Forecasting ‐ key to good service at low cost Available to Purchase

Provides a summary of the main reasons for making forecasts, types of forecast and their methods of preparation and interpretation. The transformation of industrial markets from production led to market driven has compelled manufacturers to supply from stock instead of making to order. Demand forecasts prepared in detail are essential if customer expectations (just‐in‐time) are to be met reliably and economically. Since forecasts are always subject to error, buffer stocks or space capacity are needed to guarantee product availability. Short‐term forecasting is usually better done by computer than by humans.