Operations and Supply Chain Management
Operations and Supply Chain Management
14th Edition
ISBN: 9780078024023
Author: F. Robert Jacobs
Publisher: MCG
bartleby

Concept explainers

bartleby

Videos

Question
Book Icon
Chapter 18, Problem 1DQ
Summary Introduction

To explain: The necessity of forecasting in operations and supply chain management (OSCM).

Forecasting:

It is the process of making estimates for the future, on the basis of past and present data. It is usually done by analyzing the trend present in these data.

Expert Solution & Answer
Check Mark

Explanation of Solution

Necessity of forecasting is OSCM:

Companies must always look to plan for the future to ensure that they are always in a position to meet the needs of the market efficiently and effectively. Firms require some time to implement the decisions they make. For instance, facility decisions can take even a year to be implemented. Therefore, there is always a lead time to execute any decision.

Therefore, firms cannot wait for a need to arise and so that they can make a decision after that. Instead of this, they must plan ahead, at which forecasting becomes an essential aspect of OSCM to plan for the future with the best possible way with the information on hand.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
What assumptions or biases do you have related to the case?  Gather the facts. Known and to be gathered.  Identify the stakeholders and their viewpoints. Include the values, obligations and interests of each of the stakeholders.  Primary Secondary
Perform an internal analysis using SWOT and VRIO analysis of the " ATB: Digital disruption in the parking meter industry" case
Perform a External analysis using PESTEL and Porters five force analysis on the "ATB: Digital disruption in the parking meter industry" case

Chapter 18 Solutions

Operations and Supply Chain Management

Knowledge Booster
Background pattern image
Operations Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Text book image
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Text book image
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Text book image
Business in Action
Operations Management
ISBN:9780135198100
Author:BOVEE
Publisher:PEARSON CO
Text book image
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Text book image
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.
Introduction to Forecasting; Author: Ekeeda;https://www.youtube.com/watch?v=5eIbVXrJL7k;License: Standard YouTube License, CC-BY