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Eliminating Forecast Error - Forecasting Article
The article entitled: "Eliminating Forecast Error" is in the Forecasting Articles section of Operations Management Papers area...
ARTICLE DESCRIPTION: Trying to forecast the future is like trying to predict the 6 numbers for next Saturday's lottery,and we all know how many people actually manage to do that! The problem with forecasting is that many people believe that it is impossible and so give up and the business doesn't take the process or issue seriously.
MORE INFO: Eliminating Forecast Error Trying to forecast the future is like trying to predict the 6 numbers for next Saturday's lottery,and we all know how many people actually manage to do that! The problem with forecasting is that many people believe that it is impossible and so give up and the business doesn't take the process or issue seriously. While a forecast at some level will always be required, this article proposes that simplifying the business processes may be one solution to the forecasting problem. ‘Customer's planned orders are the vendor's future demand. This is probably the best forecast the vendor will ever get. Stop forecasting demand. Use the customer's planned orders.'
PUBLISHER: Institute of Operations Management
Page number: 19 Word count: 600
Vol 27 - No 08 - October 2001
The article can be downloaded in full from the publisher's site i.e. the Institute of Operations Management.
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