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Collaborative planning, forecasting, and replenishment (CPFR) is an approach to the supply chain process which focuses on joint practices.This is done through cooperative management of inventory through joint visibility and replenishment of products throughout the supply chain.
Beyond design and maintenance of a supply chain itself, supply chain professionals participate in aspects of business that have a bearing on supply chains, such as sales forecasting, quality management, strategy development, customer service, and systems analysis. Production of a good may evolve over time, rendering an existing supply chain ...
Typically, supply-chain managers aim to maximize the profitable operation of their manufacturing and distribution supply chain. This could include measures like maximizing gross margin return on inventory invested (balancing the cost of inventory at all points in the supply chain with availability to the customer), minimizing total operating expenses (transportation, inventory and ...
Calculating forecast attainment periodically (monthly for example) provides visibility to the overall achievement of the plan and the total business bias. The time period of shipping activity should be compared against the forecast that was set for the time period a specific number of days/months prior which is call Lag.
This is an important tool in optimizing business profitability through efficient supply chain management. Demand forecasting methods are divided into two major categories, qualitative and quantitative methods: Qualitative methods are based on expert opinion and information gathered from the field.
Supply chain management and customer demand planning — Forecasting can be used in supply chain management to ensure that the right product is at the right place at the right time. Accurate forecasting will help retailers reduce excess inventory and thus increase profit margin. Accurate forecasting will also help them meet consumer demand.
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