OPERATIONS MANAGEMENT IN THE SUPPLY CHAIN: DECISIONS & CASES (Mcgraw-hill Series Operations and Decision Sciences)
OPERATIONS MANAGEMENT IN THE SUPPLY CHAIN: DECISIONS & CASES (Mcgraw-hill Series Operations and Decision Sciences)
7th Edition
ISBN: 9780077835439
Author: Roger G Schroeder, M. Johnny Rungtusanatham, Susan Meyer Goldstein
Publisher: McGraw-Hill Education
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Chapter 10, Problem 1DQ
Summary Introduction

To explain: If there is a difference concerning forecasting sales and forecasting demand. If demand be forecasted from the historical sales data.

Expert Solution & Answer
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Explanation of Solution

If there are no difference between the product developed and product sold in the market, there will be no difference for forecasting sales and forecasting demand. Demand of a product is the measure of the quantity of goods or any service required by the customers. Sales is the measure of amount of goods or any service actually acquired by the customers in the market.

Forecasting sales will accurately reflect the demand if all the customers have acquired the product or any service accurately. They will also have no stock outs. Forecasting demand can be done with the historical sales data if there are no stockouts or the historical sales data that are appropriately adjusted for stockouts.

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OPERATIONS MANAGEMENT IN THE SUPPLY CHAIN: DECISIONS & CASES (Mcgraw-hill Series Operations and Decision Sciences)

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