The Challenges of Forecasting
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What are the consequences of under/over forecasting?
What are the current challenges of the forecasting methods, models, process and practices?
Recommendations that can improve these models, process and practices.
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Solution Summary
Forecasting is a tricky process and may involve hits or misses depending on the strength and reliability of historical data. This response shows the consequences, challenges, and recommendations of the forecasting methods, models, process and practices.
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Consequences of under/over forecasting:
• Under forecasting can result to opportunity cost of not being able to sell the product because no inventory exists
• Under forecasting will result to lost commission for potential sales
• Over forecasting can result to surplus inventory
• Over forecasting means more budget
• Under forecasting will result to lost market and sales opportunity
Challenges of the forecasting methods, models, ...
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