provide in which a time series analysis would not be appropriate.
- How would implementing a JIT system help alleviate the need for a highly accurate forecasting system?
