Demand Forecasting Problems in Production Planning
A recent survey of 247 senior finance executives (CFO Research Services, 2003) found that “accurately forecasting demand” was the most commonly occurring problem in their companies’ supply chain management. Forecasting is recognized as a hard problem. “It is difficult to predict, especially the future,” according to a quotation attributed to Niels Bohr (among many others).
KeywordsLead Time Forecast Error Mean Absolute Percentage Error Product Family Forecast Accuracy
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