Forecasting and the Economic Environment
Identify changes in forecasting methodologies and approaches (for practices such as contracting, advanced payments, outsourcing to fix a price, continuous and fixed budgeting, simulations, or regression analysis) that have been influenced by current economic conditions.
Has the current economic environment changed your organization’s forecasting approaches to logistics within the supply chain?
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- If so: Describe at least one new approach that is a specific result of the changes in the current economic environment. How is this change unique to these times? Will these changes help to maintain your organization’s competitive edge?
- If not: Would you recommend the implementation of new forecasting approaches? In what ways might a continuation of past techniques and approaches be dysfunctional? Briefly describe one specific new approach you would recommend.