Business Administration - Retail Management OPM400 Chapter Notes - Chapter 3: Computer Data Storage, Time Horizon, Delphi Method

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Forecasting is to guide every aspect of an organization, from the strategic level all the way down to an organization"s day-to-day activities. Example: inventory levels, and how much they should be replenished. Required for all organizations (manufacturers, services providers, and ever non-profits) Example: without estimating customer demand, accounting would have no basis for budgeting. Finance would be unable to estimate funding required. Human resources would be unable to plan staffing requirements. Marketing would be unable to evaluate the effectiveness of promotions. Information systems would be unable to ensure technical capabilities. Operations and supply chain would be unable to appropriately prepare suppliers, capacity and inventory. Strategic forecasts: forecasts that are used to help set the strategy of how, in an aggregate sense, demand will be met. Most appropriate when making decisions related to overall strategy, capacity, process design, sourcing, location and distribution design, and in aggregate operations planning.

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