The exhaustive list of topics in Material Management & Inventory Control in which we provide Help with Homework Assignment and Help with Project is as follows:
- Example Manufacturing Model
- Inventory Control
- Inventory Management
- Purchasing Management
- Quantity Discount
- Periodic Review System
- Price Forecasting
- International Purchasing
- Manufacturing Model
- Public Buying
- Purchase Management
- Purchase Model
- Purchasing Capital
- Special Purchase
- Stores Management
- Inventory Decisions
- Models Inventory
- Operation Inventory
- Aspect Purchase
- Costs Trade Off
- Purchase Model Shortages
- Purchase Systems
- Example Purchase Model
- Fixed Order Quantity
- Implementation Purchase Model
- Manufacturing Model Shortages
- Materials Planning
|What does the textbook mean when it states that rather than to search for the perfect forecast one should
|learn to live with inaccurate forecasts?
|Perfect forecast is virtually impossible. There are too many factors in business environment that cannot be predicted with certainity.
|For example, forecasting the demand of laptops. The technology is changing rapidly and many firms are coming with new products.
|Also new technologies like tablets, smartphones might change the demand for laptops. Hence the demand is never certain.
|Therefore, rather than search for the perfect forecast, it is far more important to establish the practice of continual review of forecasts
|and to learn to live with inaccurate forecasts. We should use try to find and use the best possible forecasting methodavailable, within reason
|Describe the collaborative planning, forecasting and replenishment (CPFR) technique.
|CPFR is a sharing of information between trading partners across multiple levels in a supply chain which allows
|the entire supply chain to operate with lower levels of inventory and increased responsiveness.
|It has evolved into a web based tool used to coordinating demand forecasting, production and purchase planning,
|and inventory replenishment between supply chain trading partners.
|It uses a cyclic and iterative approach to derive consensus supply chain forecasts. The five steps are:
|Creation of front end partnership agreement
|Joint business planning
|Development of demand forecasts
|Distinguish between errors in statistics and errors in forecasting.
|In statistics, the term for errors is "residuals" which means the deviation of observations froma standard such as a regression line.
|These residuals are used to measure the "goodness of fit"of a model to the data it represents.
|In forecasting, the term "error" is used to denote thedeviation that an actual value had from a forecast.
|These can be either "bias errors" (asystematic mistake such as using the wrong relationship between variables)
|or "randomerrors," deviations that simply can not be explained by the model being used.
|Discuss the four cost relevant to aggregate operations plan.
|Four costs are relevant to the aggregate production plan. These relate to the production cost itself as
|well as the cost to hold inventory and to have unfilled orders. These costs are: 1. Basic production costs,
|2. Costs associated with changes in the production rate, 3. Inventory holding costs and 4. Backordering