10 principles of forecasting

Forecasting is mostly wrong. Keep track of forecasting errors and methods. Errors are likely to occur, so make adequate provisions. Forecasting is more accurate for product groups than individual items. Forecasting focuses on a time series. Determine the time series and evaluate the suitability of the time series against the objective of the forecasting. Qualitative [...]

Material Requirements Planning

Material Requirements Planning helps companies control quantities of materials they purchase, plan production quantities and ensure that they are able to meet current and future customer demand, all at the lowest possible cost. Here are some key questions to ask. Share:del.icio.usFacebookTwitterLinkedIn

The production plan

The production plan or master production schedule (MPS) means different things to different departments and individuals: Sales department- a commitment from the production department to have the required SKUs Customer- No out of stocks (OOS) and improved availability Production department- a commitment for the sales department and good equipment utilization Finance department- low stock holding [...]