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Relationship between forecasting and the Just- In-Time

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Explain the relationship between forecasting and the Just- In-Time (JIT) concept. As part of logistics management for the firm, analyze the components of the supply chain and discuss how they help the firm to be more competitive. You are welcome to use examples where possible.

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Solution Summary

Forecasts are an essential part of efficient service and manufacturing operations. Demand forecasts drive a firm's production, capacity, and scheduling decisions and affect the financial, marketing, and personnel planning functions.

In traditional settings, inventories of raw materials and parts, finished goods and all, were kept as a buffer against the possibility of running out of needed item. In recent years, however,

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Forecasts are an essential part of efficient service and manufacturing operations. Demand forecasts drive a firm's production, capacity, and scheduling decisions and affect the financial, marketing, and personnel planning functions.

In traditional settings, inventories of raw materials and parts, finished goods and all, were kept as a buffer against the possibility of running out of needed item. In recent years, however, managers have come to realize that large buffer inventories are costly. Consequently, many companies have completely changed their approach to production and inventory management. These manufacturers have adapted a new strategy for controlling the flow of manufacturing in a multistage production process.

In a just-in-time (or JIT) production system, raw materials and parts are purchased or produced just in time to be used at each stage of the production process. This approach to inventory and production management brings considerable cost savings ...

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