Question

Respond to the following in a minimum of 175 words: 1. How has the development of...

Respond to the following in a minimum of 175 words:

  • 1. How has the development of the internet affected the way companies forecast in support of their supply chain planning process?
  • 2. Provide an example of a successful or unsuccessful forecast.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

The development of the internet has affected the way companies forecast in support of their supply chain planning process in a favorable way for all members of the supply chain. Collaborative planning, forecasting, and replenishment (CPFR) tools integrate all members of a supply chain. According to Jacobs & Chase, “the ideal point of collaboration utilizing CPFR is the retail-level demand forecast, which is successively used to synchronize forecasts, production, and replenishment plans upstream through the supply chain”. In the internet age, companies may use artificial intelligence to predict sales trends that may affect their production.

Having an adequate quantity of stock is essential to business success. Having an insufficient amount of product on hand could lead to running out at critical times such as peak demand or seasonal demand, causing consumers and other members of the supply chain to look elsewhere for merchandise. Having too much stock on hand leads to an increase in needless storage costs and inventory management. A successful forecast ensures that these mishaps don’t happen frequently or cause members of the supply chain a loss in profit.

Add a comment
Know the answer?
Add Answer to:
Respond to the following in a minimum of 175 words: 1. How has the development of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT