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Forecasting System Feedback

Forecasting as System Feedback

(1) What is your opinion on the question below?

Continue with analyzing feedback within your supply chain at EBBD. Forecasting is based on projecting historical information into the future to provide some type of goal or expectation for system performance. Forecasting can also be based on qualitative reasoning and correlating factors.

Regardless of how a projection is made, there will be forecast errors - the difference between what was predicted and the actual result. Forecast errors can be used as feedback to help improve future predictions.

Consider that forecasting can be a feedback process. How would you use forecasting to help you determine your weekly ordering decision of Kentucky Swamp Brew?

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(1) What is your opinion on the question below?

The forecasting and related analysis in this case is similar to how feedback is used in other cases. When we are making weekly ordering decisions, we have to adhere to a stringent feedback schedule. When we receive forecast feedback, we cannot spend time analyzing data above the time allotted, or we will fall behind in our ordering processes. This is ...

Solution Summary

This solution discusses the concept of forecasting system feedback. A thorough answer is provided.