Why Forecasting is Important in the Supply Chain

What is Forecasting? Within a supply chain, forecasting is the prediction of what to expect in the short and long term for inventory, orders, production, etc. The most common forecast is MRP or Material Requirement Planning. This takes into account customer demand, and looks into supply details like Bill of Lading, and sourcing info to give valuable information on inventory and how best to fulfill orders. Due to the variable nature of a supply chain, forecasts are not always exact, [...]

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