How to Improve Supply Chain Forecasting Accuracy

Daily demand variability is what drives operations managers crazy. They require approaches that enable them to profitably respond to demand by dynamically setting safety stock and inventory control bands daily, so as to increase response time and visibility to manage variability.

This paper provides an introduction to:
  • A bottom up approach to optimization;
  • Calculating the recommended daily optimum lot size and the optimum safety stock level, for all items at each location; 
  • An approach for improving daily forecasting accuracy; 
  • Determining whether a product should be make-to-order or make-to-stock.
  • Identifying when materials should be made or purchased, in what quantity, and in which products to optimize value.

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