Propagation of best practices in value and supply chain management: Demand forecasting and planning
Department of Agricultural Engineering, Chinhoyi University of Technology, Chinhoyi, Zimbabwe.
Research Article
Global Journal of Engineering and Technology Advances, 2024, 19(01), 180–191.
Article DOI: 10.30574/gjeta.2024.19.1.0066
Publication history:
Received on 05 March 2024; revised on 17 April 2024; accepted on 20 April 2024
Abstract:
This paper is a discussion article that focuses on the propagation of best practices in value and supply chain management. Specifically, the article discusses the application of prudent demand analysis and forecasting techniques as tools for effective and efficient business management. The use of quantitative models such as time-series and econometric methods in forecasting prices, sales and demand volumes have formed the subject matter of the paper. The expeditious adoption of the techniques presented herein can equip the entrepreneur or manager with essential knowledge of future demand conditions that can be extremely useful when planning production schedules, inventory control, advertising campaigns, output in future periods, and investment, among other things. The ultimate expected impacts would be to facilitate the enhancement of economic and financial profitability, sustainability and other micro-economic and socio-economic performance variables.
Keywords:
Forecasting; Qualitative; Quantitative; Time-series; Econometric; Demand
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0