After reading this chapter, you will be able to answer the following questions:
- What is the role of forecasting in supply chain management?
- What are the different methods of forecasting? How do firms choose the most appropriate model for a given context?
- How do firms use historical demand data in forecasting?
- What are the significant behavioural issues that need to be considered while designing a forecasting system in the organization?
Mr and Mrs Ahluwalia have come to Ambala to see off their son. While waiting for the train, Mr Ahluwalia picks up a local newspaper and a huge, four-colour supplement catches his eye. Browsing through it he realizes that it is an advertisement. Big Bazaar has floated ...