Business product you purchased
1. Find an example of a product you have recently purchased.
Identify the logistics tasks that would have to take place in order for the product to be available for you to have the ability to purchase it. How many different forecasts do you think the retailer had to make in order to decide how much product to stock? What are the consequences for that particular retailer if they had over forecast versus under forecast?
2. Identify a nontraditional business event, such as forecasting demand for t-shirts following the Super Bowl, or the amount of relief aid needed following an earthquake. What do you think would be the best way to forecast such an event – qualitative or quantitative – and why? What are the implications of forecast error on supply chain management?