Trident LOg501 week 2 discussions

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?

NOTE that this is a different question than what you are asked to do in Case 2 (improve the forecasting process for the whole of EBBD.)

Week 1: Enter your original response to this question. Support your response with evidence from the readings or other resources. It is not necessary to provide formal citations, but you should give the sources of your information.

Week 2: Respond to at least two of your classmates' discussion post. Further the discussion and make it interesting. Support your response with evidence and provide your sources, at least informally.

DISCUSSION FOR FUN & PROFIT: Forecasting

Explore these two ideas (one or both):

Forecasting Accuracy. How accurate should a forecast be? How much should a company pay to obtain accuracy? How should a company justify additional costs (investment and operating) to obtain greater forecast accuracy?

What is more important, short term forecasting (e.g. week, month, quarter) or long term forecasting (e.g. year, 5-years)?

Be sure to respond to your classmates.