The ability of a supply chain to manage the integration of supply and demand across countries and companies depends on accurate demand forecasting. Without accurate demand forecasting, it is impossible to develop a viable production plan (i.e., how the supply chain can meet the demand cost-effectively to increase profits). Understanding the various demand forecasting practices (e.g., forecast type, aggregation approach, trending and seasonality, and data quality) helps supply chain managers implement the most effective model for meeting their objectives.
Complete the following:
- Introduce the role of demand forecasting as part of a supply chain operation.
- Analyze demand forecasting practices used to understand consumer demand.
- Assess the value of demand forecasting for resolving the given supply chain problem.
- Summarize the critical points of the demand forecasting analysis.
Your analysis of demand forecasting practices paper should be 3 pages in length. Be sure to cite your sources using APA properly; include your references and in-text citations.
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