ISCOM 305 Week 4 Discussion Question Worksheet
Reference: Russell, R. S., & Taylor, B. W. (2014). Operations and supply chain management (8th Ed.). Hoboken, NJ: John Wiley & Sons.
Instructions: Minimum of 125 words for each question with in-text citation and reference
Operations and Supply Chain Management, Ch. 12
Discuss the role of forecasting in supply chain management. What examples of forecasting have you observed?
Question 2 (Jef)
Forecasting in the supply chain is the process of determining the amount of inventory that is needed through either qualitive or quantitative methods at each stage of the supply chain so that there is not a shortage on inventory or an overabundance. Thoughts?
Question 3 (KarKo)
In order to see what a company will need they will to keep their shelfs full, they have to forecast these numbers based on previous years and sales. Ensuring that you have enough product will lead a company to success. “A forecast is a prediction of what will occur in the future. Meteorologists forecast the weather, sportscasters and gamblers predict the winners of football games, and companies attempt to predict how much of their product will be sold in the future.” Thoughts?
Question 4 (Bren)
“Forecasting is an imperfect science, proper forecasting helps ensure you have enough supply on hand to satisfy demand. Business analysts use supply chain management systems and other tools to forecast demand weeks and months in advance.” (Leger-Saint, R., 2017).
Forecasting should be implemented in all business that relies on other companies for supplies and goods. Predicating the future is hard, and unpredictable, but if a company can forecast in advance that there may be an issue with supply shortage and or an internal issue of some sort. I like when distribution or even manufacturing companies send us a “recall or shortage update email”, this gives us time to stock pile, or find another source to get these items from. Thoughts?
Leger-Saint, R. (2017). Importance of Forecasting in Supply Chain Management. Retrieved from: http://smallbusiness.chron.com/importance-forecasting-supply-chain-management-46181.html
Operations and Supply Chain Management, Ch. 13
Let’s talk about the Economic Order Quantity. What is it? What environments might it work in?
Question 6 (Jef-Tech)
Not only does technology help us when it comes to figuring out math problems, and formulas that help our business Excel. There is tons of supply chain programs out there that make this form of business easier. GoTo Meeting is one that allows us to get together no matter where our position in the supply chain has us saving money on time and travel. Shipment tracking is another huge way that technology has chain supply chain. We can see when something we ordered is being built, shipped out, and when we receive it. Imagine how much this helps supply chain companies knowing exactly when something will arrive to the supply or manufactures or customer. technology has made huge differences in supply chain management. Please provide thoughts and example.
Operations and Supply Chain Management, Ch. 14
What is the purpose of sales and operations planning? How does the S&OP process enter into the planning process? What value is it to organizations?
Question 8 (Jef)
Without sales and operations planning we seem to be just flying by the seat of our pants don’t we? When it comes to selling power we have to have a plan of how much consumption the city will use up, or we might have issues on our system. This plan allows us to make the changes we need to meet demand. When we do have power outages our operations management has plans in place to get the power back on as quick as possible. Without these plans we are left making life threating decisions while emotions are running high. Thoughts?