Looking at the organization for which you work, describe how forecasting demand is facilitated and what is being forecasted. Help us all also understand what forecasting factors (variables) affect the accuracy of forecasting and what factors (variables) cause errors. If it helps deepen your understanding, talk to someone in your organization who is involved in forecasting demand, requirements, or materials. Search out what improves the accuracy of the forecasting model used and what detracts from accuracy. This week, let’s educate each other regarding forecasting models used, causes for error, and what predictability factors re important to the accuracy of your organization’s forecasting efforts. Dig deep and let’s help each other understand how forecasting works in the real world.
Finally, in a short two or three sentence summary, assess the quality the forecasting models in your organization. Also address what could be done to improve forecasting
Type of assignment: Essay