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Forecasting Methods

SCM Supply Chain Management Definitions & Terms

Jan 19, 2011

Forecast Sharing

A supply partnership between a buyer and supplier is based on mutual interdependency and respect and calls for information sharing between the involved parties. By sharing its demand forecast with…

Jan 19, 2011

Packaging

Packaging has a significant impact on the cost and productivity of logistics. Inventory control depends upon the accuracy of manual or automatic identification systems keyed by product packaging. Order selection…

Jan 19, 2011

Supplier Performance Evaluation

The main objective of the supplier evaluation process is to reduce purchase risk and maximize the overall value of the purchaser. It typically involves evaluating, at a minimum, supplier quality,…

Jan 19, 2011

Quality Programs

Some of quality programs that are currently used include: Total Quality Management (TQM): TQM is a management approach to long-term success through customer satisfaction. TQM is based on the participation…

Jan 19, 2011

Manufacturing

See: Lean Manufacturing, Manufacturing Layout Strategy, Reverse Logistics, Order Management, Scheduling

Jan 19, 2011

Inbound Logistics

Following the receipt of materials, parts or resale products from external suppliers, the subsequent storage, handling, and transportation requirements to facilitate either manufacturing or market distribution constitute inbound logistics. Source:…

Jan 19, 2011

Inventory Management Systems

Software applications that permit monitoring events across a supply chain. These systems track and trace inventory globally on a line-item level and notify the user of significant deviations from plans.…

Jan 19, 2011

Supply Chain Inventory Visibility

Software applications that permit monitoring events across a supply chain. These systems track and trace inventory globally on a line-item level and notify the user of significant deviations from plans.…

Jan 19, 2011

Quality

Conformance to requirements or fitness for use. Quality can be defined through five principal approaches: (1) Transcendent quality is an ideal, a condition of excellence. (2) Product-based quality is based…

Jan 19, 2011

Forecasting Methods

Qualitative forecasting techniques An approach to forecasting that is based on intuitive or judgmental evaluation. It is used generally when data are scarce, not available, or no longer relevant. Common…