Supply Chain management
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See the attachment: A telling fortune. Industrial Engineer.
This article discusses the forecast errors that can occur across a supply chain. This article also gives an example of how one company solved their forecasting problem by providing incentives to customers for early orders.
1. How would these forecasting errors affect other areas within the organization? Thoroughly address the following four points:
A. Finance
B. Marketing
C. Customer service
D. Operations
2. Identify and discuss critical areas of the supply chain. (Where can small errors could result in problems that intensify down the chain?)
3. Describe two errors in critical areas of the supply chain.
4. Describe how the areas could gain momentum and affect the supply chain.
5. Describe how at least three other areas that could be severely affected by errors in supply chain management.
Please respond thoroughly to the above points.
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Solution Summary
The response addresses the queries posted in 843 words with references.
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The response addresses the queries posted in 843 words with references.
//The whole management of supply chain is affected by the errors in forecasting. In this paper certain similar issues are looked upon. To start with this paper we will forecast the problems that are being faced in the supply chain in different areas. Later on, we will discuss the critical areas of the supply chain by identifying the two errors in it. Then, the areas that have gained momentum will be explained in addition to the three areas that could be severely affected in the supply chain management.//
Answer 1 (A).
Finance: Forecasting errors can raise different problems related with the finance. Such an error will tend to block the finances in the inventory and thus, reducing the flow and returns on the investment made. If companies were not able to forecast the supply chain activities, it will slow down the flow of money, thus, blocking the finance in the system. The effect is that it will not bring in any returns and the companies on the same time bear the cost and the opportunity cost of that finance.
(B). Marketing: Marketing function in the demand management is to create demand for various products, which can be shared with other departments, but it is occurring less with other companies in the supply chain. The marketing efforts have a negative ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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