Forecasting
Forecasting
What is the process of predicting future events?
FIFO stands for
What is the abbreviation First in First Out?
What is Quantitative and Qualitative?
Forecastings impact on supply chain management
What is the demand forecast affects the plans made by each member of the supply chain?
LIFO Stands for
What is Last in First Out?
4 factors in the Method Selections
What is... 1. Amount & type of available data, 2.degree of accuracy required, 3.length of forecast horizon, 4.patterns in the data.
During a period of rising prices, this method results in the lowest cost of merchandise sold and the highest net income.
What is FIFO?
Perpetual Inventory System
What is the inventory system that updates inventory accounts after each purchase or sale?
4 Principles of Forecasting
What is...
Forecasts are usually wrong
Every forecast should include an estimate of error
Forecasts are more accurate for families and groups
Forecasts are more accurate for nearer time periods
During a period of Decreasing prices, this method results in the lowest cost of merchandise sold and the highest net income.
What is LIFO?
This method is a good choice for companies with frequent fluctuations in prices.
What is Weighted Average?