by Jon Schreibfeder | Jun 15, 2014 | Forecasting
An accurate forecast of future demand is a crucial element in properly stocking products. Many computer systems include time-series forecasting models. Some of these tools do a good job of estimating future demand of products, but all have one major problem; they can...
by Jon Schreibfeder | Mar 15, 2014 | Forecasting
Many computer systems utilize past usage history when forecasting future demand of products. Seasonal forecast formulas in these systems typically look at what was sold or used in this month (and possibly subsequent months) last year. For example, if you are...
by Jon Schreibfeder | May 15, 2013 | Forecasting
Most computer systems provide buyers with out of stock reports. These are listings of stocked products with no available inventory. Because of the stockout, sales orders cannot be filled and salespeople cannot provide the service their customers expect. Buyers must...
by Jon Schreibfeder | Mar 15, 2013 | Forecasting
Most computer ERP (enterprise resource planning) software packages replenish inventory with minimum and maximum quantities or reorder points and reorder quantities. The forecast, a prediction of what you are going to sell or use in the future, is an integral element...
by Jon Schreibfeder | Sep 19, 2012 | Forecasting
Promotions are designed to increase sales of particular products over a short period of time. In order for predictions of future demand to be as accurate as possible, it is important both to include the anticipated effects of a particular promotion in calculating a...
by Jon Schreibfeder | Sep 19, 2012 | Forecasting
When we founded Effective Inventory Management (EIM) in 1996, our goal was to help organizations throughout the world achieve the goal of effective inventory management – that is, to meet or exceed customers’ expectations of product availability while maximizing...
