Assume that effective forecasting requires a combination of technique, system support, and administration.

Your supervisor in your consumer products firm has requested that you identify some initiatives to enhance forecast accuracy.

What specific initiatives would you recommend for consideration regarding the technique, system support, and administration components?

Question

Elena Hoffman

Business

13 July, 01:59

Assume that effective forecasting requires a combination of technique, system support, and administration.

Your supervisor in your consumer products firm has requested that you identify some initiatives to enhance forecast accuracy.

What specific initiatives would you recommend for consideration regarding the technique, system support, and administration components?

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Answers (1)

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Jenna Mcclain · Answer 1

The initiatives that must be taken into account to make an effective and accurate forecast are the following:

1. To have information about all the sales that have been made in the company. With this data you can analyze how often a certain product moves.

2. An updated inventory must be available, since it will be ready to work.

3. The order in which the products are arriving, is another aspect to take into account, since they can be used to replenish the stock.

4. To Keep the merchandise on time. It is useful for calculating the forecast.

5. To generate the forecasts, a forecast of the sales area in the commercial area must be maintained and allows the customer to maintain first-line contact.