Concept explainers
To explain: The necessity of
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.
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
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.
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Chapter 18 Solutions
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