importance of demand forecasting in today’s business environment

General Overview

Logistics and Supply Chain Management plays an increasingly important role for organisations that strive to keep pace with market changes and supply chain integration. Globalization has dramatically changed how manufacturers operate, offering an opportunity to reach new customers in new markets while at the same time exposing firms to greater competition. With the onset of globalization, managing supply chains has become more complex and business critical than ever before. Demand forecasting and estimation gives businesses valuable information about the markets in which they operate and the markets they plan to pursue. If businesses do not use demand forecasting and estimation, they risk entering markets that have no need for the business’s product.

Individual Assignment – Requirements

The individual assignment requires

you to conduct a research in the field of ‘Demand Forecasting’ and write a report that discusses the importance of demand forecasting in today’s business environment and also discuss its relevance to supply chain management at strategic, tactical and operational level. The report will also highlight the ‘challenges and issues’ in demand forecasting and include the benefits/advantages that demand forecasting can provide to an organisation.

Word Limit / Guide = 2000 words

 

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