Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 ....
Transcript of Let Forecasting Be The Solution Forecasting Be the Solution.pdfLet Forecasting Be The Solution . 1 ....
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Let Forecasting Be The
Solution
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Definition
FORECASTING IS THE
PROCESS OF MAKING
PREDICTIONS OF THE
FUTURE BASED ON PAST
AND PRESENT DATA
AND TRENDS….
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We rely on forecasting every day...
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It helps us plan ahead…
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Will it rain?
Can we
go
skiing
this
weekend
?
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Forecast can keep us from danger..
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It can save our lives….
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Plans, Budgets, & Forecast, oh
my..
• Forecasts & Budgets may look the
same…
• But how we use them is quite different.
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Main Differences
Budget
• It is where you want to go…
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Main Difference Forecast
• It is where you are going
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The course you have chosen…
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Where are you going?
g.
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Running a business
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Running a business
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Objectives of demand forecasting
• Important to satisfy customers
• Minimize inventory costs
• Optimize cash flow.
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Satisfy Customers
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Meet your customers’
expectations….
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Minimize Inventory Costs
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Don’t be wasteful….
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Optimize Cash Flow
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Commodity Calculator/Forecasting
Tool
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Help Aids for Forecasting
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Help Aids for Forecasting
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One state’s point of view…
• “Don’t know how they would function
without forecasting”.
• They are 100% demand driven on brown
box by what the RA’s request.
• Track how much the school districts are
using and take this into their plan when
ordering for the following year.
• Efficiencies have increased by 80% since
they began forecasting.
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Information from the National Food
Management Institute on Forecasting
Benefits
• Analyzing current and historical data
• Predicting and estimating for coming year
• Forecasting allows procurement plans to evolve each year
• Ensures only responsive suppliers can meet needs
• Inventory Controls
• Menu items available
• Distributors and manufacturers need adequate time to
receive product
• Proprietary products
• Good practice-minimum of six weeks in advance
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As a manufacturer, forecasting
• Creates efficiencies
• Availability of product
• to avoid shortages
• ensure on-time deliveries
Helps us know what you want
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Tell us what you think….
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